Modelled index

RWN.ENR.0178.0±35 pts RWN.AGR.0164.0±39 pts RWN.INF.0161.0±42 pts RWN.PRP.0183.0±33 pts RWN.ENR.0259.0±47 pts RWN.ENR.0346.0±44 pts RWN.INF.0268.0±45 pts RWN.AGR.0257.0±42 pts RWN.AGR.0362.0±41 pts RWN.INF.0344.0±44 pts RWN.INF.0453.0±45 pts RWN.INF.0566.0±41 pts RWN.PRP.0261.0±41 pts RWN.PRP.0363.0±42 pts RWN.PRP.0448.0±43 pts RWN.CRD.0171.0±40 pts RWN.CRD.0258.0±43 pts RWN.CRD.0388.0±22 pts RWN.CMD.0179.0±35 pts RWN.CMD.0239.0±46 pts RWN.PRP.0546.0±26 pts RWN.PRP.0640.0±26 pts RWN.PRP.0754.0±26 pts RWN.PRP.0858.0±26 pts RWN.PRP.0954.0±26 pts RWN.PRP.1048.0±26 pts RWN.PRP.1148.0±26 pts RWN.PRP.1240.0±26 pts RWN.PRP.1340.0±26 pts RWN.PRP.1448.0±26 pts RWN.CRD.0464.0±26 pts RWN.CRD.0548.0±26 pts RWN.CRD.0640.0±26 pts RWN.CRD.0754.0±26 pts RWN.CRD.0840.0±26 pts RWN.CRD.0958.0±26 pts RWN.CRD.1058.0±26 pts RWN.CRD.1134.0±26 pts RWN.CRD.1258.0±26 pts RWN.CRD.1348.0±26 pts RWN.EQU.0148.0±26 pts RWN.EQU.0234.0±26 pts RWN.EQU.0348.0±26 pts RWN.EQU.0434.0±26 pts RWN.EQU.0540.0±26 pts RWN.EQU.0634.0±26 pts RWN.EQU.0740.0±26 pts RWN.EQU.0840.0±26 pts RWN.EQU.0948.0±26 pts RWN.EQU.1048.0±26 pts RWN.CMD.0358.0±26 pts RWN.CMD.0448.0±26 pts RWN.CMD.0534.0±26 pts RWN.CMD.0640.0±26 pts RWN.CMD.0734.0±26 pts RWN.CMD.0840.0±26 pts RWN.CMD.0934.0±26 pts RWN.CMD.1048.0±26 pts RWN.CMD.1140.0±26 pts RWN.CMD.1234.0±26 pts RWN.COL.0140.0±26 pts RWN.COL.0248.0±26 pts RWN.COL.0348.0±26 pts RWN.COL.0458.0±26 pts RWN.COL.0540.0±26 pts RWN.COL.0640.0±26 pts RWN.COL.0758.0±26 pts RWN.COL.0848.0±26 pts RWN.COL.0958.0±26 pts RWN.COL.1040.0±26 pts RWN.DIG.0140.0±26 pts RWN.DIG.0258.0±26 pts RWN.DIG.0334.0±26 pts RWN.DIG.0434.0±26 pts RWN.DIG.0534.0±26 pts RWN.DIG.0634.0±26 pts RWN.DIG.0734.0±26 pts RWN.DIG.0840.0±26 pts RWN.DIG.0934.0±26 pts RWN.DIG.1034.0±26 pts RWN.CUR.0158.0±26 pts RWN.CUR.0258.0±26 pts RWN.CUR.0348.0±26 pts RWN.CUR.0448.0±26 pts RWN.CUR.0558.0±26 pts RWN.CUR.0648.0±26 pts RWN.CUR.0748.0±26 pts RWN.CUR.0858.0±26 pts RWN.CUR.0948.0±26 pts RWN.CUR.1040.0±26 pts RWN.ENR.0178.0±35 pts RWN.AGR.0164.0±39 pts RWN.INF.0161.0±42 pts RWN.PRP.0183.0±33 pts RWN.ENR.0259.0±47 pts RWN.ENR.0346.0±44 pts RWN.INF.0268.0±45 pts RWN.AGR.0257.0±42 pts RWN.AGR.0362.0±41 pts RWN.INF.0344.0±44 pts RWN.INF.0453.0±45 pts RWN.INF.0566.0±41 pts RWN.PRP.0261.0±41 pts RWN.PRP.0363.0±42 pts RWN.PRP.0448.0±43 pts RWN.CRD.0171.0±40 pts RWN.CRD.0258.0±43 pts RWN.CRD.0388.0±22 pts RWN.CMD.0179.0±35 pts RWN.CMD.0239.0±46 pts RWN.PRP.0546.0±26 pts RWN.PRP.0640.0±26 pts RWN.PRP.0754.0±26 pts RWN.PRP.0858.0±26 pts RWN.PRP.0954.0±26 pts RWN.PRP.1048.0±26 pts RWN.PRP.1148.0±26 pts RWN.PRP.1240.0±26 pts RWN.PRP.1340.0±26 pts RWN.PRP.1448.0±26 pts RWN.CRD.0464.0±26 pts RWN.CRD.0548.0±26 pts RWN.CRD.0640.0±26 pts RWN.CRD.0754.0±26 pts RWN.CRD.0840.0±26 pts RWN.CRD.0958.0±26 pts RWN.CRD.1058.0±26 pts RWN.CRD.1134.0±26 pts RWN.CRD.1258.0±26 pts RWN.CRD.1348.0±26 pts RWN.EQU.0148.0±26 pts RWN.EQU.0234.0±26 pts RWN.EQU.0348.0±26 pts RWN.EQU.0434.0±26 pts RWN.EQU.0540.0±26 pts RWN.EQU.0634.0±26 pts RWN.EQU.0740.0±26 pts RWN.EQU.0840.0±26 pts RWN.EQU.0948.0±26 pts RWN.EQU.1048.0±26 pts RWN.CMD.0358.0±26 pts RWN.CMD.0448.0±26 pts RWN.CMD.0534.0±26 pts RWN.CMD.0640.0±26 pts RWN.CMD.0734.0±26 pts RWN.CMD.0840.0±26 pts RWN.CMD.0934.0±26 pts RWN.CMD.1048.0±26 pts RWN.CMD.1140.0±26 pts RWN.CMD.1234.0±26 pts RWN.COL.0140.0±26 pts RWN.COL.0248.0±26 pts RWN.COL.0348.0±26 pts RWN.COL.0458.0±26 pts RWN.COL.0540.0±26 pts RWN.COL.0640.0±26 pts RWN.COL.0758.0±26 pts RWN.COL.0848.0±26 pts RWN.COL.0958.0±26 pts RWN.COL.1040.0±26 pts RWN.DIG.0140.0±26 pts RWN.DIG.0258.0±26 pts RWN.DIG.0334.0±26 pts RWN.DIG.0434.0±26 pts RWN.DIG.0534.0±26 pts RWN.DIG.0634.0±26 pts RWN.DIG.0734.0±26 pts RWN.DIG.0840.0±26 pts RWN.DIG.0934.0±26 pts RWN.DIG.1034.0±26 pts RWN.CUR.0158.0±26 pts RWN.CUR.0258.0±26 pts RWN.CUR.0348.0±26 pts RWN.CUR.0448.0±26 pts RWN.CUR.0558.0±26 pts RWN.CUR.0648.0±26 pts RWN.CUR.0748.0±26 pts RWN.CUR.0858.0±26 pts RWN.CUR.0948.0±26 pts RWN.CUR.1040.0±26 pts

