What the rental property spreadsheet contains
The spreadsheet has 17 input rows and 16 formula rows: the same operating statement and return measures as the rental property calculator, in a file you can keep and extend.
| Row | Formula | Example |
|---|---|---|
| Gross potential income | (Monthly rent + other income) × 12 | $31,200 |
| Effective gross income | Gross potential income − vacancy | $29,640 |
| Operating expenses | Taxes + insurance + (HOA + utilities + other) × 12 + % of rent + management % of EGI | $10,591 |
| Net operating income | EGI − operating expenses | $19,049 |
| Monthly principal and interest | Loan × r ÷ (1 − (1 + r)^−n) | $1,496.93 |
| Annual cash flow | NOI − 12 × payment | $1,086 |
| Cap rate | NOI ÷ price | 6.35% |
| Cash-on-cash return | Cash flow ÷ (down payment + closing + repairs) | 1.21% |
| DSCR | NOI ÷ annual debt service | 1.06 |
| Break-even ratio | (Operating expenses + debt service) ÷ gross income | 91.5% |
The operating statement follows the standard order, income first, then vacancy, then operating expenses, with debt service only after NOI.[1] The payment row uses the standard amortization formula.[2]
How to do a rental property analysis in a spreadsheet
A rental property analysis turns one year of income and costs into cash flow and returns, then tests what happens when the numbers move.
- Enter what you know: price, loan terms, rent, the actual tax bill and an insurance quote.
- Add what owners forget: vacancy, maintenance, capital reserves and management, even if you plan to manage yourself.
- Read NOI and cap rate first, before the loan. They describe the property.
- Then read cash flow, cash-on-cash and DSCR, which depend on the loan. Cash-on-cash is cash flow divided by the cash you put in.[3]
- Stress it: copy the column and change rent, vacancy or the rate to see the downside.
Turning it into a multi-year projection
To project several years, copy the input column to the right, raise rent and expenses by your own growth assumption in each new column, and add rows for the loan balance and a sale. Keep growth rates in their own cells so you can see what each assumption does. The investment property calculator does that projection for you, with the annualized return. For taxes, remember that depreciation and mortgage interest change taxable income but not cash flow.[4] The rental income calculator shows both.
Spreadsheet mistakes to avoid
- Mixing monthly and annual figures. The file labels every input with its period; results are annual unless they say monthly.
- Percentages as fractions. Enter 5 for 5%, not 0.05; the formulas divide by 100.
- Hard-coding totals. Type inputs only and leave the formula rows alone, or the sheet stops updating.
- Counting taxes twice. Taxes and insurance are operating expenses here, so do not add them to the loan payment as well.
Why CSV?A CSV file opens in every spreadsheet program without macros or add-ons. If your spreadsheet uses a semicolon as the list separator (common outside the U.S. and UK), choose comma as the separator when you import it.
Frequently asked questions
Is there a free rental property spreadsheet?
Yes. Fill in the worksheet on this page and use "Download spreadsheet (CSV)". The file is free and keeps the formulas live.
How do I analyze a rental property?
Build one year of income and expenses to get NOI, divide NOI by price for the cap rate, subtract the mortgage for cash flow, and divide cash flow by the cash you invested for the cash-on-cash return.
Does the spreadsheet work in Google Sheets?
Yes. Import the CSV in Google Sheets (File → Import), or open it directly in Excel or Numbers; the result rows calculate automatically.
Can I add more units or years?
Enter total rent for all units in the rent row. For more years, copy the column and change the inputs; the investment property calculator handles multi-year returns directly.