Nebula Calculator by ProSphere

— NOI —/yr Cash Flow —/mo DSCR — Max Offer —

Property

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Purchase Price

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NOI (annual)

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Cap Rate

—

Monthly Cash Flow

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Annual Cash Flow

—

DSCR

—

Cash-on-Cash

—

Total Cash Invested

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Maximum Offer

—

Walk-Away Line

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Survives Combined Stress?

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Intake Form

Fill in top to bottom. Everything else in the app calculates from these fields — and everything saves on this device as you type.

1. Your Info (for the LOI header)

Full Name

Company

Address

Phone

LOI Date

Auto-fills today. Set a fixed date before sending an LOI if you want it frozen.

2. Property

Property Address

Asking Price ($)

YOUR Offer / Purchase Price ($)

The price YOU are underwriting. Every metric and the LOI use this number — not the asking price.

Units

Occupied Units

Beds (optional)

Baths (optional)

3. Income (monthly)

Monthly Gross Rent ($)

Market rent you can prove with comps — never the seller's pro forma.

Other Monthly Income ($)

Laundry, parking, fees — only if documented.

4. Expenses (itemized — every line gets a source)

Vacancy (%)

Minimum 5%. Applied to gross income.

Property Taxes ($/yr)

Use the REASSESSED figure at your purchase price — the seller's bill is not your bill.

Insurance ($/yr)

From a real quote on this property.

Maintenance ($/yr)

Age and condition based. The recurring drip.

CapEx Reserve ($/yr)

Note: the 123 Main Street anchor deal is taught without a separate CapEx line; Module 3 underwrites add one. Enter yours here.

Management (%)

% of gross income. Charged even if you self-manage — your time is not free.

Landlord-Paid Utilities ($/yr)

From 12 months of actual bills.

Other / HOA ($/yr)

5. Financing

Down Payment (%)

Interest Rate (%)

Loan Term (years)

Closing Costs (% of price)

Typically 2–5% of price.

Earnest Money ($)

Part of your cash to close — it is NOT subtracted from the loan.

6. Rehab

Use Rehab Total From

Rehab Tab = pull the Rehab Calculator total. Manual = use the override below.

Manual Rehab Override ($)

Rehab Used ($)Calculated. This is the rehab figure the whole underwrite uses.—

7. Your Targets (the verdict is measured against these)

Required Cap Rate (%)

Road 1 of the Maximum Offer solver.

Target DSCR

1.25 is the standard lender line.

Target Cash-on-Cash (%)

8. Futures

ARV — After Repair Value ($)

Current Estimated Value ($)

Months to Refi

A. Deal Snapshot

Property Address—

Purchase Price (your offer)—

Asking Price—

Units—

Price per Door—

ARV—

B. Income & Expenses

Item	Monthly	Annual	Basis / source

C. Returns at Offer Price

Cap Rate at Offer PriceNOI ÷ your offer price—

Cap Rate at Asking PriceNOI ÷ asking price—

D. Financing

Loan AmountPrice × (1 − down %). Earnest money is NOT subtracted.—

Down Payment %—

Interest Rate—

Term (months)—

Monthly Payment (Principal & Interest)True amortization (PMT) at YOUR rate and term—

