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Property underwriting

Build a rental analysis

Enter assumptions, then run the analysis. Saving is automatic.

Inputs

Deal assumptions

Saved when you run

Required — these four numbers vary the most by property and drive the whole analysis. Everything else is pre-filled with a reasonable market default that you can adjust.

01 Property and income

Full property address Include the unit number; this determines which saved scenario is updated. Purchase price $ Monthly base rent $ Other monthly income $ Parking, storage, laundry, pet fees, etc. Annual property tax $ Annual landlord insurance $ Defaulted to a typical estimate. Monthly HOA $ Leave at 0 if there is no association. Owner-paid utilities / month $ Other fixed costs / month $ Initial repairs / renovation $

02 Financing

Down payment % Mortgage interest rate % Loan term years Buyer closing costs % Loan points and fees $

03 Operating assumptions

Vacancy and credit loss % Property management % Repairs and maintenance % Capital reserve %

04 Targets and projection

Target monthly cash flow $ Target cap rate % Target cash-on-cash return % Target DSCR x Hold period years Annual rent growth % Annual appreciation % Annual fixed-expense growth % Selling costs %

Run = saveThe latest combination replaces the prior one for this address.

Analysis output

Investment decision

Below selected targets

Monthly cash flow($663)Target $300

Cap rate3.9%Target 6.0%

Cash-on-cash-9.5%Target 8.0%

DSCR0.61xTarget 1.20x

Total cash required$84,000Down payment plus upfront costs

Cash flow

Monthly operating statement

Base rent$2,300

Other income$0

Gross scheduled income$2,300

Vacancy and credit loss($115)

Effective gross income$2,185

Property tax($448)

Landlord insurance($100)

HOA($380)

Owner-paid utilities$0

Other fixed costs$0

Property management($175)

Repairs and maintenance($115)

Standard NOI$968

Capital reserve($58)

Spendable NOI$910

Mortgage principal & interest($1,573)

Net monthly cash flow($663)

Thresholds

Pricing and rent limits

Break-even monthly rent$3,130

Rent for cash-flow target$3,505

Max price at cash-flow target$116,327

Max price at cap-rate target$193,507

Gross rental yield9.2%

Gross rent multiplier10.87x

Debt yield5.2%

Break-even occupancy126.3%

1% rule result0.8%

Operating expense ratio55.7%

Stress test

Monthly cash-flow sensitivity

Rows vary base rent; columns vary purchase price from 80% to 120% of the entered assumptions.

Monthly rent	$239,999	$269,999	$299,999	$329,999	$359,999
$1,840	($716)	($873)	($1,031)	($1,188)	($1,345)
$2,070	($532)	($690)	($847)	($1,004)	($1,162)
$2,300	($349)	($506)	($663)	($821)	($978)
$2,530	($165)	($322)	($479)	($637)	($794)
$2,760	$19	($138)	($296)	($453)	($610)

Leverage

Down-payment sensitivity

Compare required cash, debt service, cash flow, cash-on-cash return, and DSCR at the current price and rent.

Down payment	Cash invested	Monthly debt service	Monthly cash flow	Cash-on-cash	DSCR
20%	$69,000	$1,678	($768)	-13.4%	0.58x
25%	$84,000	$1,573	($663)	-9.5%	0.61x
30%	$99,000	$1,468	($558)	-6.8%	0.66x
40%	$129,000	$1,259	($349)	-3.2%	0.77x
50%	$158,999	$1,049	($139)	-1.0%	0.92x
100%	$308,999	$0	$910	3.5%	n.a.

Projection

Ten-year operating and exit view

The selected hold period is year 5.

Year	Property value	Base rent	NOI	Annual cash flow	Loan balance	Equity	Net sale proceeds	Total profit	Total return
0	$299,999	$2,300	$11,610	$0	$224,999	$75,000	$57,000	($27,000)	-32.1%
1	$308,999	$2,369	$11,959	($7,631)	$222,925	$86,074	$67,534	($24,097)	-28.7%
2	$318,269	$2,440	$12,317	($7,293)	$220,690	$97,579	$78,483	($20,441)	-24.3%
3	$327,817	$2,513	$12,687	($6,946)	$218,281	$109,536	$89,867	($16,003)	-19.1%
4	$337,652	$2,589	$13,068	($6,588)	$215,686	$121,966	$101,707	($10,750)	-12.8%
5	$347,781	$2,666	$13,460	($6,219)	$212,889	$134,893	$114,026	($4,650)	-5.5%
6	$358,214	$2,746	$13,863	($5,839)	$209,874	$148,340	$126,847	$2,332	2.8%
7	$368,961	$2,829	$14,279	($5,448)	$206,626	$162,335	$140,197	$10,234	12.2%
8	$380,030	$2,914	$14,708	($5,045)	$203,125	$176,904	$154,103	$19,094	22.7%
9	$391,431	$3,001	$15,149	($4,630)	$199,353	$192,077	$168,592	$28,953	34.5%
10	$403,174	$3,091	$15,603	($4,203)	$195,288	$207,885	$183,695	$39,854	47.4%