RentalCalcs · Free research worksheet · Reviewed October 18, 2026
A workforce apartment, a student lease and a new suburban community can have different income timing and competing supply. Test the rent roll and work budget before using a regional yield as an offer rule.
· 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 | $1,600,000 | ___________________ |
| Scheduled rent | $240,000 | ___________________ |
| Vacancy, concessions and collection loss (subtract once) | $19,200 | ___________________ |
| Effective collected income | $220,800 | ___________________ |
| Buyer taxes | $24,000 | ___________________ |
| Binding insurance premium | $16,000 | ___________________ |
| Management | $11,040 | ___________________ |
| Recurring repairs | $24,000 | ___________________ |
| Owner utilities | $20,000 | ___________________ |
| Administration / recurring compliance | $21,760 | ___________________ |
| Recurring expenses total | $116,800 | ___________________ |
| NOI before debt and reserve | $104,000 | ___________________ |
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:
The chart-read estimate is retained only as orientation, with its precision limit explicit. No basis-point comparison is computed from that endpoint. Lexington’s unlabeled cap chart is not converted into an invented exact value. Cincinnati’s 7.61% Lee benchmark is discussed as external regional context, not plotted as a Kentucky observation because a Kentucky-only sample and geographic crosswalk were not verified. No statewide average is calculated.
| Loan, rate, amortization | $880,000 / 6.5% / 30 years | ____________ |
|---|---|---|
| Annual debt service | $66,746 | ____________ |
| Annual replacement reserve below NOI | $12,000 | ____________ |
| Down payment + closing + immediate work | $720,000 + $48,000 + $100,000 = $868,000 | ____________ |
| Cash after debt and reserve | $25,254 | ____________ |
| DSCR before / after reserve | 1.56× / 1.38× | ____________ |
| Cash-on-cash before income tax | 2.91% | ____________ |
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: Kentucky Revenue — Residential, farm and commercial property · Kentucky Department of Insurance — Property and casualty · Louisville Metro — About Rental Registry. No photographed building or regional benchmark is a subject-property appraisal.