EXCEL & GOOGLE SHEETS

Free rental property analysis spreadsheet

Work out your upfront costs, monthly cash flow and mortgage equity before you buy.

Download Excel (.xlsx)

Free. No account needed.

Open the original Google Sheets template Choose File → Make a copy.

Prefer to work online? Try the free property analyzer →

The original rental analysis spreadsheet: purchase and monthly expense inputs above cash flow and equity projections. — Edit yellow cells. Hover for notes.Enlarge

Inside the Excel workbook

Property analysis: Purchase, financing, rent and expenses. Formulas included.
Long-term view: Cash flow, equity and returns at 1, 5, 10, 20 and 30 years.
Monthly loan schedule: Monthly payments, interest and principal repaid.

THE WORKBOOK’S EXAMPLE

From rent to money left over.

USD · Year 1 · Before income tax

Where the monthly rent goes

Rent: $1,000.00
Vacancy allowance 5% of rent: −$50.00
Operating costs & reserves Management, repairs, replacements, tax & insurance: −$409.70
Mortgage payment Principal & interest: −$425.79

Monthly cash flow$114.51

The cash you put in

$80,000 price · 20% down · 7% loan · 30 years

Down payment: $16,000
Closing costs: $3,200
Initial repairs: $11,429
Upfront cash: $30,629

Cash-on-cash return: 4.49%; Annual cash flow ÷ upfront cash
Loan principal repaid: $650; Year 1 equity gained, separate from cash flow

Expense assumptions & what’s excluded

Management uses 12.17% of rent. Maintenance and major replacement reserves each use 10%. Insurance and property taxes each use 0.66% of price per year.

Cash flow is after reserves, before income tax. The workbook excludes appreciation and sale proceeds. Add any extra cash cushion you want to keep outside the purchase.

Try a different price, rent or loan.

Open this example in the analyzer

How to analyze a rental property

Use quotes and actual records where available. For an occupied property, check the rent roll and last 12 months of income and expenses.

Upfront cash: Add the down payment, closing costs and initial repairs. For an all-cash purchase, replace the down payment with the full price. Total the initial work with the rehab budget.
Rent: Use the lease or similar nearby rentals, then test a lower-rent case. Local HUD benchmarks include tenant-paid utilities and aren’t asking rents.
Running costs: Check taxes after purchase, insurance and management fees. Allow for vacancy, maintenance and major replacements.
Monthly cash flow: Subtract vacancy, operating costs, replacement reserves and the full mortgage payment from rent. Include both principal and interest. This is cash flow before income tax.
Cash-on-cash return: Divide annual cash flow by upfront cash. This measures your cash return, separate from mortgage paydown. See the cash-on-cash return guide.
Equity & total return: Principal repaid builds equity but isn’t spendable cash. A complete investment return also accounts for appreciation, income taxes and sale costs. See the rental property ROI guide.