Revenue and Calc
Edit capacity, occupancy, unit mix, and yearly rents. Calc allocates occupied apartment-months once across the five streams.
Editable Rental Property Financial Model in Excel
Fully Editable
Instant Download
Professional Design
Pre-Built
No Expertise Is Needed
Fully Editable
Instant Download
Professional Design
Pre-Built
No Expertise Is Needed
Description
The Rental Property Financial Model is an Excel financial projections template for a long-term residential apartment portfolio. It links available apartments, occupancy, unit mix, and monthly net rent to revenue, operating expenses, and management reports for 2026 through 2030.
The illustrated case is an owner-operated 24-unit low-rise property in Columbus, Ohio, with five apartment categories and an all-equity acquisition. Its rents are an estimated planning case set 15% above a frozen baseline, not independently verified market rates.
- Forecast
- 5years
- Available units
- 24apartments
- Rent categories
- 5unit and finish types
- Manager staffing
- 0.35annual-average FTE
WORKBOOK CONTENTS
What Is Included in This Rental Property Model?
The workbook links property assumptions, monthly calculations, financial statements, and investment reports.
COGS & OPEX and Payroll
Plan repairs, turnover, uncollectible rent, fixed expenses, and manager staffing, with direct trades excluded from payroll.
CAPEX, CapTable, and Debt
Track acquisition, improvements, equipment, equity, and optional debt. Schedules distinguish investment, funding, repayments, and depreciation.
Income, Cash Flow, and Balance Sheet
Use IS, CF, and BS for earnings, cash movement, and financial position. Summary and Dashboard consolidate reporting.
Scenarios, Returns, and Checks
Compare Low, Base, and High cases, evaluate break-even and payback, and review checks, valuation, ratios, and benchmarks.
RENTAL REVENUE
How Does the Rental Property Revenue Forecast Work?
Revenue equals occupied apartment-months multiplied by category-specific monthly net rent, using one 24-apartment capacity pool.
In 2026, the model uses 90% occupancy, or an average of 21.6 occupied apartments per active month. Occupancy moves to 92% in 2027, 93% in 2028, and 94% in both 2029 and 2030, without monthly seasonality.
Studio and three-bedroom units each receive 12.5% of occupied apartment-months. Standard one-bedroom, renovated one-bedroom, and two-bedroom units each receive 25%, so the five revenue categories allocate the same capacity rather than duplicating units.
Revenue Forecast
The Revenue Forecast shows the apartment count, yearly occupancy, category mix, and editable net rents. Revenue and Calc translate those inputs into monthly category revenue, counting the full January 2026 launch month rather than prorating the January 31 launch date.
2026 annual occupied apartment-months
24 available apartments × 90% occupied × 12 months = 259.2 occupied apartment-months.
| Apartment type | Occupied mix | Monthly net rent |
|---|---|---|
| Studio | 12.5% | $1,208 |
| Standard one-bedroom | 25% | $1,438 |
| Renovated one-bedroom | 25% | $1,610 |
| Two-bedroom | 25% | $1,840 |
| Three-bedroom | 12.5% | $2,185 |
Estimated user planning case; rents include the 15% uplift and are rounded to whole dollars.
All five net rents are 15% above the frozen baseline in each forecast year, with the original approximately 3% yearly increases retained. The uplift is a planning assumption, not a new market observation; signed and renewed leases must support the applied rates.
PROPERTY EXPENSES
How Are Property Costs and Staffing Calculated?
The model combines revenue-linked repair and leasing costs with monthly fixed budgets and a separate property-manager payroll schedule.
Direct costs are 10% of revenue: 2.61% materials, 5.22% trade repairs, and 2.17% turnover cleaning. Variable expenses add 3% for leasing and screening, bad debt, and payment or document fees.
COGS and Operating Expenses
The COGS and Operating Expenses forecast separates direct repairs, variable leasing expenses, and fixed overhead. Fixed items include property taxes, insurance, utilities, grounds services, software, professional fees, telecommunications, and inspections.
Fixed expenses rise from $119,400 in 2026 to $134,386 in 2030. Monthly property taxes increase from $5,000 to approximately $5,628.
Payroll Forecast by Staff Role
The Payroll Forecast uses role-level FTE and compensation for the property manager. Maintenance trades already included in direct costs remain outside payroll.
At 0.35 FTE and $70,000 annual pay per full-time manager, payroll is $24,500 yearly. Employer payroll taxes and benefits are excluded from this illustrative case.
STARTUP INVESTMENT
How Are Acquisition, Improvements, and Funding Treated?
Startup assets and preopening cash requirements are modeled separately from yearly rental operating expenses and EBITDA.
Owner equity funds the $2,688,545 opening requirement without borrowing: $2,212,000 startup assets, $421,500 other preopening cash, approximately $6,271 working capital, and $48,774 as a three-month reserve.
Capital Expenditure Plan
The Capital Expenditure Plan schedules acquisition, durable improvements, appliances, and equipment. Its spending and depreciation schedules keep capital investments distinct from recurring rental operating expenses.
Assets include $2,050,000 for the building and closing, $120,000 improvements, $36,000 appliances, and $6,000 tools and IT. Separate preopening uses cover land-related costs, setup, marketing, deposits, and registrations.