Annual Debt Service—

First-Month Interest—

First-Month Principal—

Balance After 12 Payments—

Year-1 Principal PaydownPaid by the tenant—

E. Cash Position

Down Payment ($)—

Closing Costs ($)—

Rehab ($)—

TOTAL CASH INVESTEDDown + closing + rehab—

Memo: Earnest Money (already paid — part of the cash above)—

F. Verdict Metrics

Monthly Cash FlowMonthly NOI − monthly payment—

Annual Cash FlowNOI − annual debt service—

DSCRNOI ÷ debt service. Lender line: 1.25—

Cash-on-Cash ReturnAnnual cash flow ÷ total cash invested—

Cash Flow per Door (annual)—

Day-One EquityARV − loan amount—

G. Maximum Offer Solver — three roads, take the lowest

Annual Mortgage ConstantDebt service per $1 of loan—

Road 1 — Income: NOI ÷ Required Cap Rate—

Road 2 — Financing: max price at Target DSCR—

Road 3 — Cash-on-Cash: max price at Target CoC—

MAXIMUM OFFERThe lowest of the three roads. A ceiling, not a target.—

Walk-Away LineYou walk above this number.—

Your Offer—

Offer Check—

H. Verdict

DSCR vs Target—

Cash-on-Cash vs Target—

Cash Flow Positive—

The big verdict at the top of this tab is measured against the targets in section 7 — not the seller's standards.

J. Second Position Loan (optional — interest-only)

SP Loan Amount ($)

SP Interest Rate (%)

SP Term (months)

SP Monthly InterestTrue interest-only: principal × rate ÷ 12—

SP Total Interest over Term—

Combined Monthly Payment (1st + 2nd)—

Monthly Cash Flow After Second Position—

K. Capital Raise Split — total cash invested, split evenly

Total Capital Raise (= Total Cash Invested)—

L. Depreciation & Forced Equity

Land Value % of Price

Land is not depreciable.

Depreciable Basis—

Asset Life (years — residential)27.5

Yearly Depreciation—

ARV Spread (Forced Equity) ($)ARV − price. This is the rehab spread, not market appreciation.—

ARV Spread (%)—

Stress Test

Section I of the underwrite. Decide on the base case. Survive the worst case. Never buy on the best case.

Survives Combined Stress? (worst-case cash flow ≥ $0)—

Case	NOI	Debt Service	Cash Flow	DSCR	Assumptions

Every case is calculated live from the Underwrite tab — change any input there and this grid moves with it.

BRRRR Analyzer

Sample preloaded: 842 Walnut Street. Post-refi metrics use the Underwrite tab's NOI — set the Underwrite form to this same deal.

Purchase Price ($)

Rehab Cost ($)

Closing + Holding Costs ($)

ARV ($)

Refi LTV (%)

Refi Interest Rate (%)

Refi Term (years)

Refi Closing Costs (% of purchase + rehab)

	At ARV	Appraisal −15%

Cash left in the deal = all-in + refi closing − refi loan. Lower is better.

Flip Analyzer

Sample preloaded: 319 Magnolia Drive.

ARV ($)

Purchase Price ($)

Rehab — Base Estimate ($)

Rehab Contingency (%)

Buy Closing Costs (%)

Hard Money Loan ($)

Hard Money Points (%)

Hard Money Rate (%) — interest-only

Holding Months

Monthly Holding Costs ($)

Selling Costs (%)

Rehab incl. Contingency—

70% Rule Maximum Allowable Offer0.70 × ARV − rehab (incl. contingency). A screen, not a guarantee.—

MAO Check—

Itemized All-In Cost

Purchase Price—

Rehab incl. Contingency—

Buy Closing Costs ($)—

Hard Money Points ($)—

Hard Money Interest ($)—

Holding Costs ($)—

Selling Costs ($)—

ALL-IN COST—

PROFIT (ARV − All-In)—

Margin (% of ARV)—

Rehab Calculator

Room-by-room estimator. Type a cost on any line — section totals, the contingency, and the total all calculate live.

Subtotal (all rooms)—

Contingency %

Every estimate carries a contingency — 10–20%. Worse property, higher contingency.

Contingency ($)—

TOTAL REHAB COST—

Gross Spread Check

ARV (from Form)—

Purchase Price (from Form)—

Gross Spread (ARV − Price − Rehab)—

Gross spread only — before holding, financing, closing and selling costs. It is NOT profit.

Systems Assessment (condition only — costs live in the rooms above)

Water Heater

Furnace

Boiler

Central Air Unit

Breaker Box

Letter of Intent

Generated from the Underwrite form — buyer info, property, and purchase price pull in automatically. Edit any term below and the letter updates live.

