Rental Property Spreadsheet, Landlord Income Expense & Cap Rate Tracker, Excel Google Sheets

RENT MINUS MORTGAGE IS NOT PROFIT

Every landlord finds that out the same way: a boiler, a void month, a turnover, a roof. None of those arrive monthly, so none of them show up in a spreadsheet that only records what already happened.

This one keeps two sets of books on purpose, side by side. What HAPPENED - the rent you collected and the money you spent, ready for the tax return. And what it REALLY IS - the same year with vacancy, a capital reserve and management priced in, whether or not you paid them. The second one is what tells you whether to keep the property.

Works in free Google Sheets and Excel. Up to 12 properties. Nothing leaves your computer.

WHAT'S INSIDE - 10 connected tabs

* START HERE - why rent minus mortgage is not profit, and the order to fill the file in

* Setup - vacancy, capital reserve and management allowances, plus BOTH 2026 mileage rates and the date they switch

* Properties - up to twelve. Price, closing costs, refurbishment, loan, rate and term. It works out the cash you really have in, which is what every return here is measured against

* Tenants & Leases - rent, deposit held, lease dates, and a countdown that flags 'Renew now' sixty days out, before the tenant asks

* Rent Roll - rent due against rent received, month by month. A zero is rent that did not arrive and turns red; an empty cell is a month that has not happened yet and counts for nothing. That distinction is why the arrears figure can be trusted in March

* Expenses - two hundred rows, each tagged with its Schedule E line from a dropdown, with capital improvements kept separate from repairs

* Mileage Log - eighty trips, each priced at the IRS rate that applied on the date you drove

* Returns & Ratios - net operating income, cap rate, cash-on-cash, DSCR and expense ratio, per property and across the portfolio, ranked

* Schedule E Summary - every category totalled per property, plus 27.5-year straight-line depreciation

* Reference & Sources - the published figures used here, each with where it came from

WHY IT IS NOT JUST ANOTHER LEDGER

* CAP RATE ignores your mortgage on purpose, so a property you financed can be compared with one you paid cash for. CASH-ON-CASH includes it on purpose, because that is what your own money is earning. DSCR shows whether the rent covers the loan at all, and warns below 1.20

* Mortgage interest, other interest and depreciation are LEFT OUT of operating cost - interest is already counted once as mortgage paid, and depreciation is not cash. Counting them twice is the single most common way a rental spreadsheet quietly understates a property. All three still appear in full on the Schedule E Summary

* Capital improvements are kept out of the ratios, so one new roof cannot make a good property look like a bad one

* Mortgage paid scales to the months your rent roll actually covers, so nine months of rent is never set against twelve months of mortgage

* 2026 HAS TWO IRS MILEAGE RATES - 72.5 cents to 30 June and 76 cents from 1 July, the first midyear change since 2022. A template that hardcodes one rate is wrong for half the year. Every trip here takes the rate from its own date, and both rates are typed on Setup so next year's figures go in without touching a formula

BUILT IN, WITH THE SOURCE NAMED

* IRS business mileage 2026: 72.5 cents (1 Jan - 30 Jun) and 76 cents (1 Jul - 31 Dec)
* Residential rental depreciation: 27.5 years, straight line, GDS, mid-month - IRS Publication 527
* Land is never depreciated - Publication 527
* Passive-loss special allowance: up to 25,000, phasing out from 100,000 to 150,000 MAGI
* Expense categories follow the Schedule E (Form 1040) Part I lines, in the order the form prints them

WHAT YOU GET

* One .xlsx file, ten tabs. Opens in Excel and works just as well in free Google Sheets
* Instant download - the file is available the moment your payment clears
* Yours forever, and it carries over to next year

HOW THIS DIGITAL ITEM IS DELIVERED

This is an instant digital download. Nothing is posted to you. After checkout the file is on your Etsy Downloads page and in your confirmation email.

IMPORTANT - PLEASE READ

This is a record-keeping and planning tool, not tax, legal, accounting or investment advice. It calculates no tax and prepares no return, and it is not affiliated with or endorsed by the IRS or any tax authority. Categories follow the Schedule E lines so your records are easy to hand over, but whether a particular cost is deductible, how it must be treated, and what depreciation applies to your situation are questions for a qualified tax professional. Landlord-tenant law differs by state and by city; nothing here is a statement about what you may or must do.

Because the file is delivered instantly and cannot be returned once downloaded, this purchase is non-refundable. Any question before you buy - please just message me.

P.S. - Also grab our FREE Mini Budget Tracker spreadsheet: https://neattrailco.com

- NeatTrailCo · Simple templates for a tidier, calmer life ✨