Acquisition Step 1
$
$
%
$
%
mo
Financing Step 2
%
%
%
Loan amount—
Monthly principal & interest—
Down payment—
Closing costs + points—
Rehab + contingency—
Holding costs during rehab—
Total cash needed—
Income Step 3
$
$
%
Gross scheduled income /mo—
Less vacancy—
Effective income /mo—
Operating Expenses Step 4
$
$
$
%
%
%
$
$
Total operating expenses /mo—
Expense ratio (of effective income)—
Underwriting Checklist Pass / Caution / Fail
Long-Term Projection Retirement view
%
%
%
%
Highlighted rows: year 4 (first child's college), year 7 (second child's college), year 15 (target retirement). "Equity if sold" is net of selling costs and loan payoff. Cash flow is after all expenses and mortgage — before income tax and depreciation benefits.