BRRRR Deal Analysis Spreadsheet Template
A one-page deal-analysis structure for BRRRR underwriting. Plug in the inputs, compute the five numbers a BRRRR has to clear: all-in cost ≤ 75% ARV, refi appraisal supported, refi proceeds ≥ all-in, monthly cash flow ≥ $200/door, DSCR ≥ 1.20.
- Input section: purchase, rehab, carry, closing, ARV, rent, expenses, refi terms
- Output section: all-in cost, refi proceeds, capital left in deal, monthly cash flow, DSCR
- Pass/fail flags on each of the 5 BRRRR criteria
- Sensitivity check at -5% ARV and +10% rehab overrun
- Open in Google Sheets / Excel / your preferred spreadsheet tool
- Enter every input in the INPUT section — be honest, not optimistic
- Outputs auto-compute
- Check pass/fail flags. If ANY flag is red, the deal doesn't clear as a BRRRR
- Run the stress test (-5% ARV, +10% rehab) — if the deal still passes, it has real cushion
Copy below, or download.
BRRRR DEAL ANALYSIS — PROPERTY: ________________
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INPUTS
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Purchase price: $____________
Initial closing costs: $____________
Rehab budget: $____________
Rehab contingency (15%): $____________ [= rehab × 0.15]
Carrying costs (6 mo): $____________
Estimated ARV: $____________
Monthly gross rent: $____________
Annual property taxes: $____________
Annual insurance: $____________
Monthly HOA (if any): $____________
Property management %: _______% [typ 8-10%]
Vacancy reserve %: _______% [typ 5-8%]
Maintenance reserve %: _______% [typ 5%]
Capex reserve %: _______% [typ 5%]
Refi LTV %: _______% [typ 75%]
Refi interest rate %: _______%
Refi loan term (years): ____
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OUTPUTS
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Total all-in cost (purchase + rehab + contingency + closing + carry):
$____________
Refi loan amount (ARV × LTV): $____________
Refi proceeds at close: $____________ [≈ loan minus refi closing]
Capital left in deal: $____________ [= all-in − refi proceeds]
Monthly P&I: $____________
Monthly PITI: $____________ [P&I + (tax + ins)/12]
Monthly expenses: $____________ [PM + vacancy + maint + capex of gross rent]
Total monthly costs: $____________
Monthly cash flow: $____________ [= rent − costs]
DSCR (NOI / debt service): ________
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THE 5 BRRRR PASS / FAIL CHECKS
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1. All-in ≤ 75% of ARV: [ PASS / FAIL ]
2. ARV supported by 3+ comps: [ verify manually — y/n ]
3. Capital left ≤ $5,000: [ PASS / FAIL ]
4. Monthly cash flow ≥ $200: [ PASS / FAIL ]
5. DSCR ≥ 1.20: [ PASS / FAIL ]
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STRESS TEST
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Re-run with ARV at 95% of current estimate AND rehab at 110%:
Stress all-in cost: $____________
Stress refi proceeds: $____________
Stress capital left in: $____________
Stress monthly cash flow: $____________
Stress DSCR: ________
If the stress test still produces capital left ≤ $5,000 + cash flow
≥ $100 + DSCR ≥ 1.10, the deal has real cushion. If not, you're
underwriting to perfection.
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DECISION
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[ ] GO — all 5 criteria pass + stress test acceptable
[ ] WALK — one or more criteria fail OR stress test breaks the deal
[ ] RENEGOTIATE — close enough that a price adjustment on purchase
could move it from WALK to GO
Notes:
________________________________________________________________
________________________________________________________________ - Conservative input values produce honest output. Optimistic ARV and rent assumptions are how most BRRRRs fail.
- Refi rates change. Always underwrite at +1% over the rate you can get TODAY — your refi is 6-9 months out.
- The 5 criteria are a heuristic, not gospel. Some markets clear deals at $300 cash flow but DSCR 1.15 (workable); others clear DSCR 1.30 but only $100 cash flow (tight).
Deeper context.
Terms referenced in this template.
BRRRR stands for Buy, Rehab, Rent, Refinance, Repeat — a real-estate investing strategy where an investor buys a distressed property cheap, renovates it, rents it out, refinances at the improved appraisal to recover most or all of the original capital, then repeats the process with the recovered capital.
Debt Service Coverage Ratio (DSCR) is the ratio of a property's annual net operating income to its annual debt service. A DSCR of 1.20 means the property generates 20% more income than it needs to cover the loan payment. Most DSCR lenders require 1.10-1.25 to underwrite.
After Repair Value (ARV) is the projected market value of a property after all planned renovations are complete, based on recently-sold comparable properties in similar condition within a half-mile radius. It is the single most important number in any flip or BRRRR underwrite.
CapEx is the budget set aside for major property components with finite lifespans — roof, HVAC, water heater, appliances, exterior paint. CapEx differs from maintenance (which covers ongoing repairs) and is a critical line in any honest rental underwrite.
Loan-to-value ratio (LTV) is the loan amount divided by the property's appraised value, expressed as a percentage. LTV drives lender pricing, down payment requirements, and PMI thresholds. Lower LTV = lower risk to lender = better rates and terms.
Net Operating Income (NOI) is a rental property's annual gross rental income minus all operating expenses, before debt service and income taxes. NOI is the denominator of cap rate and the numerator of DSCR — it's the most-used number in rental underwriting.
REI utility library.
A starting-point assignment of contract for transferring your purchase rights to an end buyer. Three-party agreement between the wholesaler (assignor), end buyer (assignee), and reference to the original seller in the underlying contract.
flippingA line-item rehab budget format covering all standard trades. Designed for both flip-grade (retail buyer expectations) and BRRRR-grade (durable tenant finishes) scope. Use as the basis for contractor bidding — same template, multiple contractor inputs, side-by-side comparison.
sourcingA starting-point yellow-letter style template for direct-mail outreach to absentee owners, free-and-clear owners, or pre-foreclosure lists. Designed to feel personal and low-pressure — high-pressure mailers produce angry responses and policy complaints, not deals.
wholesalingA structured format for building and maintaining a vetted cash buyers list. The wholesaler's most valuable asset — segmented properly, this list determines how fast you can move deals.
creative financeA starting-point disclosure document for subject-to transactions, where the seller signs an explicit acknowledgment that they understand the structure, the risks, and their continued exposure on the underlying mortgage. Critical for legal protection and good ethics.
wholesalingA standard addendum to a purchase agreement granting the buyer (typically the wholesaler) a defined inspection period during which the contract can be canceled and earnest money returned. The wholesaler's primary risk-management tool.
sourcingA systematic structure for planning and tracking driving-for-dollars routes. The discipline isn't in the driving — it's in the consistent route coverage, signal logging, and follow-up that converts photos into contracts.
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