RentalCalcs · Original decision worksheet

Pro forma evidence worksheet

Keep actual performance, first-year forecasts and stabilized assumptions separate. Fill this locally and print or save as PDF from your browser. Nothing is submitted or automatically saved.

Read the complete worked guide

Worked example

Hypothetical six-unit example: $107,400 potential income − $7,308 rent loss − $47,067.36 operating costs = $53,024.64 NOI. Subtract $41,558.62 annual debt service and a $2,100 reserve: $9,366.02 cash before tax. Loan: $490,000 at 7%, 300 monthly payments. Rounded only for display.

1. Build the source register

Property, forecast dates, model version and reviewerRent roll and leases: actual collections, future changes, evidence dateVacancy, credit loss and concessions: basis, source date, unresolved itemsTaxes, insurance and utilities: current records and forward estimatesRepairs, turns, management and other costs: scope, quote date, overlap check

2. Reconcile returns

NOI calculation and operating expense totalLoan amount, rate, amortization, maturity, annual principal and interestCapital reserve and initial projects; avoid double-counting routine repairsCash invested including closing costs, repairs and any funded reservesLender DSCR definition, minimum and source/date; your cash-flow result

3. Stress the forecast

Downside assumptions and resulting cash flow, DSCR and remaining liquiditySTR only: calendar/bookable/booked nights and owner blocks by monthSTR only: rates, stays, cleaning, actual platform fee basis, management, tax treatmentUnverified items, responsible person and date to resolve

Calculation notes

NOI = effective income − operating expenses. Cash flow here = NOI − principal and interest − reserve. DSCR here = NOI ÷ debt service; ask the lender for its exact numerator. Cash-on-cash return = annual cash flow ÷ all cash invested. A forecast is not verified history.

Reviewed October 14, 2026. Original RentalCalcs educational worksheet. Numbers are hypothetical, not property estimates or a lender commitment. OCC Commercial Real Estate Lending handbook.