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

Wisconsin: 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.

Return to report

1. Match the evidence

The listing yield cannot be corroborated by occupancy or a metro rent report: these answer different questions. A building can be fully leased and still require a large tax, utility or capital adjustment under buyer ownership. Use the asking cap to request its supporting NOI, then compare locally matched closings before selecting an exit yield.

2. Complete the local document checks

Milwaukee: effective rents reveal more than face-rent growth

Reconcile the rent roll to deposits, concessions, vacancy and delinquency. Preserve one publisher’s period and inventory when calculating a trend. Ask how much income improvement remains after incentives have already narrowed.

The Eastside asking portfolio: do not substitute a listing for price discovery

Request each building’s rent ledger, utility bills, tax record, legal units and component condition. Recompute the asking yield with buyer management and insurance, then test the offer independently of projected rent.

Established renter households: retention supports income, not unlimited rent

Build a renewal ledger with offered rent, accepted rent, concessions and cash receipts. Price make-ready labor realistically. Do not use a metro renewal percentage as the subject’s renewal probability.

Madison, Green Bay and the Fox Valley: start a separate comparable set

Confirm legal rental use, tenant calendar, local management costs and assessor information. Obtain locally matched sale NOI and debt terms for the building’s actual size. Add a realistic sale-time contingency.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$2,000,000
Scheduled annual rent$268,800
Collection / concession / vacancy loss-$18,816
Effective income$249,984
taxes$36,000
insurance$14,400
utilities$19,200
maintenance$32,000
management$18,000
administration$14,384
Recurring expense total$133,984
NOI before debt and reserve$116,000
Annual debt service$77,832
Annual replacement reserve$11,200
Cash after debt and reserve$26,968
Down payment + closing + initial work$1,180,000

Loan $1,000,000 at an assumed 6.75% for 30 years, monthly amortization. Going-in cap 5.80%; DSCR 1.49× before reserve, 1.35× after reserve; cash-on-cash 2.29%. 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.

Bridge face rent to receipts

Show concessions, unoccupied days and delinquency before calling a rent gain NOI.

Separate each building’s costs

Use municipal tax records, utilities and a systems schedule for the actual portfolio.

Demand a local sale-income match

Keep an asking portfolio separate from a closed-sale benchmark and missing regional caps.

Evidence ledger