Start, adjust, assess

Master Investment Property Worksheet

One working face for the property, financing, operations, depreciation, risk review, and opportunity story. Every essential field can be preloaded, edited here, edited on its detailed page, or restored independently.

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Preload property dataNo import waiting

Choose CSV or JSON

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Input readinessChecking essential fields…

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Field provenancePreloaded values ready for review

1

Property and source

Scenario namePreloaded Property typePreloaded Purchase datePreloaded Analysis tax yearPreloaded Street addressPreloaded ZIP codePreloaded CityPreloaded StatePreloaded UnitsPreloaded Square feetPreloaded

2

Purchase and financing

Purchase pricePreloaded Cash investedPreloaded Loan amountPreloaded Interest rate (%)Preloaded Amortization (years)Preloaded Payments per yearPreloaded

Funding not checked

Known payment and interest overrides

Periodic payment overridePreloaded Use payment overridePreloadedEnabled First-year interest overridePreloaded Use interest overridePreloadedEnabled

3

Income and expenses

Annual scheduled rentPreloaded Vacancy rate (%)Preloaded Annual operating expensesPreloaded Replacement reservePreloaded Annual rent growth (%)Preloaded Annual expense growth (%)Preloaded

4

Basis, tax, and appreciation

Land basisPreloaded Personal propertyPreloaded Building basisPreloaded Land improvementsPreloaded Tax bracket (%)Preloaded Loss usable now (%)Preloaded Appreciation assumption (%)Preloaded

Basis not checked

5 Screening and downside assumptions

These values control proactive concern flags. They are editable screening targets, not universal underwriting rules.

Minimum DSCRPreloaded Maximum LTV (%)Preloaded Minimum debt yield (%)Preloaded Maximum break-even (%)Preloaded Target cash-on-cash (%)Preloaded Stress vacancy increasePreloaded Stress expense increase (%)Preloaded Stress rate increase (%)Preloaded

Live

Headline performance

Calculating

NOI—

Cash flow—

DSCR—

Four benefits—

Worksheet

First-year picture

Income and operations

Annual scheduled rent—

Less vacancy—

Effective gross income—

Operating expenses—

Replacement reserve—

Net operating income—

The four benefits

Annual debt service—

I. Cash flow before tax—

Debt service—

Interest—

II. Principal reduction—

Building depreciation—

Personal-property depreciation—

Improvement depreciation—

Total depreciation—

Taxable rental income / loss—

III. Usable tax effect—

IV. Appreciation assumption—

Combined four-benefit picture—

Return without appreciation—

Cap rate—

Cash-on-cash—

Ratios

Risk and lender screen

LTV—

Debt yield—

Break-even—

Expense ratio—

Selected downside case—

Story

What the client needs to hear

Complete the essential inputs to build the property story.

Value creation

Opportunity preview

Modeled ideas0

Potential annual NOI$0

Potential value impact$0

Start here

Property intake

Import standardized data, map source fields, verify confidence, or create a record from an address.

Intake

Source record

Source type Source or report name Source date

Uploaded information remains source data—not verified fact. The mapping screen marks confirmed, inferred, missing, and review-required values.

Upload structured data

Choose CSV or JSON

Excel files can be saved as CSV. Text PDFs, scanned reports, and XLSX require a later parsing service or licensed integration.

Mapping review

No file loaded

Upload one property record. The app will identify recognized fields and leave uncertain fields for review.

Address record

Street address CityStateZIP

Address lookup uses the U.S. Census Geocoder when online. It returns location and geography—not rent, expenses, ownership, or value.

Matched addressCountyCensus tractLatitudeLongitude

Step 1

Property and analysis period

Set the acquisition facts and basis allocation.

Property

Identification

Scenario name

Purchase date Analysis tax year

Property type

Physical profile

Units Square feet Acreage Year built

Advertised/listing cap rate

Purchase

Purchase price Cash invested

Annual appreciation assumption Enter 0 when the deal must stand on current operations alone.

Basis allocation

Not checked

Land Building Personal property Land improvements

Land is included in the allocation but is not depreciable.

Step 2

Financing

Loan structure drives cash flow and principal reduction.

Financing

Loan terms

Loan amount Interest rate

Amortization Payments per year

Periodic payment override Use payment override

Course override

First-year interest override Use override in analysis year 1 The course example supplies first-year interest. Turn this off to use calculated amortization only.

Financing effect

NOIProperty operations

−

Debt servicePrincipal + interest

=

Cash flowBefore tax

Step 3

Income and expenses

Enter year-one operations and growth assumptions.

