Absolutely! If you've previously bought a rental property and would like to see its projected cash flow and investment returns, or if you're thinking about renting out your current home, DealCheck can help you do that.
You can also analyze properties that you already own and are planning to refinance in the future.
Analyzing a property you already own or live in is very similar to analyzing any other rental property. If you haven't read our step-by-step tutorial on how to analyze rental properties with our software, take a look at that first.
Once you get the hang of the process, here are some tips for what you should enter when analyzing properties you already own.
Customizing Property Details
Price and After Repair Value
- Purchase Price: enter the price you originally paid for the property when you first bought it.
- After Repair Value: enter the current market value of the property.
If you've already paid off your loan and don't plan to get another one, leave financing disabled. If you haven't paid off your loan or are refinancing, enter the following:
- Loan Type: select Amortizing.
- Custom Loan Amount: enable this.
- Loan Amount: enter the current outstanding balance on your loan (or the proposed balance of the new loan if doing a refinance).
- Interest Rate: enter the original interest rate of your loan (or the interest rate of the new loan if doing a refinance).
- Loan Term: enter the remaining term of your loan. For example, if you originally had a 30 year mortgage and have been paying it off for 10 years, enter 20 in this field. If you're doing a refinance, enter the full term of the new loan.
Purchase and Rehab Costs
These fields are not as important, but if you know how much you paid in closing costs when you first bought this property, or what was your original rehab budget, enter those in their respective fields:
- Gross Rent: enter the total gross rent you expect to collect from your tenants. You can also change the rent collection period, which is useful if you're planning to turn your property into an Airbnb.
- Vacancy: enter the percentage of time you expect the property to remain vacant.
- Other Income: use this to enter any miscellaneous income you expect to receive from your property, like storage rental, coin-operated laundry or parking fees. You can enter a monthly total or itemize the list.
Next, customize the monthly and yearly recurring expenses. You can enter an estimate as a percentage of the gross rent (useful if your'e doing a quick analysis using the 50% Rule), or itemize expenses one at a time.
You should already know most of these, since you've been paying property taxes, insurance, HOA fees, etc. for a while:
Viewing the Property Analysis and Projections
After you add this property, you can view a full breakdown of the projected cash flow and investment returns on the Property Analysis page:
Tip: Hover over the question mark icon next to any metric to view its description and calculation formula.
This should give you an idea about what your income, expenses and profit will be if you decide to rent out this property.
Don't forget to check out the Buy & Hold Projections page for long-term cash flow projections as well:
Tip: Scroll the data table left and right to view information for additional years.