Understanding the 1007 Rent Schedule Form for STR Appraisals

What the form was originally built to capture

In its standard long-term-rental use, the 1007-style rent schedule has the appraiser select a handful of comparable leased or lease-ready properties nearby, note their monthly rents, adjust for differences (size, condition, location), and arrive at a single estimated monthly market rent for the subject property. It's a compact, comparable-based approach — similar in spirit to how a sales-comparison appraisal works, just applied to rent instead of sale price.

In that original context, the form does a fairly narrow job: it exists mainly to confirm that a property's rental income is reasonable for its market, not to model out a complex income stream. The comparables are usually few in number, the adjustments are relatively small, and the final figure is a single, stable monthly amount that doesn't need to account for seasonal variation at all.

This narrow original purpose is worth keeping in mind, because it explains why the form needs meaningful adaptation for STR use rather than working unmodified. It was never built to represent a variable, seasonal income stream — it was built to confirm a fixed one. Everything about its extension to short-term rentals is a workaround for that original, narrower design goal.

How the same logic gets adapted for a short-term rental

• Comparable selection shifts from leased long-term properties to nearby short-term rental listings with visible booking or rate history.
• The single monthly rent figure becomes an annualized revenue estimate, since STR income isn't a flat monthly number by nature.
• The appraiser has to account for seasonality within that annual figure rather than assuming a consistent month-to-month amount.
• Adjustments for amenities (pool, hot tub, view, proximity to attractions) often carry more weight than they would in a long-term rental comp, since these features affect STR demand more directly.
• The appraiser may need to reference a broader set of comparables than a standard long-term rent schedule would, given the wider natural variability in STR performance.

Because this adaptation asks more of the form than its original design intended, appraisers doing STR work generally need specific experience with short-term rental comparables rather than only general residential appraisal experience. Reading the form's output with that in mind is useful — a well-supported STR rent schedule should show its comparable selection clearly enough that you can see the appraiser actually reasoned through the seasonality and amenity adjustments, not just filled in a template built for a simpler use case.

What the output is actually used for

The resulting figure is generally treated as one input into the overall revenue picture for the property, alongside a market-projection tool's estimate and, where available, actual trailing operating history. It functions as a licensed, in-person opinion — a useful counterweight to a purely automated comp-based tool, since it involves human judgment about the specific property rather than a formula alone.

None of these three sources is designed to work entirely alone, and that's by design rather than a gap in the process. The 1007-style rent schedule brings professional judgment and an in-person look at the property; the market-projection tool brings speed and a wider data set; trailing operating history, once it exists, brings the strongest and least disputable evidence of all. A well-underwritten file typically draws on more than one of these rather than resting the entire revenue case on a single source.

As a borrower, it's reasonable to ask to see the 1007-style rent schedule itself once it's completed, not just the final figure that gets carried forward into your loan file. Reviewing the comparable properties the appraiser selected gives you a chance to flag anything that looks clearly mismatched — a comp with a materially different amenity set, for instance — before that figure becomes a fixed input elsewhere in your underwriting.