Operations

Income

Annual scheduled rent

Vacancy rate Annual rent growth

Expenses

Annual operating expenses Annual expense growth Annual replacement reserve Debt service, depreciation, and income taxes are not operating expenses. A replacement reserve is included separately for underwriting.

Tax effect

Combined marginal tax rate Current-year usable rental loss Use a CPA-confirmed percentage. Passive and at-risk rules can defer a paper loss.

Step 4

Depreciation setup

Set the depreciation system, dates, conventions, and reference years.

Depreciation

Rate source and audit mode

Exact formula

Depreciation-rate source

Exact formula: mathematical MACRS. IRS tables: embedded current federal table percentages where supported. Course: reproduces page 8, including its rounded discrepancies.

System Placed in service Reference year

Calculate to view the exact schedule.

Asset class System Business/investment use Acquired Placed in service Section 179 amount Convention Bonus treatment Reference year

Bonus eligibility has been confirmed.

Calculate to view the exact schedule.

Improvement classification

Examples: qualifying roads, fences, depreciable shrubbery, and site work. Classification must be documented.

System Business/investment use Acquired Placed in service Convention Bonus treatment Reference year

Bonus eligibility has been confirmed.

Calculate to view the exact schedule.

Other short-life basis placed in service that year Other short-life basis placed in service in Q4

Calculate to run the 40% mid-quarter test.

Exact arithmetic does not determine whether the asset classification or allocation is legally supportable. Those facts require records, appraisal evidence, a cost-segregation study, or professional tax review.

Page 8 applicability check

Calculate to review

Reference-rate comparison

Compares the selected reference year—not total depreciation—and identifies when a mode is unsupported.

Known page 8 discrepancies

Residential chartSeveral final-year figures are inaccurate after two-decimal rounding.

Nonresidential chartYears 2–39 are 2.564%; only year 40 is the final month-prorated year.

15-year chartFederal half-year table is correct; classification must actually qualify.

5-year chartFederal half-year table is correct when bonus, Section 179, and mid-quarter rules do not change the result.

Step 5

Results

Calculated results and audit trail for the selected tax year.

Results

Cash flow before tax—

Principal reduction—

Usable tax effect—

Four-benefit total—

DSCR—

Loan-to-value—

Debt yield—

Break-even occupancy—

Numbers are only the first layer. Open Peel the Onion to identify weak points, questions, and documents to verify.

Client risk review

Peel the Onion

Move from the headline return to the assumptions, ratios, stress points, and documents underneath it.

Concern review

Overall screen—

Critical items—

Review items—

Stress-case cash flow—

Screening settings

Minimum DSCR Maximum LTV Minimum debt yield Maximum break-even occupancy Target cash-on-cash return

These are adjustable screening targets, not universal lending rules. Property type, leases, market stability, amortization, and lender program can justify different limits.

Stress test

Vacancy increase Expense increase Interest-rate increase

Calculate to test the downside case.

What the numbers are saying

First-pass story

Areas to peel back

Conversation path

1Verify incomeActual rent roll, collections, lease terms, concessions

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2Normalize expensesTaxes, insurance, management, repairs, utilities, replacement reserves

↓

3Test debt coverageDSCR, debt yield, LTV, maturity and refinance exposure

↓

4Stress the assumptionsHigher vacancy, higher expenses, higher rate, delayed lease-up

↓

5Confirm the client fitCash need, risk tolerance, tax usability, holding period, exit plan

Questions and documents to request next

Story examples

Load a deliberately different picture to see how the concern engine changes the conversation.

Value creation

Opportunity engine

Convert operational findings and property ideas into budgeted NOI, payback, and value-impact scenarios.

Opportunities

Opportunities modeled0

Affordable now0

Potential annual NOI$0

Potential value impact$0

Client constraints

Current improvement budgetCapitalization rate for value estimate

Value impact is a simplified income-approach estimate: sustainable annual NOI improvement ÷ selected cap rate. It is not an appraisal.

Generate starting ideas

Use the current concern engine and property profile to create editable operating, feature, and capital-project ideas.

Model an opportunity

NameCategoryUpfront costAnnual revenue increaseAnnual expense savingsAnnual ongoing costConfidence

Reason / operating story

Enter an idea to calculate its effect.

Prioritized opportunity register

No opportunities

Value-creation flow

Property condition or variance

→

Operating or capital idea

→

Cost and feasibility

→

Revenue or savings

→

Sustainable NOI

→

Potential value impact

Saved work

Scenarios

Save, duplicate, compare, export, or restore analyses.