Frontiers · Residential Properties · Rental lab

Residential investment, made inspectable.

Adjust the asset, operating costs and financing. Follow the cash from the property to your ownership share.

ILLUSTRATIVE · USD · PRE-TAX

Residential rental appraisal

Trace rent, operating costs, monthly mortgage payments and sale proceeds through to investor cash flows.

Modelled outcome

Appraisal summary

Annualised investor IRR

4.2%

7-year hold · includes exit · Modelled

Year 1 investor cash flow

-$2,017

-1.3% cash-on-cash

Initial investor equity

$157,275

100% ownership

Investor NPV

-$51,040

10% annual hurdle

Build your case

Strategy · changing loads a sample caseLocation attribute

Asset & income

Purchase price / total asset ($)Acquisition costs (%)Initial refurbishment ($)Number of unitsMonthly rent per unit ($)Base economic occupancy (%)

Operating costs

Management (% of revenue)Routine maintenance (% of revenue)Property tax / year ($)Insurance / year ($)Association charges / year ($)Utilities / year ($)Other operating costs / year ($)Capital spending / year ($)Vehicle administration / year ($)

Financing & ownership

Purchase loan-to-value (%)Loan interest rate (% p.a.)Amortisation term (years)Loan arrangement fee (%)Investor ownership (%)

Terminal valuation

Growth & exit

Rent / nightly rate growth (% p.a.)Fixed cost & capex growth (% p.a.)Holding period (years)Price appreciation (% p.a.)Selling costs (%)Investor hurdle rate (% p.a.)

Fixed costs are whole-property annual totals. Inputs stay in this browser tab. Defaults are Assumed illustrations; outputs are Modelled.

The operating picture

YEAR 1

Property revenue

$28,890

Property NOI

$17,937

5.1% NOI / purchase price

Debt-service coverage

0.97×

Break-even base occupancy

Above 100%

Modelled occupancy: 95.0%

This case requires investor cash contributions in year 1. NOI alone does not cover all capital spending, administration and debt payments.

Income and investor cash flow

Property NOIInvestor operating cash flow

Exit bridge

At end of hold	Amount
Gross property value	$430,456
Selling costs	-$21,523
Remaining debt	-$195,293
Investor share (100%)	$213,640
Total investor receipts	$215,499
Net-flow equity multiple	1.33×

Purchase price compounded at the appreciation rate; refurbishment does not raise the basis.

Annual summary

Year	Revenue	NOI	Debt service	Investor operating CF	Closing debt
1	$28,890	$17,937	$18,433	-$2,017	$223,744
2	$29,756	$18,475	$18,433	-$1,524	$219,736
3	$30,649	$19,029	$18,433	-$1,017	$215,460
4	$31,569	$19,600	$18,433	-$494	$210,897
5	$32,516	$20,188	$18,433	$44	$206,029
6	$33,491	$20,794	$18,433	$598	$200,835
7	$34,496	$21,418	$18,433	$1,169	$195,293

Sale proceeds are excluded from the annual operating rows and added in the final month of the IRR series. Pre-tax, single currency, fixed-rate fully amortising loan.

Next: model staged works, debt draws and a single completed sale.

Renovation & development →