Rental Property Worksheet
Rental Property Worksheet
Type of property and management of that property
Discuss and decide what type of property you want to own and whether you will manage it or hire a professional to do so.
Townhome/condo __ Single Family Detached Home ___
Self Managed __ Professionally Managed ___
Purchase price Calculation
Use the amount you have for a down payment to calculate the purchase price
__________Down payment amount
__________Purchase price based on down payment (down payment divided by ____ % required by lender)
Search Locations
Identify areas where properties can be purchased for amount calculated above
______________/_______________/______________/_______________/_______________
Cash Flow Analysis
Property 1 _______________________________________
Description – Bedrooms/ Baths/ Parking/ Amenities/ Other Features
_________________________________________________________________
_________________________________________________________________
Income
______ Projected Rent
Expenses
______Mortgage (P&I)
______HOA
______Management fee if applicable
______Active Maintenance (i.e. landscape service)
______Insurance (physical damage)
______Insurance (liability)
______Taxes
______Maintenance Escrow
______Capital improvement escrow
______Advertising
______Utilities
______Legal & Accounting expenses (i.e. lease & tax return preparation)
______Move in/out expenses
__________Total Expenses
Rent minus Total Expenses
__________Net Income/Expense
Summary/ Notes
___________________________________________________________________________________________
Options
Increase or reduce down payment. May benefit via interest rate reduction plus lower P&I payment
Calculations ___________________________________________________________________________
Increase or decrease financing term.
Calculations ___________________________________________________________________________
Initial Offer Price _______ (highest cash flow)
Maximum Offer Price _______ (lowest acceptable cash flow)