Start with the address, unit count, a dated rent roll, and trailing income and expenses. You can begin the conversation before every record is available. Identify the gaps so the valuation distinguishes known facts from assumptions.
The first packet
Provide records for the same reporting period where possible. A rent roll dated this month and an old annual statement describe different moments; both can be useful if clearly labeled. Fannie Mae’s financial input framework distinguishes income, concessions, bad debt, operating expenses, and reserves, which is a useful organizing approach.
- Property address, ownership contact, unit mix, and known building area
- Dated rent roll, current leases, deposits, and concessions
- Trailing 12-month income and expenses with collection records
- Current tax bill, insurance information, and utility bills
- Recent improvements, known deferred work, and project estimates
- Desired sale timing and documents affecting authority to sell
Reconcile scheduled rent with actual collections
Rent multiplied by 12 is a starting schedule, not proof of income. Explain vacancies, concessions, unpaid balances, and other income. Reconcile the operating statement against records before assuming an unexplained difference is recurring.
Keep tenant identifying and financial documents out of public uploads. Begin through the contact form with a property summary, then arrange an appropriate method for the supporting records.
Ask for a range with explicit assumptions
A useful pricing opinion explains which comparable sales were used, how expenses were normalized, and what could change the range. Provide unit counts and physical measurements with their source instead of resolving discrepancies by guesswork.
This broker pricing review supports a sale decision. It does not replace a licensed appraisal when a lender, court, or tax matter requires one.
A rent-roll reconciliation
Hypothetical 10-unit property with scheduled rent of $2,000 per unit per month. Vacancy and concessions below are separate amounts from the same 12-month period. No other income is assumed.
| Annual calculation | Amount |
|---|---|
| 10 × $2,000 × 12 scheduled rent | $240,000 |
| Vacancy loss | −$12,000 |
| Concessions and uncollected rent | −$3,000 |
| Collected rental income | $225,000 |
| Normalized operating expenses | −$90,000 |
| NOI before debt service and capital work | $135,000 |
Capitalizing the $240,000 rent schedule as if it were NOI would omit $105,000 of losses and operating expenses. Bring the supporting records so the pricing review starts from the $135,000 income calculation and tests its assumptions.
Apply the analysis to your property
Cap Rate Calculator · Santa Monica market context · 1224 9th Street transaction
The linked transaction provides local context. The hypothetical example above does not describe that property’s finances, condition, or sale strategy.
Request a property pricing reviewSources and further reading
General educational analysis. Confirm property-specific legal, tax, insurance, and financing assumptions with the appropriate professionals.