Roka 2 camere (synthetic projection)

Long-term rental propertyStage ScreeningFigures in EUR, pre-taxArchived

How each rental plan plays out month by month over the years you hold the property, in EUR. Every figure is calculated from your plans, the facts and these assumptions; none is a forecast of what will happen. Exchange rates are not forecast.

Projection assumptions

Your assumptions, kept apart from the facts. Leave a field empty when you do not know it: what depends on it stays unavailable. Enter 0 for growth or costs only when you mean zero.

Your assumption

Dates

Purchase (contract signed)

Holding period (years)

Property available (completion)

Empty: at the purchase.

Rent starts

Empty: when available. Never before.

Bank loan paid out

Empty: when available.

Seller loan starts

Empty: when available.

Purchase and setup costs, item by item

When you list items here, they replace the financing's purchase price and transaction costs and the plans' setup costs in the projection, so nothing counts twice. Leave the list empty to use those. A deposit is part of an item's amount. Enter a VAT rate only if you know it applies; VAT is always counted as paid.

Item

What it is

Amount

VAT rate (%)

Amount includes VAT

Deposit (part of the amount)

Deposit paid

Rest paid

Empty: at the purchase for fees and premiums, else when available.

Let separately for (monthly)

Empty: included in the main rent, or not let.

Only for

Source of the figure

Item

What it is

Amount

VAT rate (%)

Amount includes VAT

Deposit (part of the amount)

Deposit paid

Rest paid

Empty: at the purchase for fees and premiums, else when available.

Let separately for (monthly)

Empty: included in the main rent, or not let.

Only for

Source of the figure

Item

What it is

Amount

VAT rate (%)

Amount includes VAT

Deposit (part of the amount)

Deposit paid

Rest paid

Empty: at the purchase for fees and premiums, else when available.

Let separately for (monthly)

Empty: included in the main rent, or not let.

Only for

Source of the figure

Item

What it is

Amount

VAT rate (%)

Amount includes VAT

Deposit (part of the amount)

Deposit paid

Rest paid

Empty: at the purchase for fees and premiums, else when available.

Let separately for (monthly)

Empty: included in the main rent, or not let.

Only for

Source of the figure

Item

What it is

Amount

VAT rate (%)

Amount includes VAT

Deposit (part of the amount)

Deposit paid

Rest paid

Empty: at the purchase for fees and premiums, else when available.

Let separately for (monthly)

Empty: included in the main rent, or not let.

Only for

Source of the figure

Item

What it is

Amount

VAT rate (%)

Amount includes VAT

Deposit (part of the amount)

Deposit paid

Rest paid

Empty: at the purchase for fees and premiums, else when available.

Let separately for (monthly)

Empty: included in the main rent, or not let.

Only for

Source of the figure

Loans over time

The loans come from the Financing tab. Without a rate change, each rate is held for the whole projection, which is your assumption: a "fixed" rate is fixed only for its fixed period.

Loan

From

Rate from then (%)

If the bank loan falls due before the sale

If the seller loan falls due before the sale

Growth and tax

Rent growth a year (%)

0 for flat rents; negative for falling.

Cost growth a year (%)

Rental-income tax (%, optional)

Your assumption, not a tax calculation.

Tax charged on

Forecasts that differ from the source

A stated cost stays the fact; a forecast changes only the projection, from its month. A contracted rent changes only through a dated rent forecast (a lease ending and the unit re-let).

Cost

From

Yearly amount

Why

Planned capital spending

The sale

Sale price from

Change a year (%)

One-off change on completion (%)

Starting market value (optional)

Empty: the real-estate items' prices. Fees, furnishing and premiums never appreciate.

Selling costs (% of the price)

Required; 0 if none.

Fixed selling costs (optional)

Sale tax (%, optional)

Sale tax charged on

Reinvesting rental cash (optional, off unless you choose it)

Reinvest positive rental cash

Assumed return a year (%)

Your assumption: not a guaranteed outcome or a recommendation.

Put in

The return is

Ways of letting over the holding period

Calculated by Pitchweight

Alternatives for the same property, never added together. Base scenario, pre-tax.

