Guides
The mechanics of underwriting a rental, worked through with real numbers. Start with NOI — most bad analysis traces back to it.
Cap Rate Benchmarks by US Metro
What drives the spread between metro cap rates, where to find current benchmark data, and how to use it without drawing the wrong conclusion.
Cash-on-Cash Return vs Cap Rate: What's the Difference?
Cap rate measures the property. Cash-on-cash measures your capital. Here is how leverage separates them, and which one should drive which decision.
How to Analyze a Rental Property Before You Buy (Step-by-Step)
A complete underwrite of a single rental property, from gross rent through financing to sensitivity testing, worked end to end on one deal.
How to Calculate NOI: A Practitioner's Guide
Net operating income drives valuation, cap rate, and lender sizing. Here is exactly what belongs in NOI, what does not, and the reserve line most retail investors leave out.
IRR in Real Estate, Explained Without the Jargon
What IRR actually measures, how to read it on a rental property hold, and the three ways it misleads investors who use it alone.
The 1% Rule vs Cap Rate: Which Should You Actually Use?
The 1% rule is a screening filter, not an analysis. Here is where it works, where it breaks badly, and how two properties that both pass can be 300 basis points apart.
5 Common Mistakes in Rental Property Underwriting
The errors that survive into finished models and cost real money: seller pro formas, missing reserves, tax reassessment, mismatched growth rates, and confusing cash flow with return.
What Is a Good Cap Rate for Rental Property?
A good cap rate is not a single number. Here is how underwriters actually decide what cap rate is acceptable for a given property, market, and risk profile.