Stop guessing whether a Brooklyn rental pencils out
Every listing looks like a good deal until you actually run the numbers. A property that rents for a strong monthly figure can still lose money once you factor in NYC property taxes, water and sewer, insurance, vacancy, and repairs — and a building full of rent-stabilized units may never grow the way a spreadsheet-free investor assumes.
Our free rental property analysis template does that math for you. Enter a few inputs and it instantly returns the metrics lenders and seasoned investors actually use, so you can compare deals side by side and walk into a purchase (or a refinance) with clear eyes.
The worksheet
Build this in any spreadsheet. Inputs are what you enter; everything else is calculated.
Inputs
| Input | Notes |
|---|---|
| Purchase price | |
| Closing costs | Include transfer taxes, title, legal, inspection |
| Down payment | |
| Loan amount, rate, term | For debt service |
| Unit count and unit mix | |
| Scheduled monthly rent, per unit | What the lease says |
| Rent-regulation status, per unit | Regulated, market, or unknown — this is not optional |
| Estimated vacancy rate | Be honest; see below |
Income
Gross scheduled rent = sum of monthly rents x 12
Vacancy & credit loss = gross scheduled rent x vacancy rate
Other income = laundry, storage, parking, fees
Effective gross income = gross scheduled rent - vacancy & credit loss + other income
Effective gross income, not the rent roll, is the top of the calculation. A unit that sits six weeks between tenants did not earn its scheduled rent.
Operating expenses
Every one of these, or the result is fiction:
Property taxes
Insurance (landlord policy, not owner-occupied)
Water & sewer
Fuel / heating
Common electric & gas
Repairs & maintenance
Payroll (if the building has staff)
Management
Legal & professional
Registration & filing fees
Capital reserve <- the line most often omitted
--------------------------------
Total operating expenses
The capital reserve is not optional. Roofs, boilers, and elevators have known service lives and large replacement costs. A model without a reserve line is not projecting a return — it is deferring a bill.
Note that operating expenses exclude debt service and depreciation. Those enter below.
The metrics
NOI = effective gross income - total operating expenses
Cap rate = NOI / purchase price
Annual debt service = monthly mortgage payment x 12
Cash flow = NOI - annual debt service
Cash invested = down payment + closing costs + immediate capital work
Cash-on-cash return = cash flow / cash invested
GRM = purchase price / gross scheduled rent
Sanity checks before you trust the output
- Are the expenses yours or the seller's? Seller-supplied expense figures are the single most common reason a projected cap rate fails to materialize.
- Is the vacancy assumption real? Zero vacancy is not an assumption, it is a wish.
- Did you verify regulation status? If units are rent-stabilized, income growth is governed. Check whether DHCR registration was actually maintained — lapses constrain the legal rent and are inherited by you.
- What is the deferred capital? Roof, boiler, facade, elevator. Remaining service life belongs in the model.
- What violations are open? They attach to the property and follow it through the sale.
Our Brooklyn rental property returns guide walks through what actually moves these numbers once you own the building.
Who this is for
This tool is built for people making real decisions about NYC rental property:
- First-time investors sizing up their first two-to-four-unit building.
- Current owners deciding whether to hold, refinance, or sell.
- Buyers working with a broker who want to independently sanity-check a deal — including clients coming through our sister brokerage, Pear NYC.
If you're weighing a purchase, pair this with our guide to investing in Brooklyn rental property and our breakdown of how to price a Brooklyn rental.
Want us to run the numbers for you?
A worksheet is only as good as the assumptions you feed it — and getting NYC rents, expenses, and stabilization status right is exactly what we do every day. Yak Management is a boutique, principal-led firm managing nearly 400 units across Brooklyn and greater NYC, with deep expertise in rent-stabilized and subsidized housing.
Skip the guesswork and let our team pull real market comps and realistic expenses for your specific building. Get a free, no-obligation rental analysis — we'll show you what your property should earn and where you're leaving money on the table.
Curious how ownership works with us day to day? Explore our financial reporting and full-service property management, or just reach out — we're happy to talk through a deal before you sign anything.
This worksheet and page are educational tools, not investment, tax, or legal advice. Confirm rent-stabilization status, property taxes, and financing terms with the appropriate professionals before purchasing.