RentalCalcs Editorial · 2026-10-20

San Francisco buyer evidence and cash worksheet

Free manual working sheet. No submission, automatic calculation, account saving or persistence. Entries stay in this open page; print or save a completed PDF before closing.

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Property, municipality, county, units, date and source period

1. Match the benchmark to the subject

San Francisco city and county coincide, but the Bay Area does not. The city sample includes apartment and mixed-use buildings with five or more units; it is not a single-family rental, office or all-property cap benchmark.

Comparable close date, price, format, cap and NOI conventionBuyer adjustments and unresolved income/condition differences

2. Local documents that can change the bid

Marina / Pacific Heights / Cow Hollow: a small premium sample

Match size, vacancy at sale and condition. Investigate why a comparable’s income yield is lower before paying the same multiple.

Document, date, cost/income impact and contrary evidence

SOMA / Inner Mission: a higher cap does not prove an easy turnaround

Review mixed-use income, vacancy, collection history and capital needs separately. Confirm the comparable’s income basis and whether vacant units changed its economics.

Document, date, cost/income impact and contrary evidence

Tenderloin / Downtown: portfolio economics require care

Ask whether the recorded price was allocated and whether income included commercial space, subsidies or unusual vacancy.

Document, date, cost/income impact and contrary evidence

Richmond / Sunset: an occupied rent roll is a separate asset from a vacant unit

Model each unit’s contract rent, permissible adjustment and documented vacancy plan; include downtime and work before crediting new-lease rents.

Document, date, cost/income impact and contrary evidence

Unit-by-unit income capture and comparable-sale audit

Unit, occupied/vacant status, contract rent, actual receipts and arrearsCoverage evidence, current official source and review date; unresolved lawful timing and noticesEligible new-lease change: support, start date, downtime, incentives and collection dateWork scope, bid, funding and completion before any credited rentCommercial lease term, reimbursement and vacancy separated from residential incomeComparable cap denominator and NOI convention; standalone or allocated portfolio priceWhat would falsify the AI-demand income assumption at this property?

3. Reconcile annual buyer income

Scheduled rent ($/year)Vacancy, concessions and collections loss ($/year)Effective income ($/year)Buyer property taxes ($/year)Commercial insurance ($/year)Management ($/year)Recurring repairs ($/year)Owner utilities ($/year)Service contracts ($/year)Administration ($/year)Total recurring costs ($/year)NOI = effective income − recurring costs ($/year)

California BOE guidance explains change-of-ownership reassessment and exceptions. Obtain actual assessor treatment and parcel charges; seller taxes and a universal percentage do not establish the buyer bill. Keep recurring repairs in NOI, annual reserves below NOI and initial work in invested cash. Obtain unit contracts, coverage records, notices, service bills, insurance and a funded work calendar. Future eligible new-lease rent arrives only after its actual costs and lawful timing.

4. Debt, work and invested cash

Purchase price ($) and going-in cap (%)Loan, quoted interest, amortization and feesAnnual debt service ($)Annual reserve below NOI ($)Closing costs, initial work and any reserve deposit ($)Cash invested = price − loan + closing + work + deposit ($)Cash = NOI − debt service − annual reserve ($/year)DSCR before/after reserves; debt yield; cash-on-cashNOI ÷ (price + closing + initial work) × 100 (%)

5. Income and exit downside

For the same 20-unit acquisition below, what would a hypothetical 10% new-lease increase on only 20% of scheduled rent add? Hypothetical gross rent, not NOI, forecast or lawful-increase allowance. $420,000 × 20% × 10% = $8,400 before downtime, incentives and costs. The base acquisition excludes this upside; validate eligibility and timing unit by unit. The last row is the assumption to reject.

Holding period; cumulative versus annual NOI growthExit NOI after recurring cost miss ($/year)Exit cap (%) and justificationGross value = exit NOI ÷ (exit cap ÷ 100) ($)Debt payoff, sale costs and tax ($)What would invalidate compression, stabilization or expansion?

Same reconciled reference as the report

Hypothetical 20 units × $1,750 monthly × 12 = $420,000. Loss $21,000; effective income $399,000. Expenses $219,000; NOI $180,000; price $3,600,000; cap 5.00%. Loan $1,800,000 at assumed 6.5% / 30-year monthly amortization: $136,527 annual debt service. Annual reserve $15,000; cash $28,473. Closing $108,000 and initial work $180,000 give invested cash $2,088,000. No initial reserve deposit assumed.

DSCR 1.32× before and 1.21× after reserves; debt yield 10.00%; cash-on-cash 1.36%; yield on total acquisition cost 4.63%. At $10,000 lower normalized NOI and 6% exit, gross value is $2,833,333. Excludes sale costs, payoff, taxes and interim cash flow.

Edition san-francisco-local-2026-10-20-v1; benchmark release san-francisco-sales-2026-q3-v1. Sources and refresh policy.