Rental Property Expenses Checklist

Look Beyond The Mortgage
A rental budget needs more than rent and a mortgage payment. In ProformaPilot, use the Expenses step to build a clearer picture of ownership. Start with confirmed costs, and label the figures that still need quotes or verification.

Recurring Costs
Check property taxes, rental-property insurance, association dues, management, and owner-paid utilities. Allow for vacancy and routine maintenance. Set aside capital reserves for larger replacements. Vacancy reduces expected income. Capital reserves are a modeled cash allowance, not a bill you necessarily pay every month.

Avoid Double Counting
An annual tax estimate of three thousand six hundred dollars is three hundred dollars a month. Twelve hundred dollars of annual insurance is one hundred dollars a month. Keep annual and monthly entries straight. If the lender collects these amounts through escrow, separate them from principal and interest so they are not counted twice.

Plan For The Start
Next, review the purchase and financing step. Include the down payment, closing costs, initial repairs, and lease-up costs. Initial cash reserves are separate from the ongoing reserve allowance. These budget entries are not tax deductions by definition. Explore an example, then replace the assumptions with your own verified figures.