Country-aware · Mortgage · Taxes · Cashflow · Appreciation
Underwrite the deal on
Underwrite the deal on
Renovated 4-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
-876
10-yr return
92%
Net cashflow / mo
-876
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
855500 EUR
Down payment (30%)
256650 EUR
Acquisition fees (10.0%)
85550 EUR
Mortgage principal
598850 EUR
Total cash-in at close
342200 EUR
🏦 Financing
Loan amount
598850 EUR
Mortgage rate
3.90%
Term
25 years
Monthly payment
3128 EUR
Annual debt service
37536 EUR
📊 Year-1 operating P&L
Gross rent
+42775
Operating costs (22%)
−9411
Net operating income (NOI)
33365
− Debt service
−37536
− Income tax (19%)
−6339
Net cashflow
-10511 EUR
📈 10-year projection
3.0% capital appreciation /yr| Year | Gross rent | Opex | Net cashflow | Property value | Equity |
|---|---|---|---|---|---|
| Y1 | 42775 | 9411 | -10511 | 881165 | 296752 |
| Y2 | 44058 | 9693 | -9700 | 907600 | 338197 |
| Y3 | 45380 | 9984 | -8865 | 934828 | 381031 |
| Y4 | 46741 | 10283 | -8005 | 962873 | 425301 |
| Y5 | 48144 | 10592 | -7119 | 991759 | 471057 |
| Y6 | 49588 | 10909 | -6206 | 1021512 | 518350 |
| Y7 | 51076 | 11237 | -5266 | 1052157 | 567231 |
| Y8 | 52608 | 11574 | -4298 | 1083722 | 617756 |
| Y9 | 54186 | 11921 | -3301 | 1116233 | 669981 |
| Y10 | 55812 | 12279 | -2274 | 1149720 | 723964 |
| Σ 10y | Cumulative net cashflow | -65543 | Equity at exit | 723964 | |
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.