REPE Interview Questions
What REPE interviews actually test: judgment, clarity, and whether you can think like an investor—not just run a model.
How to answer like an investor (not a spreadsheet)
The REPE answer order
- Deal thesis (why this works)
- Downside (what breaks, how bad, and why you’re still ok)
- Return drivers (NOI growth, cap rate, leverage, timing)
- Edge (why you win this deal)
- Decision (would you do it? at what price?)
High-frequency questions
Deal judgment
- Would you do this deal? Why?
- What’s the #1 risk?
- What’s your downside case?
Returns & value
- What drives the IRR here?
- What happens if exit cap widens 50–100 bps?
- What’s your underwriting haircut?
IC thinking
- What would IC push back on?
- What diligence item matters most?
- What would make you walk?
A senior-sounding close
Use this line
“If the thesis is clear, the downside is survivable, and returns are driven by controllable execution (not multiple expansion), I’m interested. If the deal only works with perfect timing, I’m out—or I reprice.”