Featured primerApril 17, 2026
Getting Started with Underwrite
A step-by-step walkthrough for new users — from entering an address to reading your investment report and exporting it for lenders.
- guides
Underwrite Learn
Learn the metrics, financing, and operating moves behind a buyable STR deal.
This hub turns the language of short-term rental investing into decision-ready concepts: cap rate, DSCR, expense load, insurance, regulation, and the workflows serious buyers use before they make an offer.
20 learn articles3 topic tracksUpdated for 2026 investing assumptions
FinancingApril 20, 2026
1031 Exchange for Short-Term Rentals: Rules, Timelines & Strategy
A 1031 exchange lets you defer capital gains taxes when selling one investment property and buying another. Learn how it applies to Airbnb and vacation rental properties, the IRS rules you must follow, and common pitfalls.
Open topicMetricsApril 20, 2026
Average Daily Rate (ADR) for Short-Term Rentals — Formula and Benchmarks
ADR is your average nightly revenue per booked night. Learn how to calculate it, benchmark it against your market, and use it to maximize STR income.
Open topicMetricsApril 20, 2026
Average Length of Stay (ALOS) for Short-Term Rentals — Formula and Impact
ALOS measures how many nights guests book on average. Learn how it affects your cleaning costs, RevPAR, and overall STR profitability.
Open topicTopic track
Guides
Start with platform workflows, operating playbooks, and first-pass diligence guides.
Browse all Guides articlesGuidesApril 20, 2026
Short-Term Rental Insurance: What Coverage You Actually Need
Standard homeowners insurance won't cover your Airbnb. Learn the types of STR insurance, what they cost, what they cover, and how to choose the right policy for your vacation rental property.
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GuidesApril 20, 2026
Short-Term Rental Regulations: What Investors Need to Know Before Buying
STR regulations vary by city and change frequently. Learn the common rule types — permits, zoning, occupancy caps, and taxes — and how to evaluate regulatory risk before investing in a vacation rental.
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Topic track
Metrics
Learn the formulas, thresholds, and benchmark ranges behind real STR underwriting.
Browse all Metrics articlesMetricsApril 20, 2026
Expense Ratio for Short-Term Rentals — What It Is and Why It Matters
The expense ratio measures what share of gross revenue goes to operating costs. Learn how to calculate it, what benchmarks to expect by market tier, and how to use it alongside NOI and cap rate to evaluate STR deals.
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MetricsApril 20, 2026
Gross Rent Multiplier (GRM) — What It Is and How to Use It for STR Deals
Gross Rent Multiplier (GRM) is a fast property screening ratio used to compare STR deals. Learn the formula, a worked example, and when to use GRM vs cap rate and cash-on-cash return.
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MetricsApril 20, 2026
Gross Rental Yield for Short-Term Rentals — Formula, Calculator, and Benchmarks
Gross rental yield measures annual rental income as a percentage of property price — before expenses. Learn the formula, how to benchmark it, and why it is different from cap rate.
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MetricsApril 20, 2026
What Is IRR (Internal Rate of Return) for Short-Term Rental Investments?
IRR measures the true annualized return of an STR investment including appreciation and resale. Learn how to calculate it and when to use it vs. cash-on-cash return.
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MetricsApril 20, 2026
Property Management Fees for Short-Term Rentals: What to Expect
STR property management fees typically range from 15–35% of gross revenue. Learn what's included, how fee structures work, and when self-managing vs. hiring a manager makes financial sense.
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MetricsApril 19, 2026
Break-Even Occupancy for Short-Term Rentals — How to Calculate It and Why It Matters
Break-even occupancy is the minimum occupancy rate needed to cover all expenses including debt service. Learn how to calculate it, what benchmarks indicate a safe margin of safety, and how to use it to stress-test STR deals before you buy.
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MetricsApril 19, 2026
Net Operating Income (NOI) for Short-Term Rentals — Formula, Benchmarks, and Why It Matters
Net Operating Income (NOI) is the income a short-term rental generates after all operating expenses but before mortgage payments. Learn how to calculate NOI step by step, understand what a healthy NOI margin looks like for STRs, and see why it is the foundation metric behind cap rate, DSCR, and cash-on-cash return.
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MetricsApril 19, 2026
Occupancy Rate for Short-Term Rentals — What It Is and How to Improve It
Occupancy rate is the percentage of available nights your STR is booked. Learn how to calculate it, what benchmarks to target by market type, and how to use it alongside RevPAR and break-even occupancy to evaluate and improve STR performance.
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MetricsApril 19, 2026
RevPAR for Short-Term Rentals — What It Is and How to Use It
RevPAR (Revenue Per Available Room) combines occupancy and nightly rate into a single performance metric. Learn how to calculate RevPAR, what benchmarks to target by market type, and how to use it to compare STR properties and spot underperformers.
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MetricsApril 19, 2026
Debt Service Coverage Ratio (DSCR) for STR Loans — What Lenders Require and How to Calculate It
DSCR (Debt Service Coverage Ratio) is the metric lenders use to determine whether a short-term rental property generates enough income to cover its mortgage payments. Learn how to calculate DSCR, what ratios STR lenders require, and how to improve your property's coverage ratio to qualify for better financing terms.
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MetricsApril 15, 2026
Cash-on-Cash Return
Cash-on-cash return measures annual pre-tax cash flow as a percentage of total cash invested. It's the most practical metric for leveraged STR buyers.
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MetricsApril 15, 2026
What Is Cap Rate?
Cap rate measures a property's income return independent of financing. Learn how to calculate it and what makes a good cap rate for STR investing.
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Topic track
Financing
Cover leverage, tax strategy, and lender language before you structure the offer.
Browse all Financing articlesFinancingApril 20, 2026
Loan-to-Value (LTV) Ratio: What It Means for Short-Term Rental Financing
LTV measures your mortgage balance as a percentage of your property's value. Learn how lenders use it to approve STR loans, set interest rates, and determine PMI requirements.
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FinancingApril 20, 2026
Rental Property Depreciation: How STR Investors Reduce Taxes Legally
Depreciation is the largest tax deduction available to rental property owners. Learn how it works for short-term rentals, the 27.5-year schedule, cost segregation, and how bonus depreciation accelerates your write-offs.
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