AirDNA, Appraiser Rent, or Actual Bookings: Which Income Can a DSCR Lender Use?

The number I want is the one the selected loan program can use and the evidence can support. The highest number on the screen may be neither.

An AirDNA projection, an appraiser's market rent and a seller's booking report can all describe the same address while answering different questions. A lender may accept one, require another, or reconcile them under a specific rule. Sending all three does not mean the lender will average them or choose the largest.

Begin with the transaction, then the evidence

First identify whether this is a purchase or refinance, whether the property is operating, and whether its actual use is nightly, monthly or a conventional lease. Next identify the program and its rental documentation provision.

Those details determine which reports are candidates. For example, the published AD Mortgage guide distinguishes an eligible purchase using estimated short term rent from a refinance supported by operating evidence. That is a program distinction, not proof that every investor follows the same method.

I would have the income method identified before ordering an additional report. Paying for a projection does not make that projection eligible.

The appraiser's value opinion is a separate input. More supported rent does not automatically cure a low property valuation.

Compare the same period and revenue definition

Take a hypothetical purchase with three figures: $96,000 of annual projected revenue, $5,800 of monthly appraiser supported long term rent, and $78,000 of completed annual lodging receipts.

For illustration only, suppose Program A permits 75% of the projection. Its monthly numerator would be $6,000. Suppose Program B permits the supported $5,800 lease rent for the disclosed use. Suppose Program C uses actual lodging receipts after its specified $12,000 annual adjustment. Its monthly figure would be $5,500.

At the same hypothetical $4,800 qualifying payment, those calculations produce 1.25, 1.21 and 1.15 respectively. None of those methods is interchangeable. These are assumed program instructions to show the consequence, not three offers available on this property.

Write the actual instructions alongside the figures: report accepted, period, exclusions, percentage adjustment and qualifying payment. If the program requires the lower of two supported figures, the spreadsheet must show that comparison too.

The guide on a purchase without rental history addresses the projection path. The existing Airbnb documentation guide addresses ownership, periods and evidence for a history based file.

Cleaning fees and service fees need their own reconciliation

AirDNA's Rentalizer explanation includes cleaning revenue in its projected figure. A projection containing cleaning collections is not the same as a lodging only ledger. Removing cleaning revenue without also removing the matching cleaning expense can understate operating cash; leaving the revenue while ignoring the expense can overstate it.

The official AirDNA help pages reviewed also describe service fee treatment differently across their revenue and Rentalizer explanations. I would not assume a report is before or after a particular host charge from the label alone.

Obtain the actual report and its current definitions. Identify whether platform charges, discounts, cleaning revenue and taxes are included. If a fee has already reduced the reported figure, do not deduct it again. If the lender imposes its own adjustment, apply that adjustment exactly as required rather than replacing it with your preferred operating model.

This resolves a real disagreement. Two documents can both be accurate while one is gross booking activity and the other is net owner receipts.

Occupancy without available nights can mislead

An occupancy percentage needs a denominator. Suppose a comparable was open 250 nights and booked 175. That is 70% of available nights but only 47.9% of the 365 day calendar.

That result does not demonstrate 256 booked nights for your purchase. The owner may have blocked premium dates, completed repairs or stopped marketing. A full availability projection also does not establish that you will make every night available.

I would compare the report's assumed availability with planned owner blocks and operating downtime. Then I would examine whether the comparable set actually matches bedroom count, amenities, permitted guest capacity, condition and the property section. Nearby is not enough when the earning model differs.

Resolve an evidence conflict before changing the forecast

A useful discrepancy note identifies the property, report dates and the specific difference. For example: the seller ledger excludes cleaning collections; the projection includes them; and one report covers a partial year. That is something an underwriter can evaluate.

An instruction to increase projected rent until the ratio works is not a reconciliation. Neither is creating a lease inconsistent with the intended business.

If the accepted method leaves the file short, work on the purchase price, loan balance, verified costs or property choice. The next guide on repairing a low DSCR compares those options. The operating decision still needs a separate expense model even after the income method is settled.