RentalCalcs Editorial · Research edition October 18, 2026 · Free worksheet
Wyoming 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
- Resolve geography. Laramie County contains Cheyenne; Laramie city is in Albany County.
- Build the lease calendar. Model concentrated student or employer-linked expirations from actual leases.
- Require price and NOI evidence. Vacancy cannot supply an apartment sale yield; reject contradictory marketing bands.
The WCDA survey provides broad county operating coverage, but not a closed-sale cap series. County samples and rental types vary. This report supplies no numeric city/neighborhood yield or state cap average. Casper’s conflicting bands are rejected pending clarification. Matching apartment sale NOI and prices remain the principal evidence gap statewide.
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 | Comparable buyer NOI, number of qualified bids and binding loan offers. |
|---|---|
| Stabilization | Collections, renewal retention and marketing time for comparable assets. |
| Expansion | Economic vacancy, concessions, system bids and refinance coverage. |
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
- WCDA 2026 Wyoming Rental Vacancy Survey — 2026 survey edition; collection dates not fully specified
- CO Multifamily Advisors Casper page — Page accessed October 18; market pulse dated September 1, 2026
- Wyoming DOR residential assessment guidance — Current guidance at review
Full source lineage and dates: vouchermatch.com/rentalcalcs/cap-rates/wyoming. Follow current county/city rules; no statewide tax percentage, insurance premium or universal good cap is assumed.