Country-aware · Mortgage · Taxes · Cashflow · Appreciation
Underwrite the deal on
Underwrite the deal on
Bright pied-à-terre in Malasaña · Ref 4809
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
-1298
10-yr return
92%
Net cashflow / mo
-1298
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
1267500 EUR
Down payment (30%)
380250 EUR
Acquisition fees (10.0%)
126750 EUR
Mortgage principal
887250 EUR
Total cash-in at close
507000 EUR
🏦 Financing
Loan amount
887250 EUR
Mortgage rate
3.90%
Term
25 years
Monthly payment
4634 EUR
Annual debt service
55613 EUR
📊 Year-1 operating P&L
Gross rent
+63375
Operating costs (22%)
−13943
Net operating income (NOI)
49433
− Debt service
−55613
− Income tax (19%)
−9392
Net cashflow
-15572 EUR
📈 10-year projection
3.0% capital appreciation /yr| Year | Gross rent | Opex | Net cashflow | Property value | Equity |
|---|---|---|---|---|---|
| Y1 | 63375 | 13943 | -15572 | 1305525 | 439664 |
| Y2 | 65276 | 14361 | -14371 | 1344691 | 501069 |
| Y3 | 67235 | 14792 | -13134 | 1385031 | 564531 |
| Y4 | 69252 | 15235 | -11859 | 1426582 | 630122 |
| Y5 | 71329 | 15692 | -10547 | 1469380 | 697914 |
| Y6 | 73469 | 16163 | -9195 | 1513461 | 767982 |
| Y7 | 75673 | 16648 | -7802 | 1558865 | 840404 |
| Y8 | 77943 | 17148 | -6368 | 1605631 | 915261 |
| Y9 | 80282 | 17662 | -4891 | 1653800 | 992637 |
| Y10 | 82690 | 18192 | -3369 | 1703414 | 1072617 |
| Σ 10y | Cumulative net cashflow | -97108 | Equity at exit | 1072617 | |
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.