The One Spreadsheet I Couldn’t Invest Without (+ Free Template)

Minneapolis, Minnesota
Real Estate Deal Analysis & Advice
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The One Spreadsheet I Couldn’t Invest Without (+ Free Template)

Mason Vitalis
Real Estate Agent · MN · Member since 2021 · 34 posts · 27 votes

When I was analyzing my first few deals, I made a mistake a lot of new investors make:

I’d hear things like “this deal cash flows $400/month” and think:
“Great, let’s do it!”

But I quickly realized — unless I was consistently and accurately analyzing deals, I was setting myself up for surprises (the expensive kind).

🔑 The Spreadsheet That Changed the Game

I found and modified a simple but powerful Deal Analyzer that I now use on every single property before even thinking about making an offer.

This sheet answers one question:
“Is this deal worth pursuing — or a waste of time?”

📊 Here’s What It Calculates for Me Automatically:

  • Monthly Cash Flow (based on rent, expenses, financing, etc.)

  • Cash-on-Cash Return

  • Estimated Total Annual Return (cash flow + loan paydown + appreciation)

Plus, I included assumption fields for insurance, maintenance, interest rates, and more — because if you’re not factoring in the less obvious costs, you’re fooling yourself.

💡 Real-World Example

Here’s a Twin Cities, MN deal I analyzed this morning in about 5 minutes:

  • Purchase Price: $359,900

  • Estimated Total Rent: $4,000/month

  • Expenses: $1,637/month (with PM and reserves)

  • Debt with PITI: ~$2,624

  • Initial Investment with 25% Down and Closing Costs: ~$100,772

→ Cash Flow: ~$176/month
→ CoC Return: ~2.09%

Now this isn't the best deal out there, but I wanted to demonstrate how quickly and easily I was able to determine it was a dud and move on. We all know time is money and speed to the deal can make all the difference. The numbers I used can be found relatively easily on your own. I use rentometer for rents, the county website for taxes, and conservative estimates for expenses. 

The only problem with this calculator is that it's a snapshot in time so it isn't the best for flips or BRRRRs unless you already know the ARV. I use this sheet for small multifamily 2–4-unit properties primarily but you could add to it or modify it for commercial if you wanted.

👇 Want the Spreadsheet? It’s Yours.

I’m happy to share the exact spreadsheet I use, for free.

📥 Shoot me a DM if you're interested, and I’ll send it your way.

🚀 Your Turn

If you’re analyzing deals manually or inconsistently, I highly recommend building or borrowing a solid tool. It saves time, builds confidence, and helps you say no faster — which is just as important as saying yes.

How are you currently analyzing your deals? Got a tool you swear by — or still figuring it out? Would you add anything to my sheet to make it better?

Let’s all share tools, strategies, and war stories below! 👇

1Reply
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Jaycee GreenePro Member
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y
Quote from @Mason Vitalis:

When I was analyzing my first few deals, I made a mistake a lot of new investors make:

I’d hear things like “this deal cash flows $400/month” and think:
“Great, let’s do it!”

But I quickly realized — unless I was consistently and accurately analyzing deals, I was setting myself up for surprises (the expensive kind).

🔑 The Spreadsheet That Changed the Game

I found and modified a simple but powerful Deal Analyzer that I now use on every single property before even thinking about making an offer.

This sheet answers one question:
“Is this deal worth pursuing — or a waste of time?”

📊 Here’s What It Calculates for Me Automatically:

  • Monthly Cash Flow (based on rent, expenses, financing, etc.)

  • Cash-on-Cash Return

  • Estimated Total Annual Return (cash flow + loan paydown + appreciation)

Plus, I included assumption fields for insurance, maintenance, interest rates, and more — because if you’re not factoring in the less obvious costs, you’re fooling yourself.

💡 Real-World Example

Here’s a Twin Cities, MN deal I analyzed this morning in about 5 minutes:

  • Purchase Price: $359,900

  • Estimated Total Rent: $4,000/month

  • Expenses: $1,637/month (with PM and reserves)

  • Debt with PITI: ~$2,624

  • Initial Investment with 25% Down and Closing Costs: ~$100,772

→ Cash Flow: ~$176/month
→ CoC Return: ~2.09%

Now this isn't the best deal out there, but I wanted to demonstrate how quickly and easily I was able to determine it was a dud and move on. We all know time is money and speed to the deal can make all the difference. The numbers I used can be found relatively easily on your own. I use rentometer for rents, the county website for taxes, and conservative estimates for expenses. 

