How to Underwrite a Rental - First-Pass Deal Sheet
Last updated: July 2026
A first-pass underwrite is a deal sheet, not a vanity metric. Stack income → vacancy → OpEx → debt → returns before you fall for the kitchen.
Suggested order
- Build NOI from rent, vacancy, and expenses.
- Read unlevered yield with the cap rate calculator.
- Add the loan and check cash flow and cash-on-cash.
- Optional: kill weak listings with the deal screener or open the full analysis calculator / hub deal sheet.
What this guide is not
Not an appraisal, loan approval, or 10-year projection. See methodology for formulas and limits.
Content last updated: July 2026. Sources & methodology
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Underwrite cap rate, cash flow, and cash-on-cash in one deal sheet.
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Full deal sheet: NOI, cap, cash flow, and cash-on-cash.
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Pass/fail checklist: rent screen, cash flow, and CoC hurdles.
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Build net operating income from rent, vacancy, and expenses.
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