Separate property operations from financing
NOI measures property operations before debt service. Cash flow after debt then subtracts financing, which makes cap rate and cash-on-cash return answer different questions.
Record vacancy as an economic cost
A vacant month is not just missing data. Record vacancy or credit loss explicitly so stabilized underwriting does not assume perfect occupancy.
Use reserves and irregular repairs honestly
A few quiet months can overstate profitability. Include realistic repair, capital and reserve assumptions when evaluating a purchase.
- Use actual property taxes and insurance where available.
- Model management even when self-managing if you want an economic comparison.
- Keep major capital expenditure analysis separate from routine repairs when needed.
Export an underwriting record
The workbook export gives you a durable underwriting file you can update after acquisition, while CSV sheets make it easy to feed a portfolio database later.