Rental Property Analyzer
Cap rate, cash-on-cash, DSCR, IRR, 30-year projection to sale, verified
Buy-to-let underwriting: loan and amortisation, 30-year cash flow to sale, cap rate, cash-on-cash, DSCR, GRM, equity multiple and IRR, every metric verified.
One price, no licence to choose. Payment and VAT are handled by Gumroad, the merchant of record.
Underwrite a rental purchase the way a lender or an experienced buyer does. Inputs: price, closing costs, initial repairs, down payment, rate and term; rent and other income, vacancy; property tax, insurance, repairs, capital reserves, management, HOA, utilities; rent growth, expense growth, appreciation, holding period and selling costs. The workbook builds a 360-month amortisation and a 30-year projection: gross rent, vacancy, effective gross income, every expense line, NOI, debt service split into interest and principal, cash flow before tax, property value, loan balance, equity, and the net sale in the holding year.
Metrics: purchase and all-in cap rate, cash-on-cash, DSCR, gross rent multiplier, the 1% rule, break-even occupancy, operating expense ratio, total cash invested, cash flows over the hold, net sale proceeds, equity multiple, IRR (cash invested at year 0, then each year's cash flow including the sale) and average cash-on-cash. The IRR series is laid out beside the metrics so you can see what it is computed from.
- 14 metrics and five projection years recalculated with a formula engine and matched to an independent Python replica before listing.
- Live formulas, no macros, no locked cells; opens in Excel and Google Sheets.
- Before income tax. Depreciation, tax on sale, refinancing and rate resets are outside the workbook and the Guide says so. Arithmetic on your assumptions, not investment, tax or legal advice.
Checked, not asserted. This workbook was recalculated cell by cell through a formula engine and matched against an independent replica written separately: 33 checks, all passing, last run 2026-10-17. Each check compares the figure the workbook produces against one worked out separately by hand before the run, so a figure lost in packaging fails the check rather than reaching you. Read the verification report for the UAE Corporate Tax workbook, or how Bindler verifies.
What was checked: all 19, by name
Each line is one figure recalculated and matched against a value worked out by hand before the run. The figures themselves are in the workbook.
- B4 Purchase cap rate (year 1 NOI over price)
- B5 All-in cap rate (year 1 NOI over price plus cl
- B6 Cash-on-cash return, year 1
- B7 DSCR, year 1
- B8 Gross rent multiplier
- B9 Monthly rent as a share of price (the 1% rule)
- B10 Break-even occupancy, year 1
- B11 Operating expense ratio, year 1
- B12 Total cash invested
- B13 Sum of cash flows before tax over the hold
- B14 Net sale proceeds in the holding year
- B15 Equity multiple
- B16 IRR over the hold (annual, before tax)
- B17 Average annual cash-on-cash over the hold
- year 1: NOI vs , cash flow vs , total vs
- year 2: NOI vs , cash flow vs , total vs
- year 5: NOI vs , cash flow vs , total vs
- year 10: NOI vs , cash flow vs , total vs
- year 11: NOI vs , cash flow vs , total vs
What is inside
1 Excel workbook (.xlsx), sheets: Inputs, Amortisation (360 months), Projection (30 years), Metrics with the IRR series, Guide.
Use it if
You are buying, refinancing or comparing rental properties and want the metrics computed the standard way with the working shown.
Not for
You need after-tax returns with depreciation and tax on sale, or a multi-unit development model; this is a single-property, before-tax analyzer.
Who you are buying from
Bindler is the trading name of Neil Sangwaiya, one person in Dubai. There is no company behind that name, no sales team and no reviews, and this page is not going to pretend otherwise. What there is instead is a record. Gumroad takes the payment and is the merchant of record, so your card details never reach Bindler. Where a figure could not be verified the cell is left blank rather than filled. When something was found wrong it was written down and dated in the change log with the old figure named. And there is a 30-day money back guarantee, no reason needed, handled by Gumroad.
What you actually download
One spreadsheet file. No macros and no VBA, because the .xlsx format cannot carry them. No locked cells and no hidden sheets. If your IT will not let you open a spreadsheet from outside, upload it to Google Sheets and it opens there. And yes, an AI built it: that is exactly why every figure is recalculated against a replica worked out by hand first, rather than trusted.
Sheet previews
How buying works
- Choose a licenceSingle user for one person, team for up to 10, consultancy to use with clients. The buttons above go to the Gumroad page.
- Pay on GumroadCard or PayPal; Gumroad is the merchant of record and handles VAT and the receipt.
- Download the fileThe .xlsx arrives on the receipt page and by email. It opens in Excel and Google Sheets; nothing to install.
- Use itYellow cells are inputs, blue cells are formulas, every figure names its source. Questions: reply to the receipt; every reply is read and answered, usually the same day.
Advisers and accountants who recommend these workbooks to clients can earn 30% of each sale as a Gumroad affiliate: sign up on the store, no approval wait.
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