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Property Letting Business
3-Statement Excel Financial Projection Model

3 Statement 5 Year Financial Projection Excel model for a startup or existing Property letting business (eg via Airbnb)


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Highly versatile and user-friendly Excel model for the preparation of a rolling 3 statement (Income Statement, Balance Sheet and Cash flow Statement) financial projection for a new or existing property letting business (e.g. letting a portfolio of properties via Airbnb).

The model follows best practice financial modelling principles and includes instructions, line item explanations, checks and input validations.


  • Projected full financial statements (Income Statement, Balance Sheet and Cash flow Statement) for any of the 3 scenarios, presented on a quarterly basis across up to 5 years and summarised on an annual basis.

  • Projected Profitability by Property

  • Dashboard with:

    • Summarised projected Income Statement and Balance Sheet

    • Compounded Annual Growth rate (CAGR) for each summarised income statement and Balance Sheet line item

    • List of key ratios including average revenue growth, average profit margins, average return on assets and equity and average debt to equity ratio.

    • Bar charts summarising income statement and Balance Sheet projections

  • Rental income and profit by property.


Setup Inputs:

  • Name of business;

  • Currency;

  • First projection year and quarter;

  • Naming for properties, variable costs, fixed costs, fixed assets and borrowings;

  • Sales tax applicability for revenue and cost categories;


Actuals Inputs:

  • Opening balance sheet (for existing businesses);

  • Income Statement actuals (for trend analysis);


Projection Inputs:

  • Property portfolio inputs including

    • New/existing property distinction;

    • Purchase month, amount and transaction costs (for new properties);

    •  Disposal month, amount and transaction costs (for new or existing properties);

    • Development / refurbishment costs by month.

  • Rental Income inputs including:

    • Occupancy rate per month;

    • Rate per night;

    • Seasonality discounts on rate by month;

    • Average day per stay;

  • Variable cost inputs based either on percentage of rental income (e.g. platform fee) or amount per stay (e.g. cleaning cost);

  • Fixed cost inputs per property and for total company;

  • Sales and corporate tax inputs including rate and payment periods;

  • Dividend inputs including amount or percentage of retained earnings and frequency;

  • Fixed Assets including addition amounts and useful life;

  • Borrowings including addition/redemption amounts and interest rate;

  • Share Capital additions.


The model comprises of 8 tabs split into input ('i_'), calculation ('c_'), output ('o_’) and system tabs. The tabs to be populated by the user are the input tabs ('i_Setup', ‘i_Actuals’ and 'i_Assumptions'). The calculation tab uses the user-defined inputs to calculate and produce the projection outputs which are presented in 'o_Fin Stats' and ‘o_Charts’.

System tabs include:

  • A 'Front Sheet' containing a disclaimer, instructions and contents;

  • A checks dashboard containing a summary of checks by tab.


  • The model follows best practice financial modelling guidelines and includes instructions, line item explanations, checks and input validations;

  • The model is not password protected and can be modified as required following download;

  • The model contains a dynamic timeline that allows for a mix of Actual and Forecast period across a 5-year period allowing projections to be rolled forward from month to month;

  • Timeline is split on a monthly basis and summarised on an annual basis;

  • The model allows the user to model 10 separate properties and their related revenues and costs;

  • Costs are split into: variable and fixed for better driver-based forecasting;

  • The model allows for the following number of underlying categories for each line item (these can be easily expanded if required):

    • Properties – 10 separate properties;

    • Variable Cost – 10 categories;

    • Fixed Costs – 15 categories;

    • Fixed Assets – 3 categories;

    • Borrowings – 5 facilities;

  • Apart from projecting revenue and costs the model includes the possibility to model property movements and investments, fixed assets, borrowings, dividends, corporate tax and sales tax;

  • Business Name, currency, starting projection period are fully customisable;

  • Revenue, Cost, Fixed Asset and Borrowing category descriptions are fully customisable;

  • The model includes instructions, line item explanations, checks and input validations to help ensure input fields are populated accurately;

  • The model includes a checks dashboard which summarises all the checks included in the various tabs making it easier to identify any errors.

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