Riverside apartment underwriting worksheet

RentalCalcs Editorial · Reviewed October 18, 2026. Free working sheet, not an appraisal or lender form. Use your browser’s print command. Entries stay in this page and are not saved to an account; retain your own copy before closing.

Read the Riverside report and its dated sources

The local assumption to investigate

For an illustrative ten-unit property at $2,000 per month per unit, what if half the units receive a leasing incentive?

Hypothetical annual NOI starts at $100,000 after all other costs and losses. Each free month on five units costs $10,000. No market-rent claim is made. Do not count the same concession again in vacancy loss.

Checks for this market

Separate Riverside city from the county and other municipalities when checking tenant rules and fees.
Request parcel-specific taxes and special assessments, insurance terms and the actual utility arrangement.
For student-oriented leases, reconcile lease dates and collections to the annual budget; a seasonal gap is not captured by one occupied-unit snapshot.

Build the acquisition record

Property address and municipalityProperty type, unit count and rent-rule coverageSale comparables: geography, date, price and NOI conventionAnnual scheduled rentVacancy, collections and concessions (avoid double counting)Buyer operating expenses: taxes, insurance, repairs, management, utilitiesBuyer NOI = collected income minus recurring expensesPrice and going-in cap = NOI / priceLoan amount, interest, amortization and debt serviceImmediate capital work, closing costs and reservesTotal invested cash and cash flow after debt/reservesExit cap, hold period and cumulative NOI changeEvidence that would invalidate the base case

Keep observed income, hypothetical assumptions and future stabilized income separate. Cap rates exclude financing; cash-on-cash must use all invested cash. Record source dates and unresolved gaps.