# Real Estate by the Numbers — Japan Edition · Landlord Sim

> Real estate investment simulation game focused on financial analysis and decision-making. (iPhone/iPad app by Watermelon Investments LLC.)

- Source: https://appshunter.io/ios/app/real-estate-by-the-numbers/id6798298485 (this page in markdown: same URL + `.md`)
- Developer: [Watermelon Investments LLC](https://appshunter.io/developer/6798298697)
- Category: Games, Education, Simulation, Strategy
- Price: $9.99
- Age rating: 4+
- Requires: iOS 14.0 · 5 MB
- Languages: Japanese
- Released: 2026-08-15
- Data updated: 2026-10-31
- Monetization: paid
- User reviews in markdown: https://appshunter.io/ios/app/real-estate-by-the-numbers/id6798298485/reviews.md

## What is Real Estate by the Numbers?

Designed by a working landlord — a US Certified Public Accountant who holds the CCIM designation, with over ten years of rental operations.
　
In real estate, one bad decision costs tens of millions of yen. Here you can get it wrong as often as you like, for the price of one book, learned by playing rather than reading.
　
No characters, no gacha, no ads, nothing more to buy.
You start in January 2020 with only cash, pick a run of 5 to 30 years, and finish on net worth.
Two AI investors want the same listings.
　
　
■ What a month looks like
　
1. Read the listing — price, gross yield, cap rate, gap to market
2. Look inside — income, depreciation, cost-approach value
3. Choose the financing — five lenders, five sets of terms
4. Buy, or walk away — first-come or sealed-bid
5. Move on — rent, repayment, repairs, tax
　
Most months you buy nothing. That is a decision too.
　
　
■ Decide by the numbers, not by feel
　
- IRR — the annual rate over your hold, including the sale
- CCR — annual cash left over, against your equity
- FCR — what the property earns without debt
- K% — annual debt service, against the loan
- DSCR — how far rent covers the payment
　
When CCR > FCR > K%, debt works for you.
When that order breaks, the return on your own money falls — negative leverage.
Gross yield alone never shows the break.
　
　
■ The bank is the real opponent
　
- City bank — cheapest, lends only half the price
- Regional bank — balanced on rate, term, LTV
- Credit union — high LTV, shorter term
- Non-bank — near-full loans, longest term, highest rate
- Developer-tied — loose underwriting, costs in the price
　
Outbid a rival and your cap rate drops, your K% rises, and the bank walks away.
　
　
■ Where you buy decides where you end up
　
- Central Tokyo — rent grows 4% a year, but cap rates are barely 3%
- Rural — near 9% yields, but rent falls 1-2% every year
- Okinawa — prices and rent both climb, but salt and typhoons make repairs heavy
　
■ The numbers cannot be fudged
　
Cash flow statement, income statement and balance sheet close every month across the whole portfolio, following the practitioner's cash flow tree: GPI to EGI to NOI to before-tax to after-tax.
Profit rising while cash falls is what depreciation running out looks like.
　
　
■ Buying is not the only move
　
- Renovate — value rises only if ROI beats the cap rate
- Build from land — no rent while building, and one in three runs late
- Sell — market price is current NOI over cap rate
　
Policy rates reset every January, and every 8-11 years something breaks.
It usually lands mid-build, and payments never pause.
Run out of cash and you go under; profitable on paper is not enough.
　
　
■ Built for people starting out
　
Nineteen chapters and a glossary are built in, reachable from the ? in the corner, and every term is spelled out before it is used.
Starting equity runs from 10 to 100 million yen.
　
　
■ Why this exists
　
The developer's background is corporate advisory — M&A due diligence, corporate strategy, and setting up real estate funds. The CCIM designation came from learning that analysis systematically.
Today more people pick a property on the headline yield and whether the loan comes through. In Japan, population and the local economy differ hugely by area, so getting the entry wrong makes both the operation and the exit hard.
Build the criteria once and they last a lifetime.
　
　
■ Also
　
- Japanese, English and Simplified Chinese
- No network access. Works offline
- No personal data collected
- Paid once. No further purchases, no ads
　
---
An educational simulation game, not investment advice. Properties, companies and lenders are fictional; figures simplified.

