The STR Deal Underwriting Manual
How to underwrite a short-term rental end to end — set honest assumptions, estimate revenue without fooling yourself, model the real cost stack, and reach a go / no-go you can defend.
New to Builders Finance? Start here. This guide introduces the whole Deal Analysis system, and links to every supporting guide you'll need as you put it in place.
- The five-step underwriting sequence
- How to discount an AirDNA projection
- The costs owners always forget
- When the honest answer is no
Start with the flagship above — everything else in Deal Analysis supports it.
The guides, in order
In dependency order — Assume before you calculate — every model inherits its assumptions.
The Assumptions Behind Every Model
Every model is only as good as its inputs. Set them conservatively and pressure-test them.
Estimating STR Revenue Without Fooling Yourself
ADR, occupancy, RevPAN — and how not to overestimate.
What STRs Actually Cost to Run
The full operating-cost stack, and why your Airbnb isn't cash flowing.
How STR Returns Are Measured
Cash-on-cash, cap rate, break-even — and which to trust.
Does This Deal Actually Pencil?
The capstone decision, with the calculator attached.
When there's a real choice
Judgment calls, not how-tos — each weighs the options for your situation.
Does This Deal Actually Pencil?
The go/no-go — revenue, costs, financing, and reserves in one verdict, with the calculator.
Work through it →Should I Buy in This Market?
Demand, seasonality, saturation, and regulatory risk — before the property model.
Work through it →The tools that do the most
The guide teaches; the tool implements.
The Honest STR Underwriting Calculator
Conservative / Expected / Optimistic ranges, not a single flattering number.
Break-Even Occupancy Calculator
The occupancy floor a property must clear to cover its costs.
Stay ahead of the changes.
A weekly email on the financial side of short-term rentals — what changed, why it matters, and what owners should understand. Plus the STR Tax Mistake Checklist.