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COMPARABLE SELECTION CRITERIA:
1. Location: Same neighborhood or within 1 mile
2. Recency: Sold within last 6 months (3 months preferred)
3. Size: Within 10-20% of subject GLA (gross living area)
4. Condition: Similar age, updates, and maintenance
5. Style: Same property type (SFH, condo, townhome)
6. Lot: Similar lot size and features
ADJUSTMENT CATEGORIES:
+ / - Location premium/discount
+ / - Size differential ($X per sq ft)
+ / - Bedroom/bathroom count
+ / - Garage, pool, upgrades
+ / - Lot size difference
+ / - Condition adjustment
= Adjusted Comparable ValueCOMPARABLE SELECTION CRITERIA:
1. 位置:同一街区或1英里范围内
2. 时效性:过去6个月内售出(优先选择3个月内)
3. 面积:与标的房产的GLA(总居住面积)相差10-20%以内
4. 状况:房龄、翻新情况和维护状态相似
5. 类型:相同房产类型(独栋住宅SFH、公寓condo、联排别墅townhome)
6. 地块:地块面积和配套设施相似
ADJUSTMENT CATEGORIES:
+ / - 位置溢价/折价
+ / - 面积差异(每平方英尺$X)
+ / - 卧室/浴室数量差异
+ / - 车库、泳池、装修升级
+ / - 地块面积差异
+ / - 房况调整
= 调整后可比房产价值| Factor | Subject | Comp 1 | Adj 1 | Comp 2 | Adj 2 | Comp 3 | Adj 3 |
|---|---|---|---|---|---|---|---|
| Sale Price | -- | ||||||
| Sale Date | -- | ||||||
| Distance (mi) | -- | ||||||
| GLA (sq ft) | |||||||
| Lot Size | |||||||
| Year Built | |||||||
| Bedrooms | |||||||
| Bathrooms | |||||||
| Garage | |||||||
| Condition | |||||||
| Pool/Upgrades | |||||||
| Adj. Price | -- | ||||||
| Price/Sq Ft | -- |
| 因素 | 标的房产 | 可比房产1 | 调整值1 | 可比房产2 | 调整值2 | 可比房产3 | 调整值3 |
|---|---|---|---|---|---|---|---|
| 售价 | -- | ||||||
| 售出日期 | -- | ||||||
| 距离(英里) | -- | ||||||
| GLA(平方英尺) | |||||||
| 地块面积 | |||||||
| 建造年份 | |||||||
| 卧室数量 | |||||||
| 浴室数量 | |||||||
| 车库 | |||||||
| 房况 | |||||||
| 泳池/装修升级 | |||||||
| 调整后价格 | -- | ||||||
| 每平方英尺价格 | -- |
NET OPERATING INCOME (NOI):
Gross Potential Rent (GPR)
+ Other Income (laundry, parking, storage)
= Gross Potential Income (GPI)
- Vacancy & Credit Loss (typically 5-10%)
= Effective Gross Income (EGI)
- Operating Expenses
- Property taxes
- Insurance
- Management fees (8-12%)
- Maintenance & repairs
- Utilities (owner-paid)
- Landscaping
- Reserves for replacement (3-5%)
= NET OPERATING INCOME (NOI)
PROPERTY VALUE = NOI / Cap RateNET OPERATING INCOME (NOI):
潜在总租金(GPR)
+ 其他收入(洗衣、停车、储物)
= 潜在总收入(GPI)
- 空置及坏账损失(通常为5-10%)
= 有效总收入(EGI)
- 运营费用
- 房产税
- 保险
- 物业管理费(8-12%)
- 维护与维修
- 业主支付的公用事业费
- 景观维护
- 重置储备金(3-5%)
= 净运营收入(NOI)
房产价值 = NOI / 资本化率(Cap Rate)| Property Type | Typical Cap Rate | Risk Profile |
|---|---|---|
| Class A Multifamily | 4.0-5.5% | Low |
| Class B Multifamily | 5.5-7.0% | Low-Medium |
| Class C Multifamily | 7.0-9.0% | Medium |
| Retail (NNN) | 5.0-7.0% | Medium |
| Office (Class A) | 5.5-7.5% | Medium |
| Industrial | 5.0-7.0% | Low-Medium |
| Self-Storage | 5.5-8.0% | Medium |
| Hotels | 8.0-12.0% | High |
| 物业类型 | 典型资本化率 | 风险等级 |
|---|---|---|
| A类多户住宅 | 4.0-5.5% | 低 |
| B类多户住宅 | 5.5-7.0% | 低-中 |
| C类多户住宅 | 7.0-9.0% | 中 |
| 零售(NNN) | 5.0-7.0% | 中 |
| A类办公楼 | 5.5-7.5% | 中 |
| 工业地产 | 5.0-7.0% | 低-中 |
