What Is a Rent Schedule (Form 1007)?

Short answer

A rent schedule, Fannie Mae Form 1007 (Freddie Mac Form 1000), is a one-page add-on to the appraisal in which the appraiser compares your property to at least three nearby rentals and estimates its monthly market rent. Lenders use that figure to count rental income on an investment purchase, and DSCR lenders use it to measure whether the rent covers the payment; for 2-4 unit properties the same job is done inside Form 1025 (as of November 2026).

Definition

The appraiser's written estimate of a 1-unit property's market rent, built from comparable rentals with adjustments for location, condition, size, bedrooms and baths, utilities and concessions.

Worked example

Example only, not a quote: you buy a Kendall townhouse as a rental. The 1007 shows three comparable leases and concludes $3,000 a month of market rent. Your full payment (PITIA, including HOA) is $2,600. On a conventional loan, Fannie Mae counts $3,000 x 75% = $2,250 of net rent, minus $2,600, so $350 a month goes into your DTI as a debt. On a DSCR loan, many lenders divide $3,000 by $2,600 for a ratio of about 1.15 and do not look at your personal income. Same form, very different result, and both subject to credit approval.

When lenders order a rent schedule

Per Fannie Mae Selling Guide B3-3.8-02 (dated September 2, 2026), when a borrower uses rent from the property being bought or refinanced to qualify, the lender must get Form 1007 or Form 1025 to support the gross rent. On a purchase with an existing lease that transfers to you, the 1007 must support the lease amount; if market rent does not support the lease, the lender either documents why the income is stable or uses the lower figure. The 1007 costs extra on top of the appraisal, and you usually pay it at the appraisal order.

What is on the form

• The subject property and three comparable rentals, with distance from the subject
• Lease start and end dates and current monthly rent
• Deductions for utilities or furniture included in the rent
• Adjustments for location, view, age, condition, rooms and living area
• The appraiser's comments on rent and vacancy trends and a final market rent

If the rent comes in low, ask whether better comparables exist; a reconsideration of value request goes through the lender. For investors buying 2-4 units, see multifamily loans and investment property loans in Florida.

In South Florida

The 1007 estimates long-term market rent, not vacation-rental income. In South Florida many cities and condo associations limit short-term rentals or minimum lease terms, so check zoning and the condo documents before you count on Airbnb-style income. Rents also vary sharply between nearby areas, such as an older condo in one zip code and new construction a few blocks away, so the appraiser's choice of comparables matters. DSCR loans are business-purpose loans for investment property only. See our Florida DSCR requirements.