What serves as a basis for setting rental schedules and estimating property income and expenses?

The correct choice is market analysis, which is vital for establishing rental schedules and accurately estimating property income and expenses. Market analysis involves studying various factors, including comparable rental properties, current market trends, tenant demographics, and economic conditions in the area. This comprehensive evaluation helps property managers set competitive rental rates that align with market demand and maximize income potential.

While property analysis focuses on the specific characteristics and condition of the individual property—such as its size, amenities, and any unique features—it does not provide the broader market context necessary for understanding how those factors influence rental prices. Tenant feedback can be useful for improving services or understanding tenant satisfaction, but it does not serve as a foundational tool for determining rental pricing. Building inspections are essential for assessing property conditions and ensuring compliance but do not directly influence the setting of rental rates or projection of income and expenses.