The Investor Agents Underwriting Checklist
Most agents know how to sell properties, but few underwrite like investors. Use this checklist to evaluate deals quickly, avoid mistakes, and identify true opportunities for cash flow and long-term wealth.
1) Deal Snapshot
☐ Property Address & Type (SFR, Multifamily, Mixed-Use)
☐ Number of Units / Beds / Baths
☐ Square Footage & Lot Size
☐ Year Built & Condition Notes
☐ Zoning / Use Considerations
☐ Seller Motivation / Timeline
☐ Number of Units / Beds / Baths
☐ Square Footage & Lot Size
☐ Year Built & Condition Notes
☐ Zoning / Use Considerations
☐ Seller Motivation / Timeline
☐ Neighborhood / School / Demand Drivers
☐ Access & Parking Considerations
☐ Utilities (separate vs. common)
☐ Est. Renovation Scope & Budget
☐ Inspection Notes / Photos
☐ Exit Strategy Notes
☐ Access & Parking Considerations
☐ Utilities (separate vs. common)
☐ Est. Renovation Scope & Budget
☐ Inspection Notes / Photos
☐ Exit Strategy Notes
2) Income
☐ Current Rent Roll (by unit/tenant)
☐ Market Rent Potential (verify comps)
☐ Other Income (laundry, parking, storage, RUBS)
☐ Vacancy Assumption (5–8% typical)
☐ Annual Rent Growth Assumption
☐ Market Rent Potential (verify comps)
☐ Other Income (laundry, parking, storage, RUBS)
☐ Vacancy Assumption (5–8% typical)
☐ Annual Rent Growth Assumption
☐ Delinquencies / Loss-to-Lease
☐ Lease Terms / Expirations
☐ Concessions or Credits
☐ Utility Bill-Back Potential
☐ Upside: Renovation / Repositioning
☐ Lease Terms / Expirations
☐ Concessions or Credits
☐ Utility Bill-Back Potential
☐ Upside: Renovation / Repositioning
3) Expenses
☐ Property Taxes
☐ Insurance
☐ Utilities (owner vs. tenant-paid)
☐ Repairs & Maintenance (% of gross)
☐ Property Management (8–10% typical)
☐ CapEx Reserve (roof/HVAC/systems)
☐ Insurance
☐ Utilities (owner vs. tenant-paid)
☐ Repairs & Maintenance (% of gross)
☐ Property Management (8–10% typical)
☐ CapEx Reserve (roof/HVAC/systems)
☐ Turnover/Make-Ready Allowance
☐ Landscaping/Snow/Trash
☐ Admin/Legal/Accounting
☐ HOA/Condo or Other Fees
☐ Pest & Inspection Costs
☐ Replacement Schedule Notes
☐ Landscaping/Snow/Trash
☐ Admin/Legal/Accounting
☐ HOA/Condo or Other Fees
☐ Pest & Inspection Costs
☐ Replacement Schedule Notes
4) Financing
☐ Purchase Price & Closing Costs
☐ Loan Amount & LTV %
☐ Interest Rate & Amortization
☐ Monthly Debt Service (P&I)
☐ Points & Fees
☐ Prepayment Penalties
☐ Loan Amount & LTV %
☐ Interest Rate & Amortization
☐ Monthly Debt Service (P&I)
☐ Points & Fees
☐ Prepayment Penalties
☐ IO Period / Bridge Terms
☐ DSCR at Stabilization
☐ Refi Timeline / Exit Plan
☐ Cash Needed to Close
☐ Partners / Equity Split
☐ Sensitivity Notes
☐ DSCR at Stabilization
☐ Refi Timeline / Exit Plan
☐ Cash Needed to Close
☐ Partners / Equity Split
☐ Sensitivity Notes
5) Key Calculations
☐ Gross Scheduled Income (GSI)
☐ Effective Gross Income (EGI = GSI – Vacancy)
☐ Net Operating Income (NOI = EGI – Expenses)
☐ Cash Flow (NOI – Debt Service)
☐ Effective Gross Income (EGI = GSI – Vacancy)
☐ Net Operating Income (NOI = EGI – Expenses)
☐ Cash Flow (NOI – Debt Service)
☐ Cash-on-Cash Return (%)
☐ Cap Rate (%)
☐ DSCR (NOI ÷ Debt Service)
☐ Breakeven Occupancy
☐ Cap Rate (%)
☐ DSCR (NOI ÷ Debt Service)
☐ Breakeven Occupancy
6) Red Flags
☐ Deferred maintenance >10% of purchase price
☐ Below-market expense assumptions
☐ DSCR < 1.20 on stabilized basis
☐ Below-market expense assumptions
☐ DSCR < 1.20 on stabilized basis
☐ Aggressive rent growth/vacancy
☐ Title, legal, or environmental concerns
☐ Weak exit or refi strategy
☐ Title, legal, or environmental concerns
☐ Weak exit or refi strategy
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