TrueCap vs Privy: filter the MLS vs underwrite the deals
By TrueCap · built by a Philadelphia rental investor
Privy is a real estate investment platform built on direct MLS data feeds and public records: it surfaces listings that match a strategy (rental, fix-and-flip, teardown) and shows comparable transactions and rental comp tables. TrueCap is the underwriting calculator that runs the per-deal math on whatever Privy surfaces.
Free analyzer: no card or signup
TL;DR
Use TrueCap when
- You have an address and want to underwrite it.
- You want cap rate, DSCR, cash flow, projection.
- You source deals through agents, MLS access, or referrals (not Privy).
- You want a free tier with no monthly cap.
Use Privy when
- You actively search MLS for investor-friendly deals.
- You want deals surfaced by strategy (rental, fix-and-flip, teardown).
- You don't have direct MLS access through an agent license.
- You're doing fix-and-flip and want before-and-after data on completed flips.
Feature-by-feature
Side-by-side on every dimension that matters for a comparison-shopping investor.
| Feature | TrueCap | Privy |
|---|---|---|
| Primary purpose | Per-deal underwriting calculator | Deal sourcing and property analysis on direct MLS data feeds |
| Cap rate / CoC / DSCR analysis | Yes — full engine, free tier | Not advertised on privy.pro |
| 10-year projection | Pro — rent + expense + appreciation | Not advertised on privy.pro |
| Starting values (rent/rate/tax) | HUD rent + FRED rate + manual local property tax | Direct MLS data feeds and nationwide public records |
| Deal sourcing by strategy on MLS data | No | Yes: by strategy (rental, fix-and-flip, teardown) |
| Sale + rent comps | One free lookup with an account; Pro and Agent Pro include comps lookups, subject to monthly availability; each returns sale and rent comps with a value estimate and a rent estimate | Yes: comparable transactions and rental comp tables |
| Motivated-seller flagging on MLS | No | Not advertised on privy.pro |
| Off-market lead generation | No | Not advertised on privy.pro |
| Mortgage + financing math | Yes — PITI + DSCR + amortization | Not advertised on privy.pro |
| Free tier | Yes — core cap rate, CoC, DSCR, and cash flow | No free tier; 30-day money-back guarantee; from $97/mo billed monthly or $78/mo billed annually (as of October 2026) |
| Pricing (entry tier) | Free core; paid Pro — see live pricing | One Market $97/mo, Three States $149/mo, Nationwide $249/mo billed monthly; 20% less billed annually (as of October 2026) |
Privy prices and features were checked against its public pages in October 2026. The product itself sits behind a login, so rows marked “Not advertised on privy.pro” are not scored. See privy.pro for current terms.
How TrueCap and Privy fit together
- Find a listing in Privy. Set your market and strategy; Privy surfaces listings that match.
- Pick a property worth a closer look. Privy shows comparable transactions and rental comp tables for it.
- Underwrite in TrueCap. Paste the address to start from editable HUD rent and FRED rate benchmarks, then enter local property tax manually. Replace the rent benchmark with your best local comp.
- Check your rent input against Privy's rental comps. If they disagree, settle the rent before you trust the cash flow, then review the expense assumptions.
- Review the Offer Ceiling in TrueCap Pro. It works backward from your selected target return; verify the material assumptions before recording a decision.
Want to see where the cap rate comes from? How to calculate cap rate shows the formula line by line, and what counts as a good cap rate puts the result in context for your market. Once you want that math run against HUD rent and a live rate, paste the address into the TrueCap analyzer.
Common questions about TrueCap vs Privy
Quick answers to the questions investors comparison-shopping these tools actually ask.
Is TrueCap a Privy alternative?
No — they solve different problems. Privy is deal sourcing and property analysis on MLS data and public records. TrueCap is per-deal underwriting once you have an address. They sit at different steps, so an investor can use both.
Privy vs PropStream — which one?
Different focuses. Privy works from direct MLS data feeds and public records to surface deals by strategy. PropStream is built around lead lists, skip tracing, and direct mail. Pick by how you source: listed deals, or direct-to-owner outreach.
Why use Privy if I already have MLS access through an agent?
Privy's site describes what it adds on top of MLS data: its Comparative Search, before-and-after data on completed flips, and rental comp tables. Whether that is worth a subscription depends on how many deals you screen. If you're comfortable using your agent's MLS portal and applying investor logic yourself, compare the two before you subscribe.
Does Privy underwrite deals?
Privy's site describes property analysis with comparable transactions, before-and-after data, and rental comp tables. It does not advertise a cap rate, DSCR, or financing calculator. TrueCap models editable financing, DSCR, sensitivity, and a cash-flow and equity projection for a shortlisted property. TrueCap does not currently expose a tax-specific module.
Is Privy worth the subscription?
It depends on volume. Privy's One Market plan is $97 a month billed monthly or $78 a month billed annually, with a 30-day money-back guarantee (as of October 2026). If you're actively sourcing MLS deals across multiple markets and don't have agent-grade MLS access, deal sourcing by strategy can save search time. If you have an agent who sends you listings and you look at 1-3 deals a month, TrueCap's free tier plus your agent's MLS access may cover the workflow.
On price, plainly
Tools in this space run from free to well above TrueCap — check Privy's live pricing for their current number. What TrueCap's price buys is the decision layer, not more calculation: an Offer Ceiling for your targets, Buy Box fit with reasons, the downside stress test, and assumptions that are source-labeled instead of silently defaulted. Whether that workflow justifies the price depends on your volume, verification process, and existing tools.
Screening listings for investor clients? TrueCap for agents keeps a client roster and screens each deal against the Buy Box of the client you assign it to.
Underwrite the next deal — free.
TrueCap free covers cap rate, CoC, DSCR, and monthly cash flow. Your first complete decision also includes the Offer Ceiling. Pro adds 10-year cash-flow and equity projections, sensitivity, the Offer Ceiling, co-branded share links, and PDF reports; see live pricing for current terms. No card to start.
About TrueCap
TrueCap is built by one person, a rental investor in Philadelphia. It started as the tool he wanted for his own underwriting — a way to get from an address to a source-labeled first-pass answer — and it's still how he runs the deals he considers.