FREE PRACTICAL CHECKLIST
Before you trust the cash flow. Use this checklist alongside a specific property’s leases, bills, inspection and loan quote. Checking a box means you reviewed the assumption; it does not certify the property.
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Property and price Confirm the address, legal unit count, condition, purchase price, closing costs and initial repairs.Rent evidence Compare signed leases and recent comparable rentals. Keep scheduled rent separate from vacancy and other income.Vacancy and lease-up Allow for ongoing vacancy and any empty months immediately after purchase.Property tax Review the current bill and possible reassessment after a purchase. A ZIP median is not the property’s bill.Insurance Get a quote for this property, coverage, deductible and intended use.Owner-paid utilities Identify who pays electricity, gas, water, sewer and trash. Use actual bills where possible; estimates need explicit review.Maintenance Include recurring repairs and turnover costs as operating expenses.Capital reserve Keep roof, HVAC and other major replacements separate from conventional NOI. Fund a realistic cash reserve.Management and services Include management, HOA, lawn, snow, pest control, cleaning and other recurring costs—even when initially self-managing.Financing Confirm down payment, rate, points, amortization, interest-only periods, rate resets and balloon maturity.Three separate results Review NOI before debt, cash flow after debt and reserves, and cash required including closing and repairs.Downside case Stress-test lower rent, higher vacancy, higher expenses and financing changes. Save or export both cases.Exit and next checks Compare realistic sale costs and refinance terms. Verify all assumptions with source documents and appropriate local professionals.
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Educational checklist. It does not replace property inspection, local legal review or personalized tax/financial advice.
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