Sources and Uses of Funds
The Sources and Uses of Funds report reconciles equity, operating receipts, investing payments, and retained cash. The case is owner-funded; Dashboard debt controls support alternative financing.
Five receivables days, zero payables days, and four inventory days are timing inputs, not evidence that the planned reserve will be sufficient.
FIVE-YEAR PROJECTIONS
What Do the Illustrative Annual Financial Projections Show?
The selected higher-rent scenario projects increasing revenue and EBITDA across the 2026–2030 forecast while the apartment count remains unchanged.
| Year | Revenue | Operating expenses | EBITDA |
|---|---|---|---|
| 2026 | $426,627 | $199,362 | $227,265 |
| 2027 | $449,191 | $205,877 | $243,314 |
| 2028 | $467,695 | $211,972 | $255,723 |
| 2029 | $486,906 | $218,269 | $268,637 |
| 2030 | $501,513 | $224,082 | $277,431 |
Estimated scenario outputs; amounts are rounded to the nearest dollar, and displayed subtotals may differ slightly.
These figures are financial projections, not observed operating results. By 2030, the illustrative $501,513 revenue and $277,431 EBITDA imply a 55.32% EBITDA margin before depreciation, interest, and income tax.
Compared with the frozen 2030 baseline, rent uplift raises projected revenue from $436,098 to $501,513, or 15%. Expenses move from $223,428 to $224,082, and EBITDA rises from $212,670 to $277,431, with units, occupancy, mix, and staffing held constant.
Cash Flow Forecast
The Cash Flow Forecast reports operating, investing, and financing cash movements and reconciles opening to closing cash. It can show how rent collections, acquisition spending, owner funding, and any modeled debt activity differ from operating EBITDA.
INVESTMENT DECISIONS
Can the Model Evaluate Break-Even, Payback, and Returns?
The Returns and related reports support distinct tests of operating break-even, cash recovery, and investment performance.
Sales break-even asks what rental revenue covers the modeled cost structure; cash break-even tests when cumulative cash flows turn positive. Investment payback evaluates recovery of invested cash, while annual return on invested capital compares operating returns with investment capital.
Break-Even, Payback and ROIC
The Break-Even, Payback and ROIC report tracks required revenue, cumulative project cash flow, investment recovery, and annual return on invested capital. These are different calculations and cannot be inferred from the $277,431 projected 2030 EBITDA figure alone.
Dashboard Scenario Controls apply Low, Base, and High multipliers to revenue, cost of goods sold, operating expenses, and payroll. Valuation uses discounted unlevered cash flow and terminal assumptions; neither a payback month nor a valuation amount is established by this page brief.
PRACTICAL USE
Who Should Use This Apartment Investment Model?
It is designed for owners, buyers, and analysts comparing rental operations, acquisition funding, and investment outcomes.
Replace the illustrative 24-unit Columbus assumptions with a prospective property’s unit mix, rent roll, occupancy plan, repair expenses, acquisition costs, and funding structure. Use resulting statements, scenario views, and model checks to challenge the assumptions before relying on a decision.
The higher-rent case is optimistic, not proof of market rents, lease eligibility for increases, cash returns, or loan approval. Verify leases, property condition, taxes, insurance, and financing independently.
COMMON QUESTIONS
Rental Property Financial Model FAQs
The answers below clarify editable inputs, scenario limitations, and what the financial reports can assess.
Can I change the number and types of apartments?
Yes. Adjust available units and the five category allocations in Revenue; the forecast distributes occupied apartment-months across the updated mix.
Does the 15% rent increase represent verified Columbus rents?
No. It is an estimated optimistic planning scenario above a frozen baseline, not a confirmed market rent or a guarantee that existing leases allow increases.
How does the model account for vacancies?
Year-specific occupancy percentages reduce the available apartment-months before rental rates are applied. The illustrated occupancy rises from 90% to 94% over the forecast.
Are repair costs and property management payroll separate?
Yes. Materials, outside trades, and turnover cleaning belong to direct costs; the 0.35-FTE property manager is calculated separately in Payroll.
Does the illustrated acquisition assume mortgage debt?
No. Its opening funding is entirely owner equity. The Dashboard includes debt controls for modeling different financing assumptions.
Is the EBITDA forecast the same as net profit or cash flow?
No. EBITDA excludes depreciation, interest, and income tax, and does not measure cash movements. The supplied case does not verify after-tax earnings or liquidity.
Will the template calculate investment payback and ROIC?
The Returns worksheet includes investment payback and annual ROIC calculations, but the provided case does not establish their numerical results.
What Does the Rental Property Financial Model Contain?
Financial Dashboard
KPIs, forecasts, and cash flow at a glance.
Revenue Engine
Key assumptions and calculations driving revenue forecasts.
Sources & Uses
Funding sources, spending, and closing cash.
Returns & Break-Even
Cash break-even, payback, and ROIC.
Business Valuation
DCF valuation and sensitivity analysis.
Expense Breakdown
Largest costs and spending trends.
Financial Summary
Annual and monthly financial performance.
KPI Benchmarks
Compare margins and returns to benchmarks.
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