Sacramento 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 Sacramento report and its dated sources

The local assumption to investigate

How much cumulative NOI growth preserves value if a hypothetical entry cap is 6.7% and the exit cap is 7.7%?

Hypothetical value-preservation test. Starting value is $100,000 ÷ 0.067; required exit NOI equals that value × 0.077. Required cumulative growth is about 14.9%, not an annual forecast.

Checks for this market

Check city Tenant Protection Program coverage rather than treating a regional rent series as permission to raise a tenant’s rent.
For Natomas-area properties, obtain parcel-level flood and insurance information and lender requirements; a neighborhood label cannot price the risk.
Keep future master-plan homes separate from construction already competing for renters.

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.