| 自助仓储 | 5.5-8.0% | 中 |
| 酒店 | 8.0-12.0% | 高 |
COST APPROACH:
Land Value (from comparable land sales)
+ Replacement Cost New (current construction cost)
- Depreciation
- Physical (age, wear)
- Functional (outdated features)
- External/Economic (market decline, location)
= ESTIMATED PROPERTY VALUECOST APPROACH:
土地价值(来自可比土地销售数据)
+ 重置成本(当前建筑成本)
- 折旧
- 实体折旧(房龄、磨损)
- 功能折旧(过时设施)
- 外部/经济折旧(市场衰退、位置因素)
= 预估房产价值ANNUAL CASH-ON-CASH RETURN:
Annual Pre-Tax Cash Flow / Total Cash Invested x 100
TOTAL CASH INVESTED:
Down Payment
+ Closing Costs
+ Rehab/Renovation Costs
+ Initial Reserves
= Total Cash Invested
ANNUAL PRE-TAX CASH FLOW:
NOI
- Annual Debt Service (mortgage payments)
= Pre-Tax Cash Flow
Target: 8-12% for buy-and-hold residentialANNUAL CASH-ON-CASH RETURN:
年度税前现金流 / 总现金投入 × 100
TOTAL CASH INVESTED:
首付款
+ 交易成本
+ 翻修/改造费用
+ 初始储备金
= 总现金投入
ANNUAL PRE-TAX CASH FLOW:
NOI
- 年度债务偿还(按揭付款)
= 税前现金流
目标:持有型住宅物业为8-12%| Metric | Formula | Good Target |
|---|---|---|
| Gross Yield | Annual Rent / Purchase Price | 8-12% |
| Net Yield | NOI / Purchase Price | 5-8% |
| Cap Rate | NOI / Current Market Value | 5-10% |
| Cash-on-Cash | Cash Flow / Cash Invested | 8-12% |
| DSCR | NOI / Annual Debt Service | 1.25x+ |
| Price-to-Rent | Purchase Price / Annual Rent | 10-15x |
| GRM | Purchase Price / Gross Annual Income | 8-12x |
| 指标 | 公式 | 理想目标 |
|---|---|---|
| 总收益率 | 年租金 / 购买价格 | 8-12% |
| 净收益率 | NOI / 购买价格 | 5-8% |
| 资本化率 | NOI / 当前市场价值 | 5-10% |
| 现金回报率 | 现金流 / 现金投入 | 8-12% |
| 债务覆盖比率(DSCR) | NOI / 年度债务偿还 | 1.25倍以上 |
| 房价租金比 | 购买价格 / 年租金 | 10-15倍 |
| 毛租金乘数(GRM) | 购买价格 / 年度总收入 | 8-12倍 |
PURCHASE ANALYSIS:
Purchase Price: $__________
Down Payment (___%): $__________
Loan Amount: $__________
Closing Costs: $__________
Renovation Budget: $__________
Total Cash Required: $__________
MONTHLY INCOME:
Gross Monthly Rent: $__________
Other Income: $__________
Vacancy (___% of GMR): ($__________)
Effective Monthly Income: $__________
MONTHLY EXPENSES:
Mortgage (P&I): $__________
Property Tax: $__________
Insurance: $__________
HOA/Condo Fees: $__________
Property Management: $__________
Maintenance Reserve: $__________
Utilities (owner-paid): $__________
Total Monthly Expenses: $__________
MONTHLY CASH FLOW: $__________
ANNUAL CASH FLOW: $__________
CASH-ON-CASH RETURN: ____%
5-YEAR PROJECTION:
Year 1 Cash Flow: $__________
Cumulative CF (5 yr): $__________
Equity Built (5 yr): $__________
Appreciation (___/yr): $__________
Total Return (5 yr): $__________
Annualized ROI: ____%PURCHASE ANALYSIS:
购买价格: $__________
首付款(___%): $__________
贷款金额: $__________
交易成本: $__________
翻修预算: $__________
所需总现金: $__________
MONTHLY INCOME:
月度总租金: $__________
其他收入: $__________
空置率(总租金的___%): ($__________)
月度有效收入: $__________
MONTHLY EXPENSES:
按揭付款(本金+利息): $__________
房产税: $__________
保险: $__________
业主协会/公寓费: $__________
物业管理费: $__________
维护储备金: $__________
业主支付的公用事业费: $__________
月度总支出: $__________
