Need Help Creating a Rental Property Spreadsheet for My Marina Del Rey Condo

[Taylor Burback]

Hey fellow real estate enthusiasts,

I'm reaching out to the community here for some guidance and help with creating a comprehensive spreadsheet to analyze the potential of turning my primary residence in Marina Del Rey, CA into a mid-term rental property. Essentially, I'm trying to figure out where the numbers stand today as a Primary and where the numbers could stand as a mid-term rental. I've been trying to crunch the numbers myself, but I'm feeling a bit overwhelmed by the various factors involved. Any assistance or advice you can provide would be immensely appreciated!

Here are the details of my situation:

Property Purchase:

• Condo purchased in Marina Del Rey, CA in 2019 for $1.3 million. 2k sqft, 3bdrm/2ba loft with large outdoor patio. 20ft cielings with industrial/contemporary architecture. Walking distance (or a very short drive) to shopping, restuarants, hospital, grocery store, gym, and pretty much anything else you'd need. 15min to LAX. 10min drive to the beach. 10min drive to Aboott Kinney. neighboring Culver City, Venice, Playa Vista, and Santa Monica.
• I put 10% down and secured a 30-year fixed-rate mortgage at 3.875%.
• A second loan (10/1 ARM) of 10% or $130,000 was taken at a 6.24% interest rate to avoid PMI.
• Estimated funds to close, including closing costs, amounted to $1,320,000.
• Loan amount: $1,040,000. 10/1 ARM: $130,000. Cash from borrower: $150,000.

Refinancing:

• In July 2021, I refinanced both loans into a single 30-year fixed loan at 3.125%.
• The property appraised at $1.35 million.
• Closing costs were $40,000, and my cash to close was $3,500.
• Closing costs were added to the loan, resulting in a total loan amount of $1,188,000.

Rental Details:

• Planning to rent out the condo as a fully furnished mid-term rental (30-day stays or longer).
• Comparable properties in my building are renting long-term for $8,500 per month. I'm seeing comparable mid-term fully-furnished rentals on Airbnb renting for ~$10k-$12k.
• Additional monthly expenses: HOA: $640, Insurance: $175, Property Taxes: $1,300, Principal & Interest: $5,100.
• Property management will be done by myself, and tenants will cover utilities.
• Estimating a vacancy rate of around 15-20% for mid-term rentals, though I'm unfamiliar with this type of vacancy rate. I am also open to long-term renting the property if the mid-term AirBnB route is not working.
• Property appreciation rate has been around 6% annually for the past decade.
• Planning to increase rent by around 5-8% annually.

I've tried using tools like DealCheck, the BP calculator, and creating my own spreadsheets, but I'm finding it increasingly confusing to put all these variables together. If anyone has experience in running this kind of analysis or has a template that could help me out, I would be extremely grateful. *Also, please let me know if I'm leaving out any information that would be helpful.

If you're willing to assist, I'm even open to compensating for your time to help me run the analysis. Please feel free to DM me if you're interested.

Thank you all so much in advance for your support and expertise. This community is truly amazing, and I'm excited to learn from your experiences and insights.

Cheers!