Chiang Mai at night from Doi Suthep mountain — the market the 5-step methodology was built in
The Process · 5 Filters · 1 Output

Here’s how I underwrote 4,033 listings down to one.

The framework on this page is the same one that found the Chiang Mai acquisition — 8.15% (see full case) net, 2.15M THB, 100% freehold. Read every step. Then decide whether the actual playbook is worth $20.

Weighing a specific unit? The Custom Report checks it against its own building and area before you sign: see a real report, page by page.

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The Framework

Five filters. One survives.

Each filter has one job: kill the listing before your capital does.

Step 01

The 49% Foreign Quota Filter

The building must clear the foreign quota before any yield is run.

Step 02

The CAM-Fee Load Test

Fees come off first. Most listings lose 2–3 points here.

Step 03

The Vacancy Drag Stress-Test

Rejects any unit that only works at full occupancy.

Step 04

The Freehold vs Leasehold Legal Screen

Title on the table, line by line. No renewal traps.

Step 05

The Exit-Market Check

Sizes the buyer pool that can legally buy it from you.

What each filter checks. The exact rules and thresholds are in the $20 PDF.

01 The 49% Foreign Quota Filter. Before a single yield number is run, the building must clear the quota check. Anything that fails this filter is structurally untradeable to a foreign capital allocator no matter how good the brochure looks.

02 The CAM-Fee Load Test. Common-area, sinking, and management fees are the silent yield killers. This filter exposes the spread between the brochure yield and the net-of-fees yield — and most listings lose 2–3 points right here.

03 The Vacancy Drag Stress-Test. Every brochure assumes 100% occupancy. This filter splits foreigner and local rent, applies a low-season drag, and rejects any unit that only pencils when nothing goes wrong.

04 The Freehold vs Leasehold Legal Screen. Title document on the table, line by line. This filter rejects anything dependent on a renewal trap or a workaround structure that quietly erodes your principal in year 30.

05 The Exit-Market Check. A yield is only real if you can sell. This filter measures resale velocity for comparable units, sizes the buyer pool that can legally take you out, and establishes a price-floor band before you wire a single baht.

Unlock all 5 filters — $20

The Reject Pile

What the framework throws out.

Six traps. Almost every listing dies in one of them. Fee loads, unclear title, leasehold workarounds, off-plan risk, sunset-photo pricing, no exit.

The brochures never warn you about these. The headline numbers the dataset produces are published on the Thailand property statistics page.

Trap · 01

CAM-Fee Traps

A 6% gross yield collapses to a 3% net the moment the fee schedule lands. The brochure never shows you the schedule. The framework demands it on day one.

Trap · 02

Ghost Listings

Units that look priced for a steal but have sat on the market for months because the title is not clear. Every minute spent on them is a minute lost.

Trap · 03

Fake Leasehold Structures

Workarounds that promise renewal forever and deliver an exit window of zero. The legal screen kills these before the lifestyle photos can do their job.

Trap · 04

Off-Plan Completion Risk

Capital wired today against a unit that doesn’t exist yet, with a developer track record nobody audited. The framework only underwrites what you can stand inside.

Trap · 05

Sunset-Photo Buys

Pricing decided by an Instagram balcony shot, not by a comp set. The framework forces a numerical answer to every emotional question.

Trap · 06

No-Exit Buyer Pools

A unit that locks out the only buyers who could refinance you out is a paper yield. The exit-market check sets the price-floor band before you wire.

See the unit that survived all 5 filters →

The Output

What the framework actually finds.

The Chiang Mai acquisition. One unit. Verified Chanote deed. Numbers anyone can rebuild from the input lines below.

8.15% (see full case)

Underwritten Net Yield · No Mortgage

Underwritten on 12 months at 19,000, the floor comparable units in the same compound signed for, after the agent fee, CAM, and a tax and maintenance buffer. Every line is in the case study.

100%

Freehold Title

Chanote in the buyer’s name. No leasehold workaround, no renewal trap, no year-30 erosion.

0

Commissions Taken

No kickbacks from sellers, developers, or agents. The framework selects the unit that maximises your net yield, not anyone else’s.

Run this on your own shortlist — $20
★★★★★ 5.0 / 5 · Verified buyer · the $20 Protocol

What a buyer said

★★★★★

“Wasn’t expecting much for the price, but the yield breakdown is surprisingly dense. Worth it just for the data extraction framework alone. Straight to the point, no BS.”

Anonymous

See all reviews on Gumroad →

Stop guessing. Start filtering.

The Protocol is the same 5-step framework laid out on this page — with the actual decision rules, formulas, and templates you need to run it on your own shortlist this weekend.

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// The methodology, applied

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Rental Yield Calculator: gross vs net in ten seconds

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Disclaimer

Brinkman Data Analytics is an independent research service. Not financial, investment, tax, or legal advice. All yield figures are estimates based on historical research data and are not guaranteed. International real estate carries risk of partial or total loss of capital.