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Rental Property Underwriting Template

A disciplined Excel model for evaluating rental property economics before the story gets ahead of the numbers.

This free underwriting template is built for evaluating rental-property cash flow using explicit assumptions for rent, vacancy, operating expenses, capital needs, financing, and return. The goal is not to produce a perfect answer—it is to make the assumptions visible enough to challenge them.

What the model includes

  • Gross rent and vacancy assumptions
  • Property taxes and insurance
  • Property management
  • Repairs and maintenance
  • Capital expenditure allowance
  • Net operating income
  • Financing and debt service
  • Cap rate, cash-on-cash return, and DSCR

How to use it

  1. Enter realistic market rent rather than the number needed to make the deal work.
  2. Use conservative vacancy, maintenance, insurance, and capital assumptions.
  3. Separate property operating performance from financing so you can see whether the asset itself is attractive.
  4. Run a downside case for lower rent, higher vacancy, or unexpected repairs.
  5. Compare the expected return with the amount of capital, time, and risk required.
Download the Excel template →

No payment. No email gate. The workbook is a starting point; replace the assumptions with verified property-specific information before making a decision.

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This template is provided for general educational purposes and is not financial, tax, legal, or investment advice. Verify assumptions and consider qualified professional guidance where appropriate.