RentalCalcs Editorial · Research edition October 18, 2026 · Free worksheet
Maine 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
- Verify lawful income. Reconcile Portland registration, unit rent history and applicability before projecting increases.
- Normalize winter operations. Separate landlord heating and water from tenant obligations.
- Obtain actual sale evidence. County occupancy informs income; it does not supply a building cap rate.
Bangor/Penobscot, Midcoast, Downeast and northern rural markets have no matched cap observations in this edition. No Portland, Oregon data are used. Colliers’ summary describes both falling and growing construction; no direction is inferred from the conflicting text. Its linked full report could not be extracted. A quantitative neighborhood cap is not inferred from county occupancy.
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 | Collections after legal increases, winter margins and binding loan quotes. |
|---|---|
| Stabilization | Renewal losses, winter expense and matching closed-sale yields. |
| Expansion | System bids, policy terms, DSCR and marketing time. |
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
- Colliers Maine multifamily midyear 2026 — Q2 / H1 2026
- Colliers NH & ME midyear broker roundtable — Midyear 2026 commentary
- Maine Legislature, Title 36 §502 — Current statute at review
Full source lineage and dates: vouchermatch.com/rentalcalcs/cap-rates/maine. Follow current county/city rules; no statewide tax percentage, insurance premium or universal good cap is assumed.