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| Cap Rate | Typical Market Signal | Investor Note |
|---|---|---|
| ≥ 10% | Higher-yield secondary/tertiary markets | Verify quality — high yield often = high risk |
| 7–9% | Strong cash-flow markets | Sweet spot for many buy-and-hold investors |
| 5–6% | Stabilized assets in growth markets | Appreciation play more than cash flow |
| 3–4% | Primary coastal / supply-constrained | Appreciation-dependent; rarely cash flows day 1 |
| < 3% | Speculation or owner-occupant disguise | Walk away unless thesis is rock-solid |
| Expense Category | Typical Range (% of Gross Rent) |
|---|---|
| Property Management | 8–10% |
| Maintenance & Repairs | 5–10% |
| CapEx Reserves | 5–10% |
| Vacancy Loss | 5–10% |
| Property Tax | Varies by jurisdiction (CA ~1.1% of value) |
| Insurance | Varies; coastal/wildfire can be 3–5× standard |
| Loan Type | Typical Min Down | Notes |
|---|---|---|
| FHA (owner-occupied) | 3.5% | House-hacking strategy entry point |
| Conventional (owner-occupied) | 5–10% | PMI applies below 20% |
| VA (owner-occupied, eligible vets) | 0% | One of the most powerful loans available |
| Conventional Investment | 20–25% | Higher rate than owner-occ |
| DSCR (investor) | 20–25% | Qualifies on property income, not personal DTI |
| Hard Money (BRRRR/flips) | 10–25% | Short-term, high rate, fast close |
| Portfolio / Commercial | 25–35% | For larger or non-conforming deals |