Rebuild the real NOI from verified numbers and calculate your maximum allowable offer before you make an offer.
| Line item | Seller | Actual | Gap |
|---|---|---|---|
Gross revenue All income from all sources |
$ |
$ |
$0 |
| Line item | Seller | Actual | Gap |
|---|---|---|---|
Payroll and staffing All wages, salaries, payroll taxes |
$ |
$ |
$0 |
Management fee Use 9% of gross if owner self-manages and none is listed |
$ |
$ |
+$47,160 |
Owner compensation Market rate for owner's labor if not reflected in expenses |
$ |
$ |
+$28,000 |
Utilities Verify against actual bills — tenant electrical often absorbed by owner |
$ |
$ |
+$18,400 |
Insurance Get an independent quote — owner policies are often underinsured |
$ |
$ |
+$9,600 |
Property taxes Confirm with county records |
$ |
$ |
$0 |
Repairs and maintenance Normalize to minimum 4% of gross — low maintenance is a red flag |
$ |
$ |
+$13,800 |
Capital reserve contribution Should be 5% of gross minimum — often $0 on seller financials |
$ |
$ |
$0 |
Marketing and OTA commissions Hipcamp, Campspot, Good Sam — 15 to 25% per booking |
$ |
$ |
$0 |
Professional fees Accounting, legal, bookkeeping |
$ |
$ |
$0 |
Supplies and miscellaneous Cleaning, office supplies, small equipment |
$ |
$ |
$0 |
Other expenses Any additional line items in the seller's financials |
$ |
$ |
$0 |
| Total expenses | — | — | — |
| Net operating income | — | — | — |