月度现金流: $__________
年度现金流: $__________
现金回报率: ____%
5-YEAR PROJECTION:
第1年现金流: $__________
5年累计现金流: $__________
5年累计权益: $__________
年增值率(___%/年): $__________
5年总回报: $__________
年化投资回报率: ____%MONTHLY PAYMENT (P&I):
M = P [ r(1+r)^n ] / [ (1+r)^n - 1 ]
Where:
M = Monthly payment
P = Loan principal
r = Monthly interest rate (annual / 12)
n = Total number of payments (years x 12)
AMORTIZATION SNAPSHOT (Year 1 vs Year 15 vs Year 30):
| Period | Payment | Principal | Interest | Balance |
| ------- | ------- | --------- | -------- | --------- |
| Month 1 | | | | |
| Year 5 | | | | |
| Year 10 | | | | |
| Year 15 | | | | |
| Year 30 | | | | |MONTHLY PAYMENT (P&I):
M = P [ r(1+r)^n ] / [ (1+r)^n - 1 ]
Where:
M = 月度付款额
P = 贷款本金
r = 月度利率(年利率 / 12)
n = 总付款期数(年数 × 12)
AMORTIZATION SNAPSHOT (Year 1 vs Year 15 vs Year 30):
| 周期 | 付款额 | 本金 | 利息 | 剩余余额 |
| ------- | ------- | --------- | -------- | --------- |
| 第1个月 | | | | |
| 第5年 | | | | |
| 第10年 | | | | |
| 第15年 | | | | |
| 第30年 | | | | || Factor | Metric | Data Source | Signal |
|---|---|---|---|
| Population Growth | Annual % change | Census, BLS | > 1% = good |
| Job Growth | YoY employment change | BLS, local data | > 2% = good |
| Median Income Growth | YoY change | Census ACS | > 3% = good |
| Supply Pipeline | Permits issued | Census, HUD | Monitor |
| Vacancy Rate | % of units unoccupied | Census, CoStar | < 5% = good |
| Days on Market | Average DOM | MLS data | < 30 = hot |
| Price-to-Income | Median Price / Median Income | Zillow, Census | < 4x = affordable |
| Rent-to-Income | Monthly Rent / Monthly Income | HUD, local data | < 30% = sustainable |
| 因素 | 指标 | 数据来源 | 信号 |
|---|---|---|---|
| 人口增长 | 年度增长率 | 人口普查局、劳工统计局(BLS) | >1% = 良好 |
| 就业增长 | 同比就业变化 | 劳工统计局(BLS)、本地数据 | >2% = 良好 |
| 中位数收入增长 | 同比变化 | 人口普查局ACS数据 | >3% = 良好 |
| 供应管道 | 获批建筑许可 | 人口普查局、住房和城市发展部(HUD) | 密切关注 |
| 空置率 | 空置单元占比 | 人口普查局、CoStar | <5% = 良好 |
| 挂牌天数 | 平均挂牌天数 | 多重上市服务(MLS)数据 | <30天 = 市场火热 |
| 房价收入比 | 中位数房价 / 中位数收入 | Zillow、人口普查局 | <4倍 = 可负担 |
| 租金收入比 | 月度租金 / 月度收入 | HUD、本地数据 | <30% = 可持续 |
| Category | Weight | Factors to Evaluate | Score (1-10) |
|---|---|---|---|
| Employment | 25% | Job diversity, major employers, growth | |
| Schools | 20% | Ratings, proximity, district reputation | |
| Safety | 15% | Crime stats, trends, perception | |
| Infrastructure | 15% | Transit, roads, walkability, internet | |
| Amenities | 10% | Retail, dining, parks, healthcare | |
| Growth Trend | 10% | New development, rezoning, investment | |
| Affordability | 5% | Price relative to metro, rent trends | |
| Total Score | 100% |
| 类别 | 权重 | 评估因素 | 分数(1-10) |
|---|---|---|---|
| 就业机会 | 25% | 就业多样性、主要雇主、增长情况 | |
| 学校 | 20% | 评级、距离、学区声誉 | |
| 安全性 | 15% | 犯罪数据、趋势、社区观感 | |
| 基础设施 | 15% | 交通、道路、步行便利性、网络 | |
| 配套设施 | 10% | 零售、餐饮、公园、医疗 | |
| 增长趋势 | 10% | 新开发项目、重新区划、投资 | |
| 可负担性 | 5% | 相对都会区的房价、租金趋势 | |
| 总分 | 100% |
PROPERTY SCORECARD:
Score each factor 1-5, multiply by weight.
