A rental property analysis spreadsheet turns a price, loan, rent and expenses into cash flow, cap rate, cash-on-cash return and debt coverage. This one runs in your browser with a five year view, then downloads as a CSV with live formulas. There is no sign-up and no email to give.
Free deal analyzer and spreadsheet download
Type in your deal and read the results. When you want to keep it, the download button writes a file with your inputs in column B and live formulas everywhere else. Change an input in Excel or Google Sheets, and the whole sheet recalculates.
Rental property analysis sheet
7.28% compared with a single published average of 7.4% for single-family rental (Q1 2026), with no published range. That is 0.12 points below the published 7.4% figure. A cap rate shows price against income, not whether a deal is safe or worth doing.
Debt coverage of 1.13 is below the 1.25 minimum Fannie Mae publishes for its small multifamily loans (5 or more units). Lenders on one to four units set their own rules.
Five year view
| Year | Gross rent | NOI | Cash flow | Cash-on-cash | Coverage | Loan balance |
|---|---|---|---|---|---|---|
| 1 | $36,000 | $21,837 | $2,494 | 2.90% | 1.13 | $223,025 |
| 2 | $37,080 | $22,492 | $3,149 | 3.66% | 1.16 | $220,892 |
| 3 | $38,192 | $23,166 | $3,823 | 4.45% | 1.20 | $218,587 |
| 4 | $39,338 | $23,861 | $4,518 | 5.25% | 1.23 | $216,097 |
| 5 | $40,518 | $24,577 | $5,234 | 6.09% | 1.27 | $213,407 |
Stress test, year one
| If this happens | Cash flow | Coverage |
|---|---|---|
| As entered | $2,494 | 1.13 |
| Rent 10% lower | -$200 | 0.99 |
| Vacancy 5 points higher | $838 | 1.04 |
| Rate 1 point higher | $596 | 1.03 |
| Taxes and insurance 20% higher | $1,474 | 1.08 |
Runs in your browser with no sign-up. Nothing is stored or sent. The 7.8% vacancy is the U.S. multifamily figure in the Lee & Associates Q3 2026 report and the 7.75% rate is an assumed investment loan rate. Everything else is an editable assumption for an example deal, not a typical result. Results are before income tax. Not financial advice.
Key takeaways
- The example deal shows a 7.28% cap rate and only 2.9% cash-on-cash, because the loan takes most of the $21,837 of net operating income.
- Its debt coverage of 1.13 sits below the 1.25 minimum Fannie Mae publishes for small multifamily loans of 5 or more units, read November 2026.
- A 10% rent miss turns the example from $2,494 a year of cash flow to a $200 loss. The stress test shows this on your own numbers.
- The file's formulas are checked by automated test against the browser results, including all-cash, zero-rate and all-zero deals.
| Metric | Formula | Example | What it misses |
|---|---|---|---|
| Net operating income | Collected rent minus operating costs | $21,837 | The loan |
| Cash flow | Net operating income minus loan payments | $2,494 | Income tax and big one-time repairs |
| Cap rate | Net operating income divided by price | 7.28% | The loan and rent growth |
| Cash-on-cash | Cash flow divided by cash in | 2.90% | Principal repaid and value change |
| Debt coverage | Net operating income divided by loan payments | 1.13 | Cash you need for repairs |
| Break-even rent | The monthly rent where cash flow is zero | $2,722 | Any margin for error |
What should a rental property analysis spreadsheet calculate?
A rental property analysis spreadsheet should calculate income after vacancy, operating expenses, the loan payment, and at least four results: cash flow, cap rate, cash-on-cash return and debt coverage. A useful one also projects several years and shows what breaks the deal. Anything less is only a mortgage calculator with rent attached.
The cap rate here imports the same code as our cap rate calculator, which has the published ranges by property type. Pick a type in the tool to see where your deal sits against them. That post explains what a good number looks like, so this page does not repeat it.
How a real estate cash flow analysis spreadsheet works
A real estate cash flow analysis spreadsheet starts with rent and takes things away in order. Here is the default deal: a 300,000 dollar property renting for 3,000 dollars a month. All of these inputs are an example, not a typical deal.
- Gross rent. 3,000 dollars times 12 is 36,000.
- Collected rent. Take off 7.8 percent for vacancy, the U.S. multifamily figure in the Lee & Associates Q3 2026 report, and you collect 33,192.
- Operating costs. Taxes of 3,600, insurance of 1,500, 10 percent of rent for maintenance and capital reserves, and 8 percent of collected rent for management total 11,355.