	Long-term letting	Medium-term letting
Most of your money in at once	€82,700.56	€96,986
Net investment profit (pre-tax)	€29,382.60	€18,920.86
Internal rate of return (pre-tax)	7.41%	4.36%

Show the sheet for

Long-term letting: 5-year projection

Calculated by Pitchweight

Purchase 2027-01
Available 2028-07
Rent starts 2028-09
Sale 2032-01

The itemised price and transaction costs (EUR 202,954) differ from the financing's purchase price and transaction costs (EUR 170,477): the projection uses the items; nothing is counted twice.
Bank loan: 4.7%, then 6% from 2031-07: your assumed changes.
Parking space let separately: rent added once, apart from the plan's rent, and grown with rent growth.
Rental-income tax is your assumption: 7% of gross rent collected each projection year, never below zero, with no loss carried forward. Not a tax calculation.
No rent before 2028-09: the owner's fixed costs are paid from 2028-07 while the property waits to be let.
The property is not available until 2028-07: no rent and no running costs before then.
Single analysis currency: every amount is in EUR; exchange rates are not forecast.
Contributions continue after the purchase (carrying costs, deficits, spending or maturities): see the dated contributions.

Purchase and funding

Calculated by Pitchweight

The itemised costs below are the purchase and setup costs. The first-year analysis still uses the financing's purchase price and transaction costs and the plan's setup costs. A deposit is part of an item's price, never an extra cost.

Item	Before VAT	VAT	Paid	Deposit	Balance
Apartment 204Real estate, appreciates. Source: Developer offer (screenshot)	€138,808.26	€29,149.74	€167,958	€25,1942027-01	€142,7642028-07
Parking spaceReal estate, appreciates	€12,396.69	€2,603.31	€15,000	€3,0002027-01	€12,0002028-07
CesiuneAssignment premium (cesiune)	€14,443.80	€3,033.20	€17,477		€17,4772027-01
NotaryTransaction cost	€2,519		€2,519		€2,5192028-07
Opening cash reserveCash reserve	€3,000		€3,000		€3,0002028-07

Total acquisition and setup costEvery item above, VAT included, without the cash reserve	€202,954
Opening cash reserveHeld as cash and released at the sale	€3,000
Loan fees	€0
Bank loan, drawn 2028-07Your assumption, not an offer. 4.7%, then 6% from 2031-07: your assumed changes.	€125,968
Uses: purchase and setup payments, cash reserve and loan fees	€205,954
Sources: loans drawnEach on its own drawdown date, never before	€125,968
Sources: your contributions to the purchasePayments due before a loan is drawn, and what the loans do not cover	€79,986
Sources - usesZero when they reconcile	€0

Your contributions to the purchase	€79,986
Your later contributionsCarrying costs, deficits, spending and maturities	€2,714.56
Most of your own money in at onceCumulative contributions less what has come back, at its highest	€82,700.56

Your contributions by month20 months

2027-01 (Purchase)	€45,671
2028-07 (Purchase)	€34,315
2030-07 (After the purchase)	€50.25
2030-08 (After the purchase)	€54.69
2030-09 (After the purchase)	€39.35
2030-10 (After the purchase)	€39.35
2030-11 (After the purchase)	€39.35
2030-12 (After the purchase)	€740.05
2031-01 (After the purchase)	€44.41
2031-02 (After the purchase)	€44.41
2031-03 (After the purchase)	€44.41
2031-04 (After the purchase)	€44.41
2031-05 (After the purchase)	€44.41
2031-06 (After the purchase)	€44.41
2031-07 (After the purchase)	€138.83
2031-08 (After the purchase)	€138.83
2031-09 (After the purchase)	€123.18
2031-10 (After the purchase)	€123.18
2031-11 (After the purchase)	€123.18
2031-12 (After the purchase)	€837.90

An average month of the first letting year

Calculated by Pitchweight

The first twelve months from the rental start, added up and divided by 12: an average, not an actual month. A holiday let's real months differ widely; see the actual months below.

Gross rent	€860
Vacancy and rent not collected	-€47.60
Operating expenses	-€212.53
Net operating income	€599.87
Loan interest	-€489.24
Loan principal repaid	-€164.07
Reserve funding	-€26.27
Net rental cash (pre-tax)	-€79.71
Rental-income tax (your assumption, spread)	-€18.96
Net rental cash after tax	-€98.67

Year by year

Calculated by Pitchweight

Projection years run twelve months from the purchase. Principal repaid is equity you build, not cash you can spend; appreciation appears only at the sale. Percentages divide by your contributions to the end of each year.