| Factor | Weight | Score | Weighted |
| -------------------- | ------ | ----- | -------- |
| Location Quality | 20% | | |
| Cash Flow Potential | 20% | | |
| Appreciation Outlook | 15% | | |
| Condition / CapEx | 15% | | |
| Tenant Demand | 10% | | |
| Financing Terms | 10% | | |
| Management Burden | 10% | | |
| TOTAL | 100% | | __ / 5.0 |
RATING:
4.0-5.0 Strong Buy
3.0-3.9 Buy / Hold
2.0-2.9 Hold / Caution
< 2.0 PassPROPERTY SCORECARD:
每个因素按1-5分评分,乘以权重。
| 因素 | 权重 | 分数 | 加权分 |
| -------------------- | ------ | ----- | -------- |
| 位置质量 | 20% | | |
| 现金流潜力 | 20% | | |
| 增值前景 | 15% | | |
| 物业状况/资本支出 | 15% | | |
| 租户需求 | 10% | | |
| 融资条款 | 10% | | |
| 管理负担 | 10% | | |
| 总分 | 100% | | __ / 5.0 |
RATING:
4.0-5.0 强烈推荐购买
3.0-3.9 推荐购买/持有
2.0-2.9 持有/谨慎
<2.0 放弃1031 LIKE-KIND EXCHANGE:
Defer capital gains tax by reinvesting proceeds into "like-kind" property.
KEY RULES:
- 45-day identification period (ID up to 3 properties)
- 180-day closing deadline
- Must use Qualified Intermediary (QI)
- Equal or greater value and debt required
- Same taxpayer name on both transactions
- Cannot receive "boot" (cash or unlike property)
IDENTIFICATION RULES:
1. Three Property Rule: ID up to 3 properties of any value
2. 200% Rule: ID any number, but FMV cannot exceed 200% of relinquished
3. 95% Rule: ID any number if you acquire 95%+ of identified value
COMMON PITFALLS:
- Missing the 45-day or 180-day deadline
- Touching proceeds (must go through QI)
- Attempting related-party exchanges
- Not matching debt levels (creates taxable boot)
- Mixing personal use with investment use1031 LIKE-KIND EXCHANGE:
通过将出售所得再投资于"同类"物业,递延资本利得税。
核心规则:
- 45天识别期(最多识别3处物业)
- 180天交割截止日期
- 必须使用合格中介(QI)
- 需投资于价值相等或更高的物业,且债务相当
- 两次交易的纳税人名称必须一致
- 不得接收"额外收益"(现金或非同类物业)
识别规则:
1. 三处物业规则:最多识别3处任意价值的物业
2. 200%规则:可识别任意数量物业,但总公允价值不得超过出售物业的200%
3. 95%规则:若收购识别物业的95%以上价值,可识别任意数量物业
常见陷阱:
- 错过45天或180天截止日期
- 直接接触交易所得(必须通过QI)
- 尝试关联方交换
- 未匹配债务水平(产生应税额外收益)
- 混合个人使用与投资使用1% RULE (screening test):
Monthly Rent >= 1% of Purchase Price
$200,000 property should rent for >= $2,000/month
2% RULE (strong cash flow):
Monthly Rent >= 2% of Purchase Price
Rarely achievable in appreciating markets
50% RULE (expense estimate):
Operating expenses = ~50% of gross rent (excluding mortgage)
Quick NOI estimate = Gross Rent x 0.50
70% RULE (for flips):
Max Purchase = (ARV x 70%) - Repair Costs
ARV = After Repair Value1% RULE (筛选测试):
月度租金 >= 购买价格的1%
20万美元的物业月租金应>=2000美元
2% RULE (强劲现金流):
月度租金 >= 购买价格的2%
在增值市场中很难实现
50% RULE (费用估算):
运营费用 = ~50%的总租金(不含按揭)
快速NOI估算 = 总租金 × 0.50
70% RULE (翻新转售):
最高购买价 = (修复后价值ARV × 70%) - 修复成本
ARV = 修复后价值