Start with the income statement
Begin with rent, vacancy, and realistic operating expenses. That gets you to NOI, which is the foundation for several other underwriting metrics.
Then analyze financing
Debt terms change the investor experience materially. A deal with acceptable cap rate may still have weak DSCR or thin cash flow after debt service.
Then test durability
Reserves, maintenance assumptions, and modest downside scenarios are where disciplined investors separate themselves from wishful ones.
Then look at the full hold period
If the investment case depends on value creation over time, IRR and sale assumptions should be part of the screening process too.
A good rental property analysis is layered. Dealarc is built to bring those layers together in one workflow so buyers can move quickly without skipping the fundamentals.