Net rental cash by year, pre-tax

Year 1Year 2Year 3Year 4Year 5

Year	12027-01 to 2027-12	22028-01 to 2028-12	32029-01 to 2029-12	42030-01 to 2030-12	52031-01 to 2031-12
Gross rental income	€0	€3,440	€10,388.80	€10,596.58	€10,808.51
Vacancy and rent not collected	€0	€190.40	€575.01	€586.50	€598.23
Operating expenses	€0	€1,136.87	€2,573.09	€2,765.19	€2,840.74
Net operating income	€0	€2,112.73	€7,240.71	€7,244.88	€7,369.54
Loan interest	€0	€2,460.58	€5,839.90	€5,743.85	€6,422.73
Loan principal repaid	€0	€806	€1,999.91	€2,095.96	€1,983.61
Reserve funding	€0	€103	€318.27	€327.82	€337.65
Capital spending paid from cash	€0	€0	€0	€0	€0
Capital spending paid from the reserve (not deducted again)	€0	€0	€0	€0	€0
Net rental cash (pre-tax)	€0	-€1,256.86	-€917.38	-€922.75	-€1,374.45
Rental-income tax (your assumption)	€0	€227.47	€686.97	€700.71	€714.72
Net rental cash after tax	€0	-€1,484.33	-€1,604.34	-€1,623.46	-€2,089.17
Loan maturities you repay (exceptional)	€0	€0	€0	€0	€0
Your contributions	€45,671	€34,315	€0	€0	€384.70
Cash paid out to you	€0	€0	€0	€0	€0
Your capital to date (the denominator)	€45,671	€79,986	€79,986	€79,986	€80,370.70
Debt outstanding at year end	€0	€125,162	€123,162.08	€121,066.12	€119,082.51
Reserve at year end	€0	€1,846.14	€1,247.04	€652.11	€0
Property value (appreciation model, not cash)	€192,105.90	€201,711.20	€211,796.75	€222,386.59	€233,505.92
Debt coverage (NOI / scheduled debt service)	Not available	0.65x	0.92x	0.92x	0.88x
Cash-on-cash return	0%	-1.57%^*	-1.15%	-1.15%	-1.71%^*
Principal repaid / capital	0%	1.01%^*	2.5%	2.62%	2.47%^*
Cash plus principal (includes non-cash equity)	0%	-0.56%^*	1.35%	1.47%	0.76%^*

* Capital went in during that year, so a percentage on the year-end total understates its return for the time it was invested. The internal rate of return below accounts for when each amount went in.

Your forecasts beside their source

Calculated by Pitchweight

Line	Source value	Your forecast	From	Projected (first year)
Property taxLocal tax reassessment	€300Your plan: Your assumption	€450	2030-01	€450

The sale, 2032-01

Calculated by Pitchweight

Starting market valueApartment 204 + Parking space as paid (VAT included where it applies); costs such as notary fees, furnishing or an assignment premium do not appreciate	€182,958
Appreciation5% a year compounded over 5 years	27.63% (5% a year)
Sale price	€233,505.92
Selling costs	-€4,670.12
Debt still owed, repaidEvery principal repayment has already lowered it: it is not added back	-€119,082.51
Net sale proceeds (pre-tax)	€109,753.30
Reserve released	€0

Appreciation is never part of rental cash flow; it is received only at the sale.

Your results over the holding period

Calculated by Pitchweight

Property only, pre-tax

Total contributed	€80,370.70
Rental cash received during the holding	€0
Received at the sale (net proceeds and reserve)	€109,753.30
Total received	€109,753.30
Most of your money in at once	€80,370.70

Net investment profit (pre-tax)	€29,382.60
Total return over 5 years (pre-tax, not annualised)	36.56%
Internal rate of return, yearly (pre-tax)	7.41%
Compound annual growth of the money put in (pre-tax)	Not shown: capital goes in at different times, so a single start-to-end growth rate would misstate it. Use the IRR.

Property only, after your tax assumptions

Total contributed	€82,700.56
Rental cash received during the holding	€0
Received at the sale (net proceeds and reserve)	€109,753.30
Total received	€109,753.30
Most of your money in at once	€82,700.56

Net investment profit (after your tax assumptions)	€27,052.74
Total return over 5 years (after your tax assumptions, not annualised)	32.71%
Internal rate of return, yearly (after your tax assumptions)	6.86%
Compound annual growth of the money put in (after your tax assumptions)	Not shown: capital goes in at different times, so a single start-to-end growth rate would misstate it. Use the IRR.

