RentalCalcs · Free research worksheet · Reviewed October 18, 2026
A shrinking pipeline is a reason to investigate recovery, not permission to erase concessions. Buyer insurance, the post-acquisition tax basis and current competition can consume the NOI improvement before a lower cap becomes plausible.
· Read the evidence and use the interactive tools
Property / legal jurisdiction: Date:
Unit count / lease type / source documents:
| Annual line | Report illustration | Your property / evidence |
|---|---|---|
| Price | $3,000,000 | ___________________ |
| Scheduled rent | $432,000 | ___________________ |
| Vacancy, concessions and collection loss (subtract once) | $43,200 | ___________________ |
| Effective collected income | $388,800 | ___________________ |
| Buyer taxes | $72,000 | ___________________ |
| Binding insurance premium | $48,000 | ___________________ |
| Management | $19,440 | ___________________ |
| Recurring repairs | $30,000 | ___________________ |
| Owner utilities | $24,000 | ___________________ |
| Administration / recurring compliance | $30,360 | ___________________ |
| Recurring expenses total | $223,800 | ___________________ |
| NOI before debt and reserve | $165,000 | ___________________ |
All example amounts are hypothetical, not local quotes. Buyer NOI = collected income − recurring operating costs. Capital work and replacement reserves are separate. Cap = NOI ÷ price × 100.
Sale address / date / source:
Actual geography, units, class and lease/regulation basis:
Price / reported NOI / trailing or forward basis:
Debt assumption, concessions, immediate work, missing inputs:
Matthews’ public summaries do not fully establish whether the cap is a sale-only average or broader market series. Keep that uncertainty with the figures. Colliers and Northmarq also do not disclose cap-reporting counts, weighting or a harmonized NOI convention in these summaries. Regional composites, point benchmarks and a range answer different questions; no ranking or statewide average is calculated.
| Loan, rate, amortization | $1,650,000 / 6.5% / 30 years | ____________ |
|---|---|---|
| Annual debt service | $125,149 | ____________ |
| Annual replacement reserve below NOI | $14,400 | ____________ |
| Down payment + closing + immediate work | $1,350,000 + $90,000 + $150,000 = $1,590,000 | ____________ |
| Cash after debt and reserve | $25,451 | ____________ |
| DSCR before / after reserve | 1.32× / 1.20× | ____________ |
| Cash-on-cash before income tax | 1.60% | ____________ |
Confirm lender NOI/reserve convention. Cash-on-cash uses all invested cash above; capital reserves and repairs are not interchangeable. Property value does not guarantee refinance proceeds.
Entry cap: _____% · Exit cap: _____% · Total cumulative NOI change: _____%
Value = annual NOI ÷ (cap ÷ 100). Buyer-cost correction: _____ per year. Revised NOI: _____ . Value at original cap: _____ . Wider-cap value: _____ .
NOI needed to preserve value = starting NOI × exit cap ÷ entry cap. Simple value excludes debt payoff, sale costs, taxes and interim cash flow.
Missing document / evidence that invalidates the thesis:
Maximum offer supported by buyer NOI, debt and liquidity:
Primary checks: Florida Senate — Statute 193.1555 (2026) · Florida DFS — Commercial property insurance · Florida DFS — Hurricane deductible. No photographed building or regional benchmark is a subject-property appraisal.