RentalCalcs Editorial · Research edition October 18, 2026 · Free worksheet
New Hampshire 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
- Match the income basis. Tenant-paid versus landlord-paid heat and water must match the sale comp.
- Separate Salem sale mix. A Tuscan Village trade cannot price a smaller commuter-market building.
- Price the buyer margin. Apply a yield after winter costs, local taxes and recurring repairs reconcile.
Concord, Upper Valley, Lakes Region and North Country lack matching local cap samples in this edition. Southern tracked apartments do not represent seasonal housing or every rural rental. The often-quoted 95.4% combines NH and Massachusetts; NH alone is 95.3%. Do not substitute either for a subject’s economic 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 | Renewal collections, effective rents and lender spreads. |
|---|---|
| Stabilization | Buyer NOI after heat, tax, insurance and recurring repair normalization. |
| Expansion | Refinance coverage, marketing time and system-replacement cash. |
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
- NHCIBOR September president’s message — CoStar reference as of September 28, 2026
- Colliers NH multifamily midyear 2026 — Q2 operations / H1 sales, 2026
- Colliers NH & ME midyear broker roundtable — Midyear 2026 commentary
Full source lineage and dates: vouchermatch.com/rentalcalcs/cap-rates/new-hampshire. Follow current county/city rules; no statewide tax percentage, insurance premium or universal good cap is assumed.