Property and reinvestment account

Total contributed	€82,700.56
Rental cash received during the holding	€0
Received at the sale (net proceeds and reserve)	€109,753.30
Reinvestment account at the sale	€0
Total received	€109,753.30
Most of your money in at once	€82,700.56

Net investment profit (after tax, with reinvestment)	€27,052.74
Total return over 5 years (after tax, with reinvestment, not annualised)	32.71%
Internal rate of return, yearly (after tax, with reinvestment)	6.86%
Compound annual growth of the money put in (after tax, with reinvestment)	Not shown: capital goes in at different times, so a single start-to-end growth rate would misstate it. Use the IRR.

Reinvestment account (your assumption, off unless entered)

Before the outside investment's own costs and taxes, as you entered it. An assumed 9% a year is not a guaranteed outcome or a recommendation. Deficits are still paid by you; the account is never drawn on.

Rental cash put in	€0
Assumed gains or losses	€0
Account value at the sale	€0
Year 1 (2027-12)	€0
Year 2 (2028-12)	€0
Year 3 (2029-12)	€0
Year 4 (2030-12)	€0
Year 5 (2031-12)	€0

Base, Downside and Upside

Calculated by Pitchweight

	Downside	Base
Net rental cash, first year with rent	-€1,707.60	-€1,256.86
Sale price	€198,480.03	€233,505.92
Most of your money in at once	€86,439.78	€82,700.56
Net investment profit (pre-tax)	-€8,914.98	€29,382.60
Internal rate of return (pre-tax)	-2.64%	7.41%

