RentalCalcs Editorial · ohio-2026-10-19-v1 · Reviewed 2026-10-19

Ohio: evidence to offer worksheet

Free property worksheet. Entries remain in this browser page and are not submitted or saved. Print or save your completed worksheet before closing. The worked example is hypothetical, not a property quote or market forecast.

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1. Match the evidence

The Lee rows share a publisher and reporting quarter, making them a useful initial comparison; incomplete cohort definitions still prevent a precise risk ranking. Matthews’ Cleveland figure is a separate observation, not a correction to Lee or a number to average with it. Lee’s local Cincinnati table reports 7.61% against 7.57% in Q1 and 7.61% a year earlier: roughly +4 basis points quarterly and flat annually. Its national table is rounded and uses a somewhat different snapshot. Do not splice them into one trend.

2. Complete the local document checks

Cleveland: better leasing has not erased the buyer’s yield requirement

Obtain a unit-level rent ledger, recent executed leases and actual comparable expense statements. Ask each broker to identify the cap denominator, income period and sample behind a quoted market rate.

South Cleveland and Strongsville–Medina: tight vacancy is not a neighborhood cap

Match comparables by building age, unit mix and who pays utilities. Request roof, mechanical and plumbing schedules; do not set capital reserve to zero because vacancy is low.

Columbus and Hilliard: account for the units already in lease-up

Map directly competing floor plans and opening dates. Include free rent in effective income, verify the subject’s vintage cohort, and update the parcel tax estimate when the county valuation cycle changes.

Cincinnati: shrinking construction can coexist with a supply overhang

Use local closed sales with matched condition and income. Reconcile concessions, turnover downtime and cross-state tax differences; maintain enough cash for the lease-up gap.

Dayton, Toledo, Akron and rural duplexes: choose a different evidence set

Request comparable closing income, local management quotes and inspection bids. Check the county’s current valuation schedule and distinguish a conventional lease from student or short-stay revenue.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$2,400,000
Scheduled annual rent$336,000
Other recurring income$6,000
Collection / concession / vacancy loss-$32,000
Effective income$310,000
taxes$44,000
insurance$16,000
utilities$20,000
maintenance$28,000
management$22,000
administration$12,000
Recurring expense total$142,000
NOI before debt and reserve$168,000
Annual debt service$112,078
Annual replacement reserve$12,000
Cash after debt and reserve$43,922
Down payment + closing + initial work$1,128,000

Loan $1,440,000 at an assumed 6.75% for 30 years, monthly amortization. Going-in cap 7.00%; DSCR 1.50× before reserve, 1.39× after reserve; cash-on-cash 3.89%. Cash basis excludes an initial reserve deposit; add any lender-required deposit. No loan quote is implied.

4. Test the exit and invalidate the thesis

Value = annual NOI ÷ (cap percent ÷ 100). Keep cumulative NOI change separate from annual rent growth. A simple value comparison excludes debt payoff, sale costs, income tax and interim cash flows.

Select a matched cohort

Identify metro boundary, vintage, lease type and whether the cap is a market series or a verified sale-income ratio.

Bridge asking rent to cash

Deduct concessions, arrears and turnover loss. Replace taxes, insurance and maintenance with buyer-specific evidence.

Stress supply and the exit separately

Fund the remaining lease-up calendar, then test lower NOI and a wider cap together. Keep debt payoff and selling costs outside this simple gross-value comparison.

Evidence ledger