The Structured Co-Ownership Scorecard
Twelve metrics, with exact definitions, so that one operator’s results can be compared with another’s.
From Locsin (2026), Structured Co-Ownership in Residential Real Estate, Section 6. Proposed by the author; definitions are open for comment and are versioned with each annual edition.
Free to adopt with attribution · Not an offer to sell securities
Single-family rental became an institutional allocation after 2012, when its reporting standardized: occupancy, turnover, rent growth and net yield came to mean the same thing at every operator. Home equity investments reached the securitization market once the rating agencies fixed their vocabulary. Structured co-ownership has neither, and until it does no operator’s results can be compared and every allocator’s diligence starts from zero. Every metric below can be computed from a contract-level data tape. Operators are invited to publish against it.
| # | Metric | Definition |
|---|---|---|
| 1 | Collection rate | Contract payments received ÷ contract payments due, counted over occupied home-months (months with a resident under agreement). |
| 2 | Paying occupancy | Records with a paying resident ÷ total records at the reporting cutoff; vacant and non-paying records stated separately. |
| 3 | Down-payment ratio | Median resident down payment ÷ contract price at placement. |
| 4 | Day-one capital recovery | Resident down payments ÷ investor out-of-pocket acquisition capital, pool-wide. |
| 5 | Payment-to-income at placement | Median total monthly payment (ex-escrow) ÷ verified monthly household income at placement. |
| 6 | Departure rate | Resident departures ÷ record-years of exposure, split into repossessions (non-performance) and turnovers (voluntary exit). |
| 7 | Re-placement time | Months from a departure to a new paying resident, per departed home. |
| 8 | Loss severity | (Investor basis in the home − net proceeds or re-placement contract value) ÷ investor basis, per departure; negative values are gains. |
| 9 | Resident equity accrued | Down payment plus cumulative equity-component payments, per household, and in aggregate. |
| 10 | Exit mix | Share of resolved contracts by outcome: scheduled completion, early buyout, refinance, sale with shared proceeds, departure. |
| 11 | Cushion to basis | (Contract price − investor basis) ÷ contract price, median across placed homes; the home-price decline the pool absorbs before a re-placement at basis is impaired. |
| 12 | In-place financing ratio | Assumed or wrapped mortgage debt ÷ gross acquisition basis, with the weighted average rate. |
The Structured Co-Ownership Scorecard. Proposed by the author; definitions are open for comment and will be versioned with each annual edition.
How to adopt it
Report all twelve on a stated cutoff date from a contract-level tape, one row per home. State the tape’s headline figures and, where they differ, the sum of its per-home columns. Mark any metric the tape cannot yet support as not yet reported rather than estimating it. Publish the escrow treatment: escrow is a pass-through, never counted as income, and excluded from every payment and yield figure. The reference dataset in the paper is reported exactly this way, missed payments, departures and vacancies included.
Comments and disagreements with the definitions: raphael@easydwell.com. Cite as: Locsin, R. (2026). Structured Co-Ownership in Residential Real Estate: Definition, Taxonomy and Performance Standard. EasyDwell Research, Inaugural Edition, Version 2026.09.