- Net operating income. 33,192 minus 11,355 is 21,837.
- Loan. 25 percent down leaves 225,000 at an assumed 7.75 percent over 30 years. Payments are 1,612 a month, or 19,343 a year.
- Cash flow. 21,837 minus 19,343 is 2,494 a year, or about 208 a month.
Cash in is the 75,000 down payment plus 6,000 of closing costs and 5,000 of repairs, so 86,000. Cash-on-cash is 2,494 divided by 86,000, or 2.9 percent. Debt coverage is 21,837 divided by 19,343, or 1.13.
Where to get each input
- Taxes. Use the county record, and ask how a sale changes the assessment. A seller's bill can reset after closing.
- Insurance. Get a landlord quote, since a homeowners figure understates it.
- Rent. Use signed leases and nearby comparable listings, not the pro forma.
- Management. Include it even if you self-manage. Your time is a cost, and the next buyer will count it. Our guide to what property managers charge has the ranges.
- Maintenance and reserves. The 5 percent defaults are placeholders. Older buildings need more. Replace them with actual records if the seller will share them.
What debt coverage ratio do lenders want?
There is no single answer. Fannie Mae's small multifamily loan term sheet, read November 2026, sets a 1.25 minimum, but that program is for properties with 5 or more units. Lenders on one to four units set their own rules, so ask yours. It is still a useful yardstick: at 1.25, you would have 25 cents of income over each dollar of loan payment.
Reading the five year view
The five year view grows rent and fixed costs at separate rates and holds the loan payment flat. On the defaults, with both growing 3 percent a year, cash flow goes from 2,494 dollars in year one to 5,234 in year five. Debt coverage rises from 1.13 to 1.27, and the loan falls to about 213,407.
That is the case for leverage, and also where optimism hides. The growth rates are assumptions, and each point of rent growth compounds. Set rent growth to 0 and leave expenses at 3 percent, and watch cash flow go backward. Rent can also fall, which is why the field takes a negative number. It leaves out appreciation on purpose, because a sheet that assumes a rising price can make most deals look fine.
Using the deal analyzer spreadsheet in Excel or Google Sheets
The deal analyzer spreadsheet downloads as a CSV, which opens in Excel and Google Sheets. In Excel, double-click it. In Google Sheets, use File, then Import, and keep the option to convert formulas turned on. Then change the numbers under Inputs and leave the formulas alone.
- Save a copy in your spreadsheet's own format. A CSV keeps values and formulas, and it drops any formatting or extra tabs you add.
- Type percents as whole numbers. Enter 25 for 25 percent, as the labels say.
- One deal per file. Download one per property and name the deal, so it appears at the top.
- Check the loan line. It uses the standard PMT function, which covers principal and interest only. Taxes and insurance are in operating costs, so do not add them twice.
If you need outside money, this sheet is a clean thing to bring when you look for real estate investors.
The stress test that changes the conversation
You run a deal on Sunday night, and it works. Then you try rent 10 percent lower. The default deal goes from 2,494 dollars of cash flow to a loss of 200. Vacancy five points higher leaves 838. A rate one point higher leaves 596. Taxes and insurance up 20 percent leaves 1,474. None of those are unusual things to happen to a landlord.
| If this happens | Cash flow, year one | Debt coverage |
|---|---|---|
| As entered | $2,494 | 1.13 |
| Rent 10% lower | -$200 | 0.99 |
| Vacancy 5 points higher | $838 | 1.04 |
| Rate 1 point higher | $596 | 1.03 |
| Taxes and insurance 20% higher | $1,474 | 1.08 |
Vacancy is the row you control after closing. Five extra points on this deal costs about 1,656 dollars a year, which is two thirds of the cash flow. Part of that is how fast a renter reaches someone. A renter who hits voicemail on Monday may be touring somewhere else by Wednesday.
That is the case for callflo.ai, an AI receptionist that answers your rental line 24/7 and handles questions from what you give it. On VIP it also books tours on your calendar. Starter is 39 dollars a month on annual billing or 49 dollars month to month, with 120 minutes and extra minutes at 0.98 dollars. It is 468 dollars a year on annual billing, a line you can add to the other fixed costs field and test. If you have long-term tenants, or a manager already takes the leasing calls, skip it. The page for investors and landlords shows it on a rental line, and pricing has the plans.
Hear what answers your leasing calls
Call callflo.ai's own AI agent and ask it anything about your business. When you are ready, pick a plan: no setup fee, no contract, and you do not pay unless you are satisfied.
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Before you trust the income line, rebuild it from the seller's numbers with the T12 builder.