Short-term Rental Real Estate Model

 If you were looking at getting into the STR business as a real estate investor (short-term rentals), then this financial model is MS Excel is a must have. The template is robust enough to handle large operations or just single operator investment planning. The model goes for a max period of 15 years and you can account for the purchase/renovation, operations, and exit of up to 20 properties or 20 tranches of properties all on the same timeline.

$75.00 USD

The template will be immediately available to download after purchase. This model is also included in the real estate investment models template bundle.

There is a lot going on here and you have all the financial output reports you can ask for. The key feature is being able to accurately plan out cash requirements over time based on buying and renting out properties over short periods.

Main Features:

  • Up to 20 slots for single or groups of properties
  • Each 'row' is connected to its own pro forma tab dynamically (monthly and annual) that will all roll up into consolidated monthly and annual financial summaries.
You can define the following for each property / tranche of properties:
  • Acquisition Schedule and Renovation
    • ID / Name
    • Date of Purchase
    • Live Date
    • Unit Count
    • Average Purchase Price per Unit
    • Total Purchase Price (Potentially Financed per column L)
    • Average Renovation Cost Price per Unit
    • Total Renovation Costs (not financed)
    • Length of Renovation
  • Financing / Refi / Exit
    • Financing? (only applies to purchase price)
    • % Financed
    • Amount Financed
    • Amortization (years)
    • APR
    • Payments per Year (must be 12)
    • Refi?
    • # of Months Until Refi (from initial loan)
    • Amortization Years (Refi)
    • APR (Refi)
    • Payments per Year (Refi)
    • Loan-to-Value (if Refi 'yes')
    • Refi Cap
    • Exit Cap
    • Exit Month
  • Pricing
    • Rent per Day per Unit
    • Annual Rent Growth
  • Monthly Utilization Expected (seasonality driver)
  • Price Variance from Base Rent (months 1-12) (seasonality driver)
  • 9 Slots for Fixed Expenses
  • 9 Slots for Variable Expenses (will vary based on utilization rates)
  • Selling Fees
Once all the above have been filled out, everything else in this financial model will auto-populate besides the cash flow waterfall, where the user will need to enter in the sources of equity requirements (GP vs. LP if joint venture) and the cash flow splits for each IRR hurdle / tier.

If this is just a sole operator, you can simply put 0% for the LP and all cash contributions / distributions will flow to the GP / operator solely.

The monthly and annual individual and consolidated pro forma tabs will roll down to Net Operating Income, Cash Flow from financing, and then final cash flow as well as display debt service coverage ratios individually and in aggregate.

There are a lot of visualizations made available so the user can get a clear picture of what is going on with the project as a whole as well as individually for each annual pro forma.

The logic here is unique and new to the real estate space as far as all the templates I have built in the past. The dynamic nature of the acquisition schedule is really something and being able to drive different timing / operating / exit assumptions with each of the 20 slots is really valuable to anyone trying to do a proper investment analysis for short-term rentals.

I put in a lot of sanity checks and consolidated checks on the global summary tab so that the user can easily ensure there are no errors.

Also, be sure to only update/edit the cells in light yellow shade with blue text. Everything else is a formula.

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