RentalCalcs Editorial · colorado-2026-10-19-v1 · Reviewed 2026-10-19

Colorado: evidence to offer worksheet

Free property worksheet. Entries remain in this browser page and are not submitted or saved. Print or save your completed worksheet before closing. The worked example is hypothetical, not a property quote or market forecast.

Return to report

1. Match the evidence

Improving absorption and a higher reported cap can coexist: leasing performance and the price investors pay for that income are different measurements. A cheaper sale cohort can also change a cap statistic without proving every building repriced. Do not manufacture a regional range from unmatched reports or infer neighborhood rates from sale prices per unit.

2. Complete the local document checks

Denver’s 1970s and 1990s buildings: a different form of competition

Obtain a unit condition and systems schedule, recent receipts and competing effective rents. Separate initial work from recurring maintenance and calculate yield on total cost before comparing it with a going-in cap.

Denver’s newest communities: completed construction still has to lease

Map competing availability by unit mix, move-in date and concession expiration. Run a monthly carry through the refinance year, retaining taxes, insurance, utilities and debt service while units are vacant.

Cherry Creek, Denver Northeast and Aurora Southwest: the metro recovery is uneven

Use a unit-mix competitor sheet, actual net lease prices and a monthly renewal calendar. Obtain local sale NOI before assigning a Cherry Creek, Longmont or Aurora cap; none is measured by this operating table.

Central Denver and the suburban corridors: inspect the assets that actually sold

Build a comparable sheet with year built, unit size, concessions, expense convention and initial work. Ask whether an apparently lower cap is supported by genuinely lower operating uncertainty.

Colorado Springs, Northern Colorado and mountain housing: the missing comparison

Confirm jurisdiction, permitted rental use, lease calendar and address-specific insurance. Obtain local financed comps and a marketing-time allowance before importing any Denver sensitivity assumption.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$3,040,000
Scheduled annual rent$408,000
Collection / concession / vacancy loss-$40,800
Effective income$367,200
taxes$36,000
insurance$24,000
utilities$24,000
maintenance$30,000
management$26,000
administration$37,200
Recurring expense total$177,200
NOI before debt and reserve$190,000
Annual debt service$116,748
Annual replacement reserve$16,000
Cash after debt and reserve$57,252
Down payment + closing + initial work$1,810,000

Loan $1,500,000 at an assumed 6.75% for 30 years, monthly amortization. Going-in cap 6.25%; DSCR 1.63× before reserve, 1.49× after reserve; cash-on-cash 3.16%. Cash basis excludes an initial reserve deposit; add any lender-required deposit. No loan quote is implied.

4. Test the exit and invalidate the thesis

Value = annual NOI ÷ (cap percent ÷ 100). Keep cumulative NOI change separate from annual rent growth. A simple value comparison excludes debt payoff, sale costs, income tax and interim cash flows.

Separate the inventory clocks

Record delivered vacant units, active construction and later proposals separately.

Separate the income clocks

Put free rent, renewal dates and post-work rents on a monthly schedule.

Reconcile the buyer’s exit

Use net collections, parcel costs and matched sale NOI before selecting a cap.

Evidence ledger