Finding the right balance in a Proforma

[Tyler Blodgett]

I have been sitting on the sidelines for quite sometime doing my research, but feel I am ready to take the plunge and purchase my first investment property. I am in the process of starting to look at properties and analyze them, however I have not been able to find a good proforma to work with. I feel like some are too simple (looking only at rent coming in, and PITI going out), and others are too complex (Factoring in anything and everything) to the point where I can't see any property penciling out ever. I am fairly good with excel, and have though about creating my own multi-tab spreadsheet, but before I re-create the wheel I wanted to get some input on if there was already a good "balanced" one out there, and if not, what are the "real" items I should be factoring in on my proforma where I am covering my bases, but not being overly aggressive or conservative.

Also, along these same lines, what is the best way to calculate taxes (if they are not available), and Insurance for my PITI calculations? Obviously I would get actual tax rates, as well as an insurance quote prior to an actual purchase, but for initial high level analysis looking for some direction.

Thank you in advance for any feedback.