AirDNA vs Rabbu vs a 1007: Whose Revenue Number Does a Lender Actually Trust?

Why the source of the number matters more than the number

Every DSCR deal on a short-term rental hinges on one figure: projected gross revenue. But underwriters don’t evaluate the figure in isolation — they evaluate who produced it and how. The same $84,000 annual projection carries very different weight depending on whether it came from a licensed appraiser, a paid market-data report, or a free online estimate.

That’s the part most first-time STR buyers miss. They fixate on getting the highest number, when the lender is quietly asking a different question: can I defend this figure to my own credit committee or secondary-market buyer? A high number from a weak source loses to a modest number from a strong one every time.

The three revenue sources, defined

Form 1007 — the appraiser’s rent schedule

The Single-Family Comparable Rent Schedule (Form 1007) is completed by a licensed appraiser, increasingly with a short-term-rent addendum that pulls comparable nightly rates and occupancy. Because it carries an appraiser’s license and liability behind it, it’s the closest thing to a universally accepted STR revenue figure. It usually rides alongside Form 1008 (the underwriting transmittal) in the file.

AirDNA — the subscription market-data projection

AirDNA aggregates scraped listing and booking data into market- and address-level revenue projections (Rentalizer is the property-level product). It’s the most widely cited paid source, and many STR-specialist lenders accept an AirDNA report directly — provided the comp set behind it is dense enough to defend.

Rabbu — the free property-level estimate

Rabbu produces a free address-level revenue estimate built on a similar comp-and-occupancy approach. It’s fast and frictionless, which makes it great for a first-pass gut check. But “free and instant” is also exactly why a cautious underwriter discounts it — there’s no paywall, no analyst attestation, and the methodology is less transparent.

Head-to-head: who accepts what

Here’s the honest comparison. Treat the acceptance column as the pattern across STR-active lenders we track — not a guarantee for any one lender, since each writes its own overlay.

How lenders actually weight a market projection

When a lender does accept AirDNA or Rabbu, they don’t take the headline number at face value. The reviewer looks past it to three structural inputs — the same ones an appraiser benchmarks on a 1007:

• Comp count — how many genuinely comparable listings sit behind the estimate. A handful of true comps beats a cloud of loose ones.
• Radius — how tightly those comps cluster around the subject. A two-mile pull in a dense market is defensible; a county-wide pull is not.
• Seasonality window — whether the number reflects a trailing-twelve-month cycle or leans on one peak summer that flatters the annual figure.

When each source is the right call

There’s no single winner — there’s a right tool per situation. Match the source to where you are in the deal:

1. Scouting a market or a specific address? Start with Rabbu (free) to see if the deal is even in range.
2. Ready to apply with no operating history? Lead with AirDNA if your lender accepts it — it’s the fastest credible path. See how to qualify on a projection.
3. Need maximum lender flexibility, or shopping the best rate? Pay for the Form 1007 addendum — it opens nearly every door and rarely gets argued.
4. Already have a year of bookings? Lead with your trailing-12-month statement; compare it against a 1007 here.

If you’re buying your first STR with zero history, the no-rental-history playbook walks the projection route end to end.

The honest bottom line

If you remember one thing: a Form 1007 is the most universally trusted number, because a licensed third party stands behind it. AirDNA is the strongest non-appraisal option and often enough on its own with a dense comp set. Rabbu is a fine starting point but rarely the figure a file closes on. None of it matters if the city quietly haircuts your revenue first — so confirm STR legality before you fall in love with any number.