Implied Value
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Estimated market value support based on building square footage and area price per square foot.
Property Investment Calculator
Underwrite the rental deal before you buy it.
Analyze rental income, operating expenses, financing terms, renovation costs, valuation support, exit assumptions, and long-term investment performance through a comprehensive real estate underwriting model.
Cap Rate
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Year 1 net operating income divided by purchase price.
Cash-on-Cash Return
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Annual before-tax cash flow relative to invested equity.
Cash Needed to Start
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Total upfront capital including equity, closing costs, reserves, and cash-funded improvements.
Model Workspace
Build the deal from property basis to NOI, valuation, financing, and exit returnsDeal Overview
Start with the asking price, building size, and market price support before underwriting income, expenses, valuation, and debt.
Price / Sq Ft Paid
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Area $ / Sq Ft
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Gap to Area
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Income & Occupancy
Enter unit-level rent, occupancy, renovation status, downtime, rent growth, and stabilized occupancy assumptions.
Rent Roll & Occupancy
Unit-level income and lease-up assumptions| Unit | Sq Ft | Monthly Rent | Occupied | Needs Reno | Months to Occupy | Remove |
|---|---|---|---|---|---|---|
| 1 |
Total Sq Ft
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Gross Monthly Rent
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Avg Rent / Unit
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Rent / Sq Ft
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Operating Expenses
Set current monthly operating costs and growth assumptions by expense category. Taxes, insurance, HOA, and general operating expenses can grow at different rates instead of using one blended opex rate.
ZIP estimates can pre-fill taxes and insurance. Turn off to enter your
own figures.
Estimate Status
Enter ZIP to estimate taxes and insurance
Taxes
Property taxes are separated from general opex because they often follow reassessment cycles and can grow differently from controllable expenses.
$0
Estimated from ZIP when area estimates are enabled. Editable when
estimates are off.
Used only for property taxes in the pro forma.
Insurance
Insurance and flood coverage are grouped separately because premiums can rise faster than normal operating expenses in higher-risk markets.
$0
Estimated from ZIP when area estimates are enabled. Editable when
estimates are off.
Applied to insurance and flood insurance in the pro forma.
HOA / Common Charges
HOA and common charges can follow their own assessment path, separate from taxes, insurance, and controllable operating costs.
Applied only to HOA and common charges in the pro forma.
General Operating Expenses
Utilities, repairs, management, CapEx reserve, and miscellaneous expenses use one general opex growth rate to keep the model compact.
Applied to utilities, repairs, management, CapEx, PMI, and miscellaneous
operating costs.
Memo only for now. Vacancy is modeled through stabilized occupancy and
unit downtime.
Total Monthly Carry
$0
Total Annual Carry
$0
Senior Debt
Set the primary mortgage assumptions. These inputs determine the loan amount, monthly mortgage payment, annual senior debt service, and DSCR.
$0
Senior Loan Amount
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Monthly Mortgage Payment
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Annual Senior Debt Service
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Renovation Funding
Model the renovation budget, financed portion, cash-funded portion, and short-term renovation debt service. Auto mode estimates the budget from the local price-per-square-foot gap.
Modeled Renovation Budget
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Financed Renovation Amount
$0
Cash-Funded Renovation
$0
Monthly Reno Debt Service
$0
Annual Reno Debt Service
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Total Debt
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Capital Stack Summary
Review combined mortgage and renovation debt, total monthly debt service, DSCR, and cash needed to start the deal.
Total Monthly Debt Service
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DSCR
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Total Cash Needed
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Exit & Return Assumptions
Control hold period, exit timing, terminal valuation, and return assumptions used in the pro forma.
Exit Logic
Exit value is based on the selected exit year NOI and base exit cap rate. Return metrics flow into the pro forma summary.
Pro Forma
Year-by-year income, expenses, debt service, and returns| Line Item |
|---|
| Enter deal assumptions above to build the pro forma. |
Assumptions: rent growth, expense growth, vacancy, renovation financing,
exit cap rate, and affordability check inputs are adjustable in the
model workspace above.
PROPERTY INVESTMENT INSIGHTS
Underwrite rent growth before underwriting the dream.
The value of an investment property is ultimately tied to the income it can realistically produce. Before relying on appreciation or assuming a future buyer will pay more, investors should test whether rent growth, occupancy, expenses, and debt service support the purchase price.
A disciplined rental property analysis starts with realistic income assumptions. Market rent, lease-up timing, vacancy loss, operating costs, renovation needs, and exit cap rates should be reviewed before capital is committed. The purpose of a pro forma is not to justify a purchase. Its purpose is to determine whether the investment creates value under realistic assumptions.