One-Page Rental Underwriting Worksheet (Long-Term Tenants)

I use this one-page worksheet to compare properties quickly and consistently. Copy/paste into a notes app, Google Doc, or your CMS, then fill it out property-by-property. For Gulf Coast inventory and research, I start here: www.searchthegulf.com.

Underwrite the rent conservatively, assume insurance rises, and budget repairs you have not found yet. If it still works on paper, it is worth a closer look.

Property Snapshot

Address / MLS
Type
Beds / Baths
Sq Ft / Lot
Year Built
Asking Price
Target Tenant Profile
```

Quick Risk Flags

Flood Zone
Wind/Storm Exposure Notes
HOA/COA Rules (if any)
Zoning
Legal Conforming Use
Parking Adequacy
Red Flags Noted
```

Rent Scenarios

Best-Case Monthly Rent
Likely Monthly Rent
Worst-Case Monthly Rent
Days-to-Lease (typical)
Comparable Rentals Used
Concessions Needed
```

Utilities and Metering

Electric
Water / Sewer (or Septic)
Gas / Propane (if any)
Trash
Internet Options
Individually Metered
Owner-Paid Utilities
```

Condition and Major Systems

Roof Age
HVAC Age
Water Heater Age
Plumbing Type
Electrical Panel / Amps
Foundation Notes
Immediate Repairs Needed
12–24 Month Repairs to Budget

Insurance and Flood Notes

Hazard Insurance (annual)
Wind (annual, if separate)
Flood (annual, if applicable)
Deductibles (wind/flood)
Claims History Known
Drainage / Elevation Notes
```

Neighborhood Demand

Overall Feel / Curb Appeal
Vacancy Level (low/med/high)
Tenant Competition (new rentals nearby)
Nearby Shops / Restaurants / Parks
Commute / Access to Employment
Why Tenants Choose This Area
```

Income to Underwrite (Annual)

Gross Scheduled Rent (GSR)
Vacancy Assumption (% and $)
Effective Gross Income (EGI)
Other Income (laundry, storage, etc.)
```

Operating Expenses (Annual)

Property Taxes
Insurance Total
HOA/COA (if any)
Repairs + Maintenance
Pest / Lawn (if owner-paid)
Property Management (if any)
Reserves for Replacements
Utilities (if owner-paid)
```

Cap Rate and Cash Flow Math

NOI = EGI – OpEx
Cap Rate = NOI ÷ Price
Break-Even Occupancy
Loan Amount
Rate / Term
Annual Debt Service
DSCR = NOI ÷ Debt Service
Annual Cash Flow (pre-tax)
Cash-on-Cash = Cash Flow ÷ Cash In

Resale and Exit Strategy

Resale Strength (buyer pool)
Comparable Sales Used
Hold vs. Sell Trigger
Liquidity Notes (DOM, demand)
```

Due Diligence Requests

Leases + Rent Ledger + Deposits
Permits / Warranties / Invoices
HOA Docs + Rules + Assessments
Insurance Quotes + Claims (if available)
Survey (if available)
```

Decision

Score (1–10)
Top 3 Strengths
Top 3 Risks
Next Step (tour, quote insurance, verify rent roll, negotiate, pass)

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