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Honest comparison

TrueCap vs PropStream: find the leads vs underwrite the deals

PropStream is the heavyweight in real-estate lead generation — skip tracing, list-pulling, motivated-seller filters across 150M+ properties. TrueCap is the calculator that decides which of those leads actually pencil out. Different jobs. Most serious investors run both: PropStream to source, TrueCap to underwrite.

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TL;DR

Use TrueCap when

  • You've found a property and need to know if it cash flows.
  • You want a defensible analysis to send to a lender or partner.
  • You don't need to source leads — you have a deal in hand.
  • You want a free tier that covers real underwriting.

Use PropStream when

  • You source off-market deals as part of your strategy.
  • You need motivated-seller lists (pre-foreclosure, probate, vacant).
  • You want owner phone / email for direct outreach.
  • You're spending real money on direct mail or cold call campaigns.

Feature-by-feature

Side-by-side on every dimension that matters for a comparison-shopping investor.

FeatureTrueCapPropStream
Lifecycle stage
Underwriting — does this deal pencil?
Lead generation — find motivated sellers
Cap rate / CoC / DSCR analysis
Yes — full engine, free tier
Not modeled
10-year projection
Pro — rent + expense + appreciation
Not modeled
Tax strategy modeling
Pro — depreciation + interest + after-tax CF
Not modeled
Deal score + verdict
Pro — 0-100 score + Strong / Solid / Mixed / Negative
Not applicable
Address auto-fill (rent/rate/tax)
Yes — HUD + FRED + state property tax
Property data only — no underwriting
Skip tracing
No
Yes — owner phone + email lookup
Motivated-seller lists
No
Yes — pre-foreclosure, probate, vacant, tax delinquent
Public records data
Limited (HUD FMR + FRED)
Yes — 150M+ properties
List builder / direct mail integration
No
Yes — full marketing stack
Mobile-first UX
Yes — PWA installable
Mobile app exists
Pricing (entry tier)
Free for underwriting; Pro $19/mo
~$99/mo (as of 2026), no real free tier
Free tier
Yes — full underwriting math
No — paid only
Shareable read-only deal link
Pro — public URL + branding
Internal-only data
Lender-ready PDF
Pro — multi-page report
Not the use case

PropStream details based on publicly available product info as of 2026. See propstream.com for their current state.

How most investors use both

  1. Source the deal in PropStream. Build motivated-seller lists; skip-trace; pull contact info; send mail or text.
  2. Get a callback / motivated seller responds. Now you have an address.
  3. Underwrite in TrueCap. Paste the address. HUD rent, FRED rate, state property tax pre-fill. Run the analysis. Decide your max offer.
  4. Negotiate / make the offer.TrueCap's MAO solver (Pro) backs into your max-bid from a target return — useful when the seller counters.
  5. Close, save the deal, track actuals in your accounting tool.TrueCap doesn't do operations — pair with Stessa or your bookkeeping system.

Want to see just the underwriting half? Try the cap rate calculator or the full TrueCap analyzer. Our guide on 60-second underwriting walks through the workflow end-to-end.

Common questions about TrueCap vs PropStream

Quick answers to the questions investors comparison-shopping these tools actually ask.

Is TrueCap a PropStream alternative?
Not really — they solve different problems. PropStream finds motivated-seller leads with skip-tracing and public-records data. TrueCap underwrites a specific property once you have an address. Most serious investors use both: PropStream to source, TrueCap to underwrite.
Can TrueCap do skip tracing or pull property lists?
No. TrueCap focuses on per-deal underwriting and uses authoritative public data (HUD Fair Market Rent, FRED 30-year rate, state property tax) to pre-fill assumptions. For lead generation, list pulls, and owner contact info, PropStream or DealMachine are the right tools.
Is PropStream worth $99/month?
It depends on volume. If you send direct mail to 1,000+ addresses a month or run a wholesaling operation, the lists and skip-tracing pay for themselves quickly. If you're a buy-and-hold investor who buys 1-3 properties a year through MLS or your network, PropStream is overkill — the data you need (rent, tax, property details) is already in TrueCap or your MLS access.
Does TrueCap have a free tier? PropStream doesn't.
Yes — TrueCap's free tier covers cap rate, cash-on-cash, DSCR, cash flow, and address auto-fill on unlimited deals. No card required. Pro ($19/mo) adds projections, tax strategy, sensitivity, deal score, and PDF export. PropStream is paid-only — no real free tier beyond a trial.
What's the best PropStream alternative for finding deals?
If you specifically want lead generation, look at DealMachine (mobile-first driving for dollars), BatchLeads (similar volume to PropStream, sometimes cheaper), or Reonomy (commercial-leaning). TrueCap isn't in that category — we're the underwriting layer you'd use after any of those finds you a property.

Underwrite the next deal — free.

TrueCap free covers cap rate, CoC, DSCR, NCF, and monthly cash flow. Pro unlocks projections, sensitivity, tax strategy, exit scenarios, deal score, MAO, PDF exports, and shareable read-only deal links. No card to start.

See Pro pricingRun a deal now