Financing

Escrow Deposit ($) — override

Leave blank to use 1% of the purchase price (—).

Due Diligence

Closing

Closing Costs — line 1

Closing Costs — line 2

Representations & Warranties

Commissions

Title

Letter Expires — override

Leave blank to use the LOI date + 15 days (—).

Email opens your own mail app with the PDF attached — nothing sends until you hit send there.

Deals Tracker

Your pipeline and your portfolio. Rows save on this device as you type.

Property Offers

Street Address	City	State	Zip Code	Units	Listing Link	Asking Price	Offer Price	Counter Offer (Seller)	Status	Realtor	Last Updated
Totals				0		$0	$0	$0

Properties Owned

Street Address	City	State	Zip Code	Units	Purchase	Appraisal	Income	Expenses
Totals				0	$0	$0	$0	$0

Lenders

Your money people, with the loan types each one writes. Saves on this device as you type.

Lender Name	Company	Type	Phone Number	Email	Hard Money	Private Money	Bridge	Development	Non-Recourse	Rental Investment	Area	Website

What This Tool Is

The Nebula Calculator underwrites a rental property the ProSphere way: every expense itemized and sourced, financing priced at your real rate and term, and a verdict measured against YOUR standards — not the seller's. It covers long-term rentals, BRRRR, and flips, builds your maximum offer three different ways, stress-tests the deal, and drafts your Letter of Intent from the same numbers.

PROSPHERE NEBULA CALCULATOR — VERSION 2 · Version 2.0 — October 2026 · ProSphere Real Estate Academy

How To Use It

Start on the UNDERWRITE tab and fill the form in top to bottom. The bordered fields are the only typing you do — every result calculates itself, live.
Read the verdict at the top of the Underwrite tab. Then open the STRESS TEST tab before you decide.
Use the REHAB tab for a room-by-room rehab estimate, then set the Underwrite rehab setting to "Rehab Tab" (or use the button at the top of the Rehab tab) so the underwrite pulls that total.
Run the BRRRR & FLIP tab if the deal is a refinance play or a flip. The LOI tab builds your offer letter from the same numbers — download it as a PDF or email it right from the app.
Log the deal on DEALS and your people on LENDERS. Everything you type is saved on this device automatically — no account, no sync.

The Underwriting Rules It Follows

Every expense is a line with a source — vacancy, taxes (reassessed), insurance, maintenance, CapEx reserve, management, utilities. No flat-percentage shortcuts.
Vacancy is always counted, even on a fully occupied property.
DSCR 1.25 is the lender line. The verdict measures DSCR, cash-on-cash, and cash flow against the targets YOU set on the Form.
Maximum offer = the LOWEST of three roads: income (cap rate), financing (DSCR), and cash-on-cash.
Decide on the base case. Survive the worst case. Never buy on the best case — the stress test is built in.
Earnest money is part of your cash to close, never a reduction of the loan.

What's New in V2

Itemized expense engine replaces the old flat 60%-of-rent NOI shortcut.
True DSCR and true cash-on-cash (the v1 cash-on-cash formula was wrong and flattered deals).
Loan payment now uses your actual rate AND term (v1 silently assumed 30 years).
Three-road Maximum Offer solver with a walk-away line and an offer check.
Built-in stress test: rent, vacancy, expenses, rate — each alone and all combined.
New BRRRR & Flip sheet: cash-left-in-the-deal, low-appraisal scenario, 70% rule, itemized flip costs.
Rehab Calculator: working room totals (v1 had a broken ARV link), plus a contingency line.
Second-position interest is now true interest-only math. Mobile UC duplicate replaced by a linked Mobile Summary.

Liability Note

This calculator is an educational underwriting tool provided by ProSphere Real Estate Academy. It is not financial, legal, or tax advice, and it does not guarantee the performance of any investment. Verify every input against source documents (leases, tax records, insurance quotes, lender terms) before making an offer. Real estate investing carries risk, including loss of capital.