## Key features

- Property analysis with financial metrics
- Simulated financing options
- Market fluctuation scenarios
- Portfolio management
- AI investor competition
- Financial statement generation

## Is Real Estate by the Numbers safe?

Not enough ratings yet to assess Real Estate by the Numbers.

## Is Real Estate by the Numbers legit?

Real Estate by the Numbers has limited verification signals. The AppsHunter Legitimacy Score for Real Estate by the Numbers is 58 out of 100 points across 7 verification signals from App Store and developer data.

## Recent user reviews (1 of 1)

All indexed reviews: https://appshunter.io/ios/app/real-estate-by-the-numbers/id6798298485/reviews.md

### 5/5 — 不動産投資の勉強になります

*2026-08-26*

物件の投資に対する評価の仕方を体型的な学べます。クイックに概略を理解した後に、すぐ実践に移せるところが魅力です。

## Frequently asked questions about Real Estate by the Numbers

### What is Real Estate by the Numbers?

Real Estate by the Numbers is a simulation game designed to teach real estate investment strategies. It allows players to make decisions about buying, renting, and selling properties without real financial risk.

### How does Real Estate by the Numbers simulate investment?

The game simulates monthly property operations, including reading listings, analyzing financial metrics like IRR and CCR, choosing financing, and managing repairs and taxes. Players aim to increase their net worth over a chosen simulation period.

### What financial metrics are used in Real Estate by the Numbers?

Key financial metrics include IRR (Internal Rate of Return), CCR (Cash-on-Cash Return), FCR (Free Cash Return), K% (Debt Service Coverage Ratio), and DSCR (Debt Service Coverage Ratio). These help players understand property performance and leverage.

### Can I play Real Estate by the Numbers offline?

The provided data does not specify offline play capabilities. However, simulation games often function without a constant internet connection once installed.

### Does Real Estate by the Numbers have multiplayer?

The description mentions 'Two AI investors want the same listings,' indicating AI opponents rather than human multiplayer. There is no mention of a multiplayer mode.

### What is the age rating for Real Estate by the Numbers?

The app has an age rating of 4+, making it suitable for a wide range of players. This rating typically indicates content that is generally suitable for all ages.

### How often is Real Estate by the Numbers updated?

The app was last updated on 2026-08-22, with the latest version being 1.0.2. This suggests a recent update, but further information on update frequency is not available.

### Does Real Estate by the Numbers have ads?

No, the description explicitly states 'no ads, nothing more to buy.' This indicates that the game is ad-free and does not contain any advertisements.

## Version history (last 3 releases)

### 1.0.2 — 2026-08-22

- Loan offers now show a projected IRR (10-year hold, exit cap = entry cap, pre-tax)
- Banks sit side by side, so you can compare one building on different terms
- Added a dead cross tile (principal repaid minus depreciation)
- Tap it for a forecast of how many years until it arrives
- Fixed depreciation still counting on buildings whose depreciation had run out
- Fixed some Chinese text showing in the wrong language
- The start screen had two links to the manual; now one

### 1.0.1 — 2026-08-15

- Fixed the manual sometimes opening in a different language from the game
- The app now picks the right language on first launch, following your device settings
- Added PBR and PER, shown as PBR = PER x ROE
- The cash flow statement now separates investing and financing activities
- Renovation cost is now counted as additional capital invested, so FCR, CCR and sale results no longer read higher than they are
- ROE is now measured on a trailing twelve months basis
- Fixed several hard-to-read colours in dark mode
- Added bottom spacing so the last row is no longer hidden behind the home bar

### 1.0 — 2026-08-15

No release notes.

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## More apps by Watermelon Investments LLC

- [Real Estate by the Numbers USA](https://appshunter.io/ios/app/real-estate-by-the-numbers-usa/id6799601017)

All apps by Watermelon Investments LLC: https://appshunter.io/developer/6798298697

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*Data collected daily from the US App Store and indexed by [AppsHunter](https://appshunter.io/). User reviews are verbatim App Store reviews. Ratings, prices and chart positions refresh continuously; this snapshot is from 2026-10-31.*