A valuation analysis answers the seller’s question. An investor has a different one, and it has a single answer rather than a range: hold the income still, name the return you need, and the price falls out of it.
With the income fixed, the price you can pay is the net operating income divided by the return you want. Ask for more return and the price you can pay goes down — that is the whole relationship, and it is worth solving rather than dragging a slider until something looks right.
Once debt is in it, the answer moves with the rate and the money down, and one confident number would be a lie. The honest version draws the whole curve and lets you read your own row off it.
Cap rate, cash-on-cash or a ten-year IRR — it works back from the rent roll to the highest price that still hits it, and draws the whole curve so you can read any other target straight off the line.
Type the return you need — cap rate, cash-on-cash, or a ten-year IRR — and it works back from the rent roll to the highest price that still hits it, says how far that is from the ask, and draws the whole price-to-return curve, financed or all-cash.
Unlock the rent, the vacancy, the loan and the hold; it reprints your column beside ours and marks every line where we disagree.
The valuation analysis the engine already produces, with the inputs unlocked — your rent, your vacancy, your loan, your hold. Reprints with your numbers beside ours, marks every line where we disagree, and shows what each disagreement does to the value.
Neither reverses the valuation analysis, but between them they answer most of it.
Every income deal with two caps: at the ask as-is, and after the old tricks — rents to market off signed comps, taxes reset at your price, wind-mitigation insurance credits. Also gives the make-it-work price.
We are not your accountant and this is not tax advice. Everything here is arithmetic on public records and the numbers you type — run it past the person who signs your return before you act on it.
Two ways forward.