SmartHelping / Real Estate Portfolio / Excel
Rental Property Portfolio
Plan the acquisition of up to 100 rental properties over time. Connect purchase timing, renovations, financing and rental operations to cash flow, minimum equity requirements and long-term investment returns.
Single Operator Version
Portfolio acquisition and cash flow analysis with depreciation, income taxes, capital gains taxes and depreciation recapture-related taxable income.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
Fund Version
Portfolio analysis with multiple GP fees, GP/LP economics and two cash flow waterfall options. Excludes tax and depreciation calculations.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the model in action
Follow the portfolio from acquisition through cash flow.
Watch the walkthrough to review the property assumptions, acquisition schedule and financial outputs. Open the screenshots below to explore the workbook.
Choose the version for your investment structure
Single Operator or Fund?
Both versions support planning a rental property portfolio. Choose the version with the cash flow structure and calculations you need.
| Feature | Single Operator | Fund |
|---|---|---|
| Purchase price | $45, sold separately. | $75, sold separately. |
| Portfolio forecast | Up to 100 properties and 20 years, with monthly and annual pro forma views. | Up to 100 properties and 20 years, with monthly and annual pro forma views. |
| Primary use | Evaluate a rental portfolio for a single operator, including modeled taxes and depreciation. | Evaluate a rental portfolio with general partner (GP) and limited partner (LP) economics. |
| Cash flow structure | Single-operator cash flow and investment-return analysis. | Multiple GP fees and a choice of simple preferred return or IRR hurdle waterfall, with an optional GP catch-up on the IRR hurdle approach. |
| Taxes and depreciation | Includes depreciation in the pro forma, income taxes, capital gains taxes and depreciation recapture-related taxable income. | Excludes tax and depreciation calculations. |
Property-level inputs
Build the portfolio one acquisition at a time.
Configure each property separately so the forecast reflects its purchase timing, financing, renovation plan and rental economics.
100 properties and a flexible timeline
Model up to 100 properties, choose the month each property is purchased and select the financial forecast’s end month over a period of up to 20 years.
Purchase price and renovations
Enter the purchase price, renovation costs and renovation period for each property to reflect the acquisition and improvement plan.
Financing and transaction costs
Set the financing percentage and loan terms for each property, along with closing costs and prepay fees where applicable.
Rent growth and vacancy
Define starting monthly rent, annual rent growth and average vacancy for each property to build the rental income forecast.
Fixed costs and management fees
Use 14 slots for fixed monthly costs, set property management fees as a percentage of rents and define the annual expense increase.
Appreciation and portfolio value
Set annual property appreciation and review how the portfolio’s property value, debt and equity value develop over time.
Cash flow, reinvestment and returns
Plan how the portfolio funds its next stage of growth.
Use the purchase-month inputs to test an acquisition schedule and explore how accumulated cash flow can be reinvested into additional properties.
Time the acquisitions
Adjust the month each property is purchased, its renovation period and financing terms to compare different paths for building the portfolio.
Review cash and equity needs
Follow monthly and annual pro forma results, cumulative cash flow and minimum equity requirements as the acquisition schedule and operating assumptions change.
Evaluate investment returns
Review discounted cash flow (DCF) analysis and output metrics including IRR, ROI and equity multiple. The Fund version also supports GP/LP analysis alongside the project view.
Fund version cash flow structure
Model GP fees and choose a waterfall approach.
The Fund version includes multiple GP fees and two cash flow waterfall options for evaluating GP/LP economics. It excludes tax and depreciation calculations.
Simple preferred return
Use the simple preferred-return approach with two cash flow splits: before reaching the simple preferred-return hurdle and after complete equity repayment.
IRR hurdle with optional GP catch-up
Use the IRR hurdle waterfall and select the optional GP catch-up when that structure fits the fund economics you want to model.
Reporting and visualizations
See the portfolio’s growth, cash flow and debt service.
Use the monthly and annual charts to review the financial effect of your property assumptions and acquisition plan.
Property value, debt and equity
Compare monthly property value with debt and equity value over time.
Cumulative cash flow
Follow monthly cumulative cash flow as the portfolio acquires and operates rental properties.
NOI and debt service
Compare monthly net operating income (NOI) with debt service.
Properties purchased
Track the monthly cumulative number of homes purchased across the acquisition schedule.
Annual cash flows
Review yearly cash flow alongside the more detailed monthly forecast.
Annual NOI and DSCR
Review annual net operating income and the debt service coverage ratio (DSCR).
How to use the model
Turn a purchase schedule into a portfolio forecast.
Choose the version and forecast period
Select Single Operator or Fund based on the investment structure, then set the forecast end month for a period of up to 20 years.
Enter each property and purchase month
Configure up to 100 acquisitions with purchase prices, renovations, renovation periods, financing percentages, loan terms and transaction costs.
Set the rental and expense assumptions
Enter starting rent, rent growth, average vacancy, fixed monthly costs, management fees, expense increases and property appreciation.
Review funding, cash flow and returns
Evaluate minimum equity needs, monthly and annual results, visualizations and return metrics. For the Fund version, configure GP fees and the preferred-return or IRR hurdle waterfall.
Who the model is for
For investors planning to scale a rental portfolio.
Individual rental property investors
Plan a growing rental portfolio, evaluate financing and reinvestment timing and use the Single Operator version for modeled tax and depreciation considerations.
Fund managers and real estate sponsors
Evaluate a portfolio acquisition strategy using the Fund version’s GP fees, GP/LP analysis and cash flow waterfall options.
Also available in these bundles
Need more real estate analysis tools?
Both versions are included in the Real Estate Models bundle. The Super Smart Bundle provides access to the complete public SmartHelping template collection.
Real Estate Models
Includes both the Single Operator and Fund versions alongside templates for acquisitions, development and real estate financing.
View the Real Estate bundleSuper Smart Bundle
Access the complete public SmartHelping template collection across industries and financial-analysis needs.
View the Super Smart BundleQuestions before you buy
A few useful details.
How many properties and years can I model?
Model up to 100 properties, each with its own purchase month and operating assumptions. Select the forecast end month for a period of up to 20 years, with monthly and annual pro forma views.
Are the Single Operator and Fund versions sold separately?
Yes. The Single Operator version is $45 and the Fund version is $75. Each purchase button is linked to its respective version. Both are included in the Real Estate Models bundle.
Which version includes taxes and depreciation?
Single Operator includes depreciation in the pro forma, income taxes, capital gains taxes and depreciation recapture-related taxable income. The Fund version excludes tax and depreciation calculations.
Which cash flow waterfalls are included in the Fund version?
Fund includes a simple preferred-return approach with two cash flow splits and an IRR hurdle approach with an optional GP catch-up. It also includes multiple GP fees and GP/LP analysis.
Can I plan to reinvest cash flow into more properties?
Yes. Set and adjust the month each property is purchased, then use the cumulative cash flow and minimum equity views to evaluate how accumulated cash can support later acquisitions.
Can each property have different financing and operating assumptions?
Yes. Configure purchase price, renovations and timing, financing and loan terms, closing costs and prepay fees, rent, vacancy, fixed costs, management fees, expense growth and appreciation at the property level.
Build the financial plan behind the portfolio
Connect each acquisition to cash flow and returns.
Choose Single Operator for $45 or Fund for $75 and plan up to 100 rental properties over a forecast of up to 20 years.