Every month61 actual months, pre-tax

Month	Rent	Costs	NOI	Interest	Principal	To reserve	Purchase payments	Loans drawn	You put in	Paid to you	Reserve	Debt
2027-01Waiting							€45,671		€45,671
2027-02Waiting
2027-03Waiting
2027-04Waiting
2027-05Waiting
2027-06Waiting
2027-07Waiting
2027-08Waiting
2027-09Waiting
2027-10Waiting
2027-11Waiting
2027-12Waiting
2028-01Waiting
2028-02Waiting
2028-03Waiting
2028-04Waiting
2028-05Waiting
2028-06Waiting
2028-07Carrying		€149.35	-€149.35				€160,283	€125,968	€34,315		€2,850.65	€125,968
2028-08Carrying		€149.35	-€149.35	€493.37	€159.94						€2,047.98	€125,808.06
2028-09Letting	€812.40	€209.54	€602.86	€492.75	€160.57	€25.75					€1,997.52	€125,647.49
2028-10Letting	€812.40	€209.54	€602.86	€492.12	€161.20	€25.75					€1,947.06	€125,486.29
2028-11Letting	€812.40	€209.54	€602.86	€491.49	€161.83	€25.75					€1,896.60	€125,324.46
2028-12Letting	€812.40	€209.54	€602.86	€490.85	€162.46	€25.75					€1,846.14	€125,162
2029-01Letting	€812.40	€214.02	€598.38	€490.22	€163.10	€26.52					€1,791.20	€124,998.90
2029-02Letting	€812.40	€214.02	€598.38	€489.58	€163.74	€26.52					€1,736.26	€124,835.16
2029-03Letting	€812.40	€214.02	€598.38	€488.94	€164.38	€26.52					€1,681.32	€124,670.78
2029-04Letting	€812.40	€214.02	€598.38	€488.29	€165.02	€26.52					€1,626.38	€124,505.75
2029-05Letting	€812.40	€214.02	€598.38	€487.65	€165.67	€26.52					€1,571.44	€124,340.08
2029-06Letting	€812.40	€214.02	€598.38	€487	€166.32	€26.52					€1,516.50	€124,173.76
2029-07Letting	€812.40	€214.02	€598.38	€486.35	€166.97	€26.52					€1,461.56	€124,006.79
2029-08Letting	€812.40	€214.02	€598.38	€485.69	€167.62	€26.52					€1,406.62	€123,839.17
2029-09Letting	€828.65	€215.23	€613.42	€485.04	€168.28	€26.52					€1,366.73	€123,670.89
2029-10Letting	€828.65	€215.23	€613.42	€484.38	€168.94	€26.52					€1,326.83	€123,501.95
2029-11Letting	€828.65	€215.23	€613.42	€483.72	€169.60	€26.52					€1,286.94	€123,332.35
2029-12Letting	€828.65	€215.23	€613.42	€483.05	€170.27	€26.52					€1,247.04	€123,162.08
2030-01Letting	€828.65	€230.02	€598.62	€482.38	€170.93	€27.32					€1,192.35	€122,991.15
2030-02Letting	€828.65	€230.02	€598.62	€481.72	€171.60	€27.32					€1,137.65	€122,819.55
2030-03Letting	€828.65	€230.02	€598.62	€481.04	€172.27	€27.32					€1,082.96	€122,647.27
2030-04Letting	€828.65	€230.02	€598.62	€480.37	€172.95	€27.32					€1,028.27	€122,474.32
2030-05Letting	€828.65	€230.02	€598.62	€479.69	€173.63	€27.32					€973.58	€122,300.70
2030-06Letting	€828.65	€230.02	€598.62	€479.01	€174.31	€27.32					€918.88	€122,126.39
2030-07Letting	€828.65	€230.02	€598.62	€478.33	€174.99	€27.32					€864.19	€121,951.40
2030-08Letting	€828.65	€230.02	€598.62	€477.64	€175.67	€27.32					€809.50	€121,775.72
2030-09Letting	€845.22	€231.25	€613.97	€476.95	€176.36	€27.32					€770.15	€121,599.36
2030-10Letting	€845.22	€231.25	€613.97	€476.26	€177.05	€27.32					€730.80	€121,422.31
2030-11Letting	€845.22	€231.25	€613.97	€475.57	€177.75	€27.32					€691.45	€121,244.56
2030-12Letting	€845.22	€231.25	€613.97	€474.87	€178.44	€27.32					€652.11	€121,066.12
2031-01Letting	€845.22	€236.31	€608.91	€474.18	€179.14	€28.14					€607.70	€120,886.98
2031-02Letting	€845.22	€236.31	€608.91	€473.47	€179.84	€28.14					€563.29	€120,707.13
2031-03Letting	€845.22	€236.31	€608.91	€472.77	€180.55	€28.14					€518.89	€120,526.58
2031-04Letting	€845.22	€236.31	€608.91	€472.06	€181.26	€28.14					€474.48	€120,345.33
2031-05Letting	€845.22	€236.31	€608.91	€471.35	€181.97	€28.14					€430.07	€120,163.36
2031-06Letting	€845.22	€236.31	€608.91	€470.64	€182.68	€28.14					€385.66	€119,980.69
2031-07Letting	€845.22	€236.31	€608.91	€599.90	€147.84	€28.14					€246.84	€119,832.85
2031-08Letting	€845.22	€236.31	€608.91	€599.16	€148.58	€28.14					€108.01	€119,684.28
2031-09Letting	€862.13	€237.56	€624.56	€598.42	€149.32	€28.14			€15.17			€119,534.96
2031-10Letting	€862.13	€237.56	€624.56	€597.67	€150.06	€28.14			€123.18			€119,384.89
2031-11Letting	€862.13	€237.56	€624.56	€596.92	€150.81	€28.14			€123.18			€119,234.08
2031-12Letting	€862.13	€237.56	€624.56	€596.17	€151.57	€28.14			€123.18			€119,082.51
2032-01Sale										€109,753.30		€119,082.51

How these figures are calculated9 formulas

Gross rent: the plan's rent (or holiday booking revenue) in that month, after rent growth and any rent forecast, plus real estate let separately.
Net operating income (NOI) = rent collected - operating expenses. Before availability nothing is paid; between availability and the rental start the owner's fixed costs are.
Debt service = interest + scheduled principal from each loan's schedule from its drawdown month; a balloon is a separate maturity payment.
Net rental cash = NOI - interest - principal - reserve funding - capital spending paid from cash (pre-tax). Principal repaid is equity, not spendable income.
Cash-on-cash = net rental cash of the year / the investor's contributions to the end of the year. Principal return = principal repaid / the same. Cash plus principal includes non-cash equity accumulation.
Debt coverage (DSCR) = NOI / scheduled debt service of the year; maturity payments are funded separately, not covered from income.
Net sale proceeds = sale price - selling costs - sale tax (if assumed) - all debt still owed. Principal repaid already lowers the debt, so it is never added again.
Net profit = everything the investor receives (distributions, net sale proceeds, released reserve, the reinvestment account) - everything contributed. Total return = net profit / contributions, not annualised.
IRR: the yearly rate at which the dated monthly contributions and receipts break even. CAGR only when all capital goes in at the start and everything comes back at the sale.