The only problem with this calculator is that it's a snapshot in time so it isn't the best for flips or BRRRRs unless you already know the ARV. I use this sheet for small multifamily 2–4-unit properties primarily but you could add to it or modify it for commercial if you wanted.

👇 Want the Spreadsheet? It’s Yours.

I’m happy to share the exact spreadsheet I use, for free.

📥 Shoot me a DM if you're interested, and I’ll send it your way.

🚀 Your Turn

If you’re analyzing deals manually or inconsistently, I highly recommend building or borrowing a solid tool. It saves time, builds confidence, and helps you say no faster — which is just as important as saying yes.

How are you currently analyzing your deals? Got a tool you swear by — or still figuring it out? Would you add anything to my sheet to make it better?

Let’s all share tools, strategies, and war stories below! 👇

@Mason Vitalis Is this for a duplex in the Como neighborhood with 3 BRs in each unit? How did you determine the rents? Are these the current rents or do you know the area well enough to know them? And with total rent (plus fees) at $4k/month (1.11% of PP), why would it take you 5 minutes to figure out if this is a good deal or not?

The operating expenses (42% of only gross rent) seem pretty high IMO- is there a specific reason for that? I generally estimate opexp between 30%-35% of Effective Gross Rent (Gross rent minus vacancy cost) as I usually work with bank lenders for my clients and that's what they tell me they use for their U/W. Did you look up the taxes, do you know the mill rate, or were they provided? And how did you determine the monthly insurance premium? FYI, If the $100 is paid to an HOA, that needs to be added to the PITI.

You listing only shows the cash flow over Year 1. Does your full model look at it over a longer time period?

For what it's worth, based on my proforma and the U/W I use with my clients, I'd recommend doing this deal all day long! Using a 5-year hold period, I'm getting a 17.1% IRR, 2.04x EMx, and 8.3% CoC return. I'm surprised the seller isn't asking for at least $425k.

[email protected]
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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y
    Quote from @Mason Vitalis:

    When I was analyzing my first few deals, I made a mistake a lot of new investors make:

    I’d hear things like “this deal cash flows $400/month” and think:
    “Great, let’s do it!”

    But I quickly realized — unless I was consistently and accurately analyzing deals, I was setting myself up for surprises (the expensive kind).

    🔑 The Spreadsheet That Changed the Game

    I found and modified a simple but powerful Deal Analyzer that I now use on every single property before even thinking about making an offer.

    This sheet answers one question:
    “Is this deal worth pursuing — or a waste of time?”

    📊 Here’s What It Calculates for Me Automatically:

    • Monthly Cash Flow (based on rent, expenses, financing, etc.)

    • Cash-on-Cash Return

    • Estimated Total Annual Return (cash flow + loan paydown + appreciation)

    Plus, I included assumption fields for insurance, maintenance, interest rates, and more — because if you’re not factoring in the less obvious costs, you’re fooling yourself.

    💡 Real-World Example

    Here’s a Twin Cities, MN deal I analyzed this morning in about 5 minutes:

    • Purchase Price: $359,900

    • Estimated Total Rent: $4,000/month

    • Expenses: $1,637/month (with PM and reserves)

    • Debt with PITI: ~$2,624

    • Initial Investment with 25% Down and Closing Costs: ~$100,772

    → Cash Flow: ~$176/month
    → CoC Return: ~2.09%

    Now this isn't the best deal out there, but I wanted to demonstrate how quickly and easily I was able to determine it was a dud and move on. We all know time is money and speed to the deal can make all the difference. The numbers I used can be found relatively easily on your own. I use rentometer for rents, the county website for taxes, and conservative estimates for expenses. 

    The only problem with this calculator is that it's a snapshot in time so it isn't the best for flips or BRRRRs unless you already know the ARV. I use this sheet for small multifamily 2–4-unit properties primarily but you could add to it or modify it for commercial if you wanted.

    👇 Want the Spreadsheet? It’s Yours.

    I’m happy to share the exact spreadsheet I use, for free.

    📥 Shoot me a DM if you're interested, and I’ll send it your way.

    🚀 Your Turn

    If you’re analyzing deals manually or inconsistently, I highly recommend building or borrowing a solid tool. It saves time, builds confidence, and helps you say no faster — which is just as important as saying yes.

    How are you currently analyzing your deals? Got a tool you swear by — or still figuring it out? Would you add anything to my sheet to make it better?

    Let’s all share tools, strategies, and war stories below! 👇

    @Mason Vitalis Is this for a duplex in the Como neighborhood with 3 BRs in each unit? How did you determine the rents? Are these the current rents or do you know the area well enough to know them? And with total rent (plus fees) at $4k/month (1.11% of PP), why would it take you 5 minutes to figure out if this is a good deal or not?

