RentalCalcs Editorial · Research edition October 18, 2026 · Free worksheet
Idaho apartment underwriting
Property / address / analysis date:
Blank diligence form. Values entered here stay in this browser document and are not saved or transferred. Cap references are dated research, not a property appraisal. Income, sale price and cap must describe the same asset and NOI convention.
1. Reconcile buyer income, costs and invested cash
| Purchase price ($) | |
|---|---|
| Scheduled annual rent ($) | |
| Vacancy / concessions / collection loss ($) | |
| Other verified operating income ($) | |
| Buyer property tax ($) | |
| Insurance: premium and deductible liquidity ($) | |
| Management / payroll ($) | |
| Recurring repair / utilities / administration ($) | |
| Total recurring operating expenses ($) | |
| Annual NOI before debt and reserve ($) | |
| Going-in cap: NOI ÷ price × 100 (%) | |
| Loan / interest / amortization / balloon term | |
| Annual debt service ($) | |
| Annual replacement reserve below NOI ($) | |
| DSCR: identify lender reserve convention | |
| Debt yield: lender NOI ÷ loan × 100 (%) | |
| Down payment + closing + immediate work ($) | |
| Annual cash after debt / reserves ($) | |
| Cash-on-cash: annual cash ÷ invested cash (%) |
Recurring repairs reduce NOI; major initial work increases acquisition cash; replacement reserves are below NOI here. Loan reserves and lender NOI may differ. Bind insurance and verify buyer taxes before using the cash return.
2. Resolve the local evidence
- Read the quarter correctly. Annual vacancy improvement can coexist with a flat quarter.
- Normalize sale NOI. Meridian/Nampa price per unit does not reveal cap rates without supported income.
- Underwrite the next competing project. Test effective rent and debt coverage before assuming compression.
Coverage is concentrated in Boise / Treasure Valley. Lee’s Q1 operating table is older than TOK’s August cap article; the series are not spliced into one quarterly trend. Their underlying cap methodologies are insufficiently disclosed to count close values as independent confirmation. Secondary Idaho markets and neighborhood cap rates remain unavailable.
3. Record comparable sales without blending cohorts
| Property / sale date | Price / asset scope | NOI basis / cap | Buyer costs / missing evidence |
|---|---|---|---|
4. Write what would change the thesis
| Compression | Effective renewal rents, vacancy duration and actual permanent-loan offers. |
|---|---|
| Stabilization | Absorption relative to deliveries and the subject’s cash margin. |
| Expansion | Concession depth, repair bids, lender NOI and refinance proceeds. |
Starting annual NOI / entry cap:
Exit NOI / exit cap / value:
Value = annual NOI ÷ (cap ÷ 100). Example: 5% → 6% is +100bp and −16.7% constant-NOI value. 20% cumulative NOI growth offsets that move before sale costs. Specify cumulative versus annual growth. Add debt payoff, selling costs, taxes and interim cash flow separately.
5. Documents still needed and next action
- TOK Commercial Boise cap rates — Q3-branded report published during Q3; not completed-quarter sales
- Lee & Associates Boise Q1 2026 multifamily — Q1 2026 operations and table; sale list period not fully specified
- Idaho State Tax Commission homeowner guidance — Current guidance
Full source lineage and dates: vouchermatch.com/rentalcalcs/cap-rates/idaho. Follow current county/city rules; no statewide tax percentage, insurance premium or universal good cap is assumed.