Local storage

Import backup

Saved scenarios

Compare two scenarios

Scenario A Scenario B

Reference

Visual guides

Use these during client conversations.

Guides

Property operations

Scheduled rent

− vacancy

Effective gross income

− operating expenses

NOI

NOI splits into cash and tax paths

NOI

− debt service Cash flow before tax Debt service − interest Principal reduction

− interest − depreciation Taxable rental income or loss At-risk, then passive-loss rules Currently usable tax effect

Depreciation decision path

Allocate basis

→

Classify assets

→

Section 179

→

Bonus

→

Regular MACRS

→

Loss limits

Four potential financial benefits

1Cash flowCurrent spendable cash

2Principal reductionLoan balance decreases

3Tax savingsPotential, taxpayer-specific

4AppreciationFrosting, not the base case

Peel the Onion decision flow

Does income support operations?Check rent quality, vacancy, and expense normalization.

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Does NOI support debt?Review DSCR, debt yield, LTV, and loan maturity.

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Is there enough cushion?Calculate break-even occupancy and run a downside stress test.

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Does it fit this client?Match cash needs, tax position, risk tolerance, and exit plan.

Property intake flow

Upload or address

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Map fields

→

Flag confidence

→

Verify missing data

→

Run assessment

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Tell the client story

Concern escalation

Input appears weak

→

Identify affected ratio

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Stress the assumption

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Ask a focused question

→

Request supporting document

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Recalculate

Study aid

Course reference

Course-answer wording and technically precise wording.

CE course

Assessment review

1. Depreciation

D. All answers shown. Cost recovery, non-cash deduction, and may produce negative taxable income.

2. Principal reduction

A. One of the four financial benefits.

3. Depreciation can shelter

D. Both cash flow and principal reduction. This is the course wording.

4. Investment Property Worksheet

C. Both answers shown. It can be used across many rental-property types.

5. Allocation methods

D. All answers shown.

6. Depreciation is also known as

A. Cost recovery.

7. Cash flow is taxable but

B. It can be sheltered by depreciation.

8. Appreciation

C. Both answers shown. The property should work without appreciation; appreciation is frosting on the cake.

Allocation methods

Property-tax assessor ratio
Itemized personal property and land improvements
Independent appraisal
Engineering-based cost-segregation study
Negotiated purchase-contract allocation, if economically supportable

Page 8 federal-schedule audit

Chart	Federal alignment	Use in app
27.5-year residential	Course contains several final-year inaccuracies	Use IRS table or exact formula mode
39-year nonresidential	Year 39 is a full 2.564% year; year 40 is final prorated year	IRS mode corrects the chart
15-year land improvements	Half-year percentage chart is correct	Only after qualifying classification and convention checks
5-year personal property	Half-year percentage chart is correct	Only when bonus, Section 179, and mid-quarter do not alter it

Audit control

Rules and sources

Fixed rule version used by this offline build.

Versioned

Rule version

Build version: 1.4.0 — Master Worksheet & Field Provenance
Rule verification date: July 18, 2026
Taxpayer assumption: Calendar-year taxpayer
Rental scope: Ordinary investment real estate
Not automatically covered: Short tax years, disposition-year conventions, qualified production property, listed-vehicle limits, partnership basis, recapture, or state-specific depreciation adjustments

Primary references built into the rule notes

IRS Publication 946 — How To Depreciate Property
IRS Publication 527 — Residential Rental Property
IRS Publication 925 — Passive Activity and At-Risk Rules
IRS Notice 2026-11 — additional first-year depreciation guidance
Instructions for IRS Form 4562
IRS Cost Segregation Audit Techniques Guide
IRS Publication 946 (2025) and Instructions for Form 4562 (2025), including Tables A–E
IRS Notice 2026-11 — permanent 100% additional first-year depreciation guidance
U.S. Census Geocoding Services API documentation, revised February 2026
OCC Comptroller’s Handbook — Commercial Real Estate Lending, including DSCR, debt yield, LTV, replacement reserves, and sensitivity analysis
Fannie Mae Multifamily conventional term sheets — common 80% maximum LTV and 1.25x minimum DSCR reference points
Freddie Mac Multifamily conventional guidelines — common 80% maximum LTV and 1.20x minimum amortizing DSCR reference points

This tool is an analysis and education aid. It does not replace tax, legal, appraisal, engineering, or lending advice.