    The operating expenses (42% of only gross rent) seem pretty high IMO- is there a specific reason for that? I generally estimate opexp between 30%-35% of Effective Gross Rent (Gross rent minus vacancy cost) as I usually work with bank lenders for my clients and that's what they tell me they use for their U/W. Did you look up the taxes, do you know the mill rate, or were they provided? And how did you determine the monthly insurance premium? FYI, If the $100 is paid to an HOA, that needs to be added to the PITI.

    You listing only shows the cash flow over Year 1. Does your full model look at it over a longer time period?

    For what it's worth, based on my proforma and the U/W I use with my clients, I'd recommend doing this deal all day long! Using a 5-year hold period, I'm getting a 17.1% IRR, 2.04x EMx, and 8.3% CoC return. I'm surprised the seller isn't asking for at least $425k.

    [email protected]
    1Reply
  • Mason Vitalis
    OP
    Real Estate Agent · MN · Member since 2021 · 34 posts · 27 votes
    1y

    @Jaycee Greene your insight is appreciated as always. I got the rent numbers from rentomoter as well as anecdotal knowledge of the market since I have past and current clients in the area. That's how I know the approximate insurance for a duplex in that area also. 

    These are projected rents as you can see at the top. The current rents are lower which I can see on the MLS. That's also where I got the tax estimate, but anyone can go to the county website as it's public information.

    It took me 5 minutes because with this calculator, I have to plug in basically 5 or 6 numbers to get a general idea of if it's worth exploring further. Property management can throw off the operating expenses to answer your question about that. Yes, I know insurance is one of the I's in PITI. You're correct to point that out because it's not supposed to be in there. This property doesn't have an HOA. That's in there by mistake from the last property I analyzed. That was a note and was not counted into the formulas. The $100 was an estimate for lawn care. Thank you for pointing that out!

    To your question about the time period, as I mentioned in my post, the downfall of this calculator is that it's a snapshot in time. So no, it does not calculate 5-year returns. 

    For what it's worth, 8% CoC over five years is garbage in my opinion compared to other deals on the market that are north of 10% day one. You could buy anything, and it would be a good deal in five years. Definitely not a bad deal, but I wouldn't recommend it to my buyers because they could get a better return elsewhere.

    Just trying to keep it simple for the newbies with this one. A lot of people make it sound so complicated when it's literally income and expenses. Not rocket science.

    1Reply
    • Jaycee GreenePro Member
      Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
      1y
      Quote from @Mason Vitalis:

      @Jaycee Greene your insight is appreciated as always. I got the rent numbers from rentomoter as well as anecdotal knowledge of the market since I have past and current clients in the area. That's how I know the approximate insurance for a duplex in that area also. 

      These are projected rents as you can see at the top. The current rents are lower which I can see on the MLS. That's also where I got the tax estimate, but anyone can go to the county website as it's public information.

      It took me 5 minutes because with this calculator, I have to plug in basically 5 or 6 numbers to get a general idea of if it's worth exploring further. Property management can throw off the operating expenses to answer your question about that. Yes, I know insurance is one of the I's in PITI. You're correct to point that out because it's not supposed to be in there. This property doesn't have an HOA. That's in there by mistake from the last property I analyzed. That was a note and was not counted into the formulas. The $100 was an estimate for lawn care. Thank you for pointing that out!

      To your question about the time period, as I mentioned in my post, the downfall of this calculator is that it's a snapshot in time. So no, it does not calculate 5-year returns. 

      For what it's worth, 8% CoC over five years is garbage in my opinion compared to other deals on the market that are north of 10% day one. You could buy anything, and it would be a good deal in five years. Definitely not a bad deal, but I wouldn't recommend it to my buyers because they could get a better return elsewhere.

      Just trying to keep it simple for the newbies with this one. A lot of people make it sound so complicated when it's literally income and expenses. Not rocket science.

       @Mason Vitalis One person's "garbage" is another one's "treasure"! 

      Are your buyers only planning to own an investment property for 1 year? Not sure how you can analyze/make recommendations based on a 1-year proforma. Seems very short sighted.

      Can you post a corrected version of the model given the multiple errors in your original post?  

      Also, what's the address so everyone can do a similar analysis and compare with your numbers.

      [email protected]
      0Reply
  • Lee Burns
    Investor · Chicago, IL · Member since 2018 · 311 posts · 149 votes
    1y

    Awesome post and thanks for sharing this, @Mason Vitalis!

    1Reply
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