Country-aware · Mortgage · Taxes · Cashflow · Appreciation
Underwrite the deal on
Underwrite the deal on
Renovated 2-bedroom flat overlooking Malasaña
Tweak any input — down payment, mortgage rate, hold horizon — and the projection refreshes instantly. Country-specific tax and fee schedules are baked in; the formula is documented on the methodology page.
Cap rate
3.9%
Cashflow / mo
-407
10-yr return
92%
Net cashflow / mo
-407
EUR · after debt service & taxes
Cap rate
3.9%
NOI ÷ asking price
Cash-on-cash
-3.1%
Year-1 cashflow ÷ cash-in
10-yr total return
92%
6.8% annualised
💼 Acquisition
Asking price
397900 EUR
Down payment (30%)
119370 EUR
Acquisition fees (10.0%)
39790 EUR
Mortgage principal
278530 EUR
Total cash-in at close
159160 EUR
🏦 Financing
Loan amount
278530 EUR
Mortgage rate
3.90%
Term
25 years
Monthly payment
1455 EUR
Annual debt service
17458 EUR
📊 Year-1 operating P&L
Gross rent
+19895
Operating costs (22%)
−4377
Net operating income (NOI)
15518
− Debt service
−17458
− Income tax (19%)
−2948
Net cashflow
-4889 EUR
📈 10-year projection
3.0% capital appreciation /yr| Year | Gross rent | Opex | Net cashflow | Property value | Equity |
|---|---|---|---|---|---|
| Y1 | 19895 | 4377 | -4889 | 409837 | 138022 |
| Y2 | 20492 | 4508 | -4511 | 422132 | 157298 |
| Y3 | 21107 | 4643 | -4123 | 434796 | 177221 |
| Y4 | 21740 | 4783 | -3723 | 447840 | 197811 |
| Y5 | 22392 | 4926 | -3311 | 461275 | 219093 |
| Y6 | 23064 | 5074 | -2887 | 475113 | 241089 |
| Y7 | 23756 | 5226 | -2449 | 489367 | 263824 |
| Y8 | 24468 | 5383 | -1999 | 504048 | 287323 |
| Y9 | 25202 | 5545 | -1535 | 519169 | 311614 |
| Y10 | 25958 | 5711 | -1058 | 534744 | 336721 |
| Σ 10y | Cumulative net cashflow | -30485 | Equity at exit | 336721 | |
Modelling assumptions
- Country baseline: ES — operating costs 22% of gross rent, income tax 19%, capital appreciation 3.0%/yr.
- Projections assume rent grows at the country appreciation rate. Real-world rent growth will diverge.
- Mortgage figures use a constant interest rate for the full term. Re-mortgage events are not modelled.
- Excludes capital-gains tax on exit, currency hedging costs and any local property tax over and above the operating buffer.