Cash-flow underwriting, with receipts

See the deal beneath the listing.

Evaluate existing apartment blocks with explicit debt, cost, stress, and provenance assumptions. Appreciation never decides the verdict.

Initial coverageNairobi / Kiambu / Kajiado / Nakuru / Mombasa
Property file

Listing and assumptions

Nairobi provisional baselineProvisional planning estimate only. Confirm property-specific rents, occupancy, costs, taxes, rates, and financing during due diligence.
Price and unit mix
Income and operating costs
Debt and investment policy
Acquisition, financing, and reserves
Due diligence status
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Equity AssetsapprovedHF MarketplaceapprovedJiji KenyaapprovedKenya Property CentreapprovedPropertyPro KenyaapprovedBuyRentKenyaapprovedHassConsultapprovedKnight Frank Kenyaapproved
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Downside visibility

Scenario ledger

Same property and debt, progressively lower rent and occupancy with higher costs and collection loss.

Scenario

Base

Ksh 202,129/mo
Gross potential rent
Ksh 15,360,000
Effective gross income
Ksh 13,707,264
Operating expenses
Ksh 3,196,581
NOI
Ksh 10,510,683
DSCR
1.30
Cash on cash
4.7%
Break-even occupancy
74.3%
Total cash invested
Ksh 52,125,106
Formula audit trail
grossPotentialRentsum(unit count × monthly rent × 12) × scenario rent factor15360000.00
effectiveGrossIncomegross potential rent × occupancy × (1 − collection loss) + other income13707264.00
operatingExpensesfixed operating costs × scenario expense factor + effective gross income × variable expense rate3196581.12
noieffective gross income − operating expenses (excludes debt service and investor income tax)10510682.88
monthlyLoanPaymentP × r / (1 − (1 + r)^−n)673761.72
dscrNOI / annual debt service1.300000
monthlyPostDebtCashFlow(NOI − annual debt service) / 12202128.52
breakEvenOccupancy(annual debt service + fixed expenses − other income × (1 − variable expense rate)) / (gross potential rent × (1 − collection loss) × (1 − variable expense rate))0.743047
totalCashInvestedprice − debt + price-based acquisition costs + fixed acquisition costs + debt-based financing costs + fixed financing costs + initial reserves52125106.39
cashOnCashReturnannual post-debt cash flow / total cash invested0.046533
Scenario

Conservative / policy stress

Ksh 48,991/mo
Gross potential rent
Ksh 14,592,000
Effective gross income
Ksh 11,938,080
Operating expenses
Ksh 3,265,046
NOI
Ksh 8,673,034
DSCR
1.07
Cash on cash
1.1%
Break-even occupancy
80.5%
Total cash invested
Ksh 52,125,106
Formula audit trail
grossPotentialRentsum(unit count × monthly rent × 12) × scenario rent factor14592000.00
effectiveGrossIncomegross potential rent × occupancy × (1 − collection loss) + other income11938080.00
operatingExpensesfixed operating costs × scenario expense factor + effective gross income × variable expense rate3265046.40
noieffective gross income − operating expenses (excludes debt service and investor income tax)8673033.60
monthlyLoanPaymentP × r / (1 − (1 + r)^−n)673761.72
dscrNOI / annual debt service1.072713
monthlyPostDebtCashFlow(NOI − annual debt service) / 1248991.08
breakEvenOccupancy(annual debt service + fixed expenses − other income × (1 − variable expense rate)) / (gross potential rent × (1 − collection loss) × (1 − variable expense rate))0.804502
totalCashInvestedprice − debt + price-based acquisition costs + fixed acquisition costs + debt-based financing costs + fixed financing costs + initial reserves52125106.39
cashOnCashReturnannual post-debt cash flow / total cash invested0.011278
Scenario

Severe downside

-Ksh 223,370/mo
Gross potential rent
Ksh 13,056,000
Effective gross income
Ksh 8,727,936
Operating expenses
Ksh 3,323,235
NOI
Ksh 5,404,701
DSCR
0.67
Cash on cash
-5.1%
Break-even occupancy
93.4%
Total cash invested
Ksh 52,125,106
Formula audit trail
grossPotentialRentsum(unit count × monthly rent × 12) × scenario rent factor13056000.00
effectiveGrossIncomegross potential rent × occupancy × (1 − collection loss) + other income8727936.00
operatingExpensesfixed operating costs × scenario expense factor + effective gross income × variable expense rate3323234.88
noieffective gross income − operating expenses (excludes debt service and investor income tax)5404701.12
monthlyLoanPaymentP × r / (1 − (1 + r)^−n)673761.72
dscrNOI / annual debt service0.668473
monthlyPostDebtCashFlow(NOI − annual debt service) / 12-223369.96
breakEvenOccupancy(annual debt service + fixed expenses − other income × (1 − variable expense rate)) / (gross potential rent × (1 − collection loss) × (1 − variable expense rate))0.933671
totalCashInvestedprice − debt + price-based acquisition costs + fixed acquisition costs + debt-based financing costs + fixed financing costs + initial reserves52125106.39
cashOnCashReturnannual post-debt cash flow / total cash invested-0.051423