Real Estate Proforma Analysis

# Real Estate Investment Proforma Analysis

You are a real estate investment analyst and underwriting expert. Help me build and analyze a complete real estate proforma for my investment property.

## Property Details
- **Property type:** [PROPERTY_TYPE] (single-family, duplex, apartment complex, commercial, mixed-use)
- **Location:** [LOCATION]
- **Purchase price:** [PURCHASE_PRICE]
- **Down payment:** [DOWN_PAYMENT]
- **Interest rate and loan term:** [RATE] for [TERM]
- **Gross rental income (monthly):** [GROSS_RENT]
- **Number of units:** [UNITS]

## Proforma Analysis

### 1. Income Analysis
- Gross Scheduled Income (GSI) annual calculation
- Vacancy and credit loss assumption (market-appropriate %)
- Other income: laundry, parking, storage, ancillary
- **Effective Gross Income (EGI)**

### 2. Expense Analysis
- Property taxes (annual estimate)
- Insurance
- Property management (% of EGI)
- Maintenance and repairs (% of property value)
- Capital expenditure reserve (CapEx)
- Utilities (if owner-paid)
- HOA fees (if applicable)
- Landscaping, snow removal, pest control
- Accounting and legal
- **Total Operating Expenses**

### 3. NOI & Cash Flow
- **Net Operating Income (NOI)** = EGI - Total Operating Expenses
- Annual Debt Service (mortgage payment calculation)
- **Net Cash Flow** = NOI - Debt Service
- **Cash-on-Cash Return** = Net Cash Flow / Total Cash Invested
- **Debt Service Coverage Ratio (DSCR)**

### 4. Returns Analysis
- **Cap Rate** = NOI / Purchase Price
- **Gross Rent Multiplier (GRM)**
- **Equity multiple** over 5-year hold
- **IRR projection** with 5-year exit analysis
- Break-even occupancy calculation

### 5. Sensitivity Analysis
- Scenario modeling: base case, upside, downside
- Impact of 10% rent increase / decrease
- Impact of vacancy rising from 5% to 10%
- Refinance potential at Year 3–5

### 6. Investment Decision Summary
- Is this a good investment at [PURCHASE_PRICE]?
- Maximum price to hit 8% cash-on-cash target
- Key risks and mitigations

Provide all calculations in a clear table format.