RentalCalcs · Free research worksheet · Reviewed October 18, 2026
Las Vegas still needs to convert concession-supported leasing into income. Reno’s tighter operating story is more favorable, but conflicting provider coverage makes the exact improvement uncertain. Neither conclusion replaces matched sales and a buyer expense budget.
· 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 | $2,000,000 | ___________________ |
| Scheduled rent | $300,000 | ___________________ |
| Vacancy, concessions and collection loss (subtract once) | $30,000 | ___________________ |
| Effective collected income | $270,000 | ___________________ |
| Buyer taxes | $30,000 | ___________________ |
| Binding insurance premium | $18,000 | ___________________ |
| Management | $13,500 | ___________________ |
| Recurring repairs | $28,000 | ___________________ |
| Owner utilities | $26,000 | ___________________ |
| Administration / recurring compliance | $44,500 | ___________________ |
| Recurring expenses total | $160,000 | ___________________ |
| NOI before debt and reserve | $110,000 | ___________________ |
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:
Las Vegas’ endpoints describe traded assets of different quality, not the fair-value range for every building. Reno’s reported point is not directly comparable with either endpoint. Cap NOI conventions, weighting and cap-reporting sample sizes are undisclosed. Lee’s newest Q2 Reno table revises earlier displayed quarters relative to its Q1 report; use one edition rather than splicing vintages.
| Loan, rate, amortization | $1,100,000 / 6.5% / 30 years | ____________ |
|---|---|---|
| Annual debt service | $83,433 | ____________ |
| Annual replacement reserve below NOI | $12,000 | ____________ |
| Down payment + closing + immediate work | $900,000 + $60,000 + $140,000 = $1,100,000 | ____________ |
| Cash after debt and reserve | $14,567 | ____________ |
| DSCR before / after reserve | 1.32× / 1.17× | ____________ |
| Cash-on-cash before income tax | 1.32% | ____________ |
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: Nevada Taxation — Local government publications · Nevada DOI — Commercial habitational coverage tools · Nevada Legislature — NRS 118A.300. No photographed building or regional benchmark is a subject-property appraisal.