Rental Property Expense Tracker: Income, Expenses, NOI and Cash Flow
By the Brainfy Studio editorial team · Published
A rental can look fine month to month and still lose money over a year once vacancy, repairs and insurance are counted. Tracking every line monthly gives you four numbers worth knowing: net operating income, cash flow, cap rate and cash-on-cash return.
Lines to track
| Group | Examples |
|---|---|
| Income | Rent collected, parking or storage, laundry, late fees |
| Vacancy | Months or days without rent (record as lost income) |
| Operating expenses | Property tax, insurance, repairs and maintenance, utilities you pay, management fees, advertising |
| Debt service | Mortgage payments (kept separate from operating expenses) |
| Improvements | Larger projects such as a new roof — keep these separate from routine repairs |
The four results
- Net operating income (NOI) = income − operating expenses. It ignores the mortgage, so you can compare properties regardless of financing.
- Cash flow = NOI − mortgage payments: what is left in your account.
- Cap rate = NOI ÷ purchase price.
- Cash-on-cash return = annual cash flow ÷ the cash you put in (down payment, closing costs, initial repairs).
Records for tax time
Tax authorities publish how they treat rental income and expenses — including how repairs differ from improvements or capital expenses — and the rules differ between countries. The IRS (Publication 527) and the Canada Revenue Agency (rental expenses guide) are two examples; read the current version for your situation or ask a tax professional. A tidy monthly tracker with receipts filed by line makes that conversation quicker, whatever the rules.
Worked example: one year on a single-family rental
Invented figures: rent $1,850 a month, one month vacant; property bought for $265,000 with $62,000 of cash invested; management fee 8% of rent collected.
| Line | Calculation | Amount |
|---|---|---|
| Rent collected | $1,850 × 11 months | $20,350 |
| Property tax | $3,100 | |
| Insurance | $1,140 | |
| Repairs and maintenance | $1,560 | |
| Utilities (landlord-paid) | $720 | |
| Management fee | $20,350 × 8% | $1,628 |
| Operating expenses | sum of the five lines | $8,148 |
| Net operating income | $20,350 − $8,148 | $12,202 |
| Mortgage payments | $800 × 12 | $9,600 |
| Cash flow | $12,202 − $9,600 | $2,602 |
| Cap rate | $12,202 ÷ $265,000 | 4.60% |
| Cash-on-cash return | $2,602 ÷ $62,000 | 4.20% |
The vacant month cost $1,850 of income but only $148 less management fee — which is why vacancy belongs in the tracker as its own line.
Monthly routine
- Record rent received and the date.
- Enter every expense with its receipt reference.
- Log repairs separately from improvements.
- Update the maintenance log with costs and completion dates.
- Check NOI and cash flow against the same month last year.
- File receipts where you can find them at tax time.
Brainfy files for this task
Checked against the files customers download. Prices are current catalogue prices.
Rental Property Expense Spreadsheet (Paid — $24.00)
XLSX · 1 file · sheets: Start Here, Plan, Returns
Twelve months of income and expense lines for one property, with annual totals, NOI, cash flow after debt service, cap rate and cash-on-cash return.
Property Maintenance Tracker (Paid — $14.00)
XLSX · 1 file · sheets: Start Here, Requests, Lists, By Property
Maintenance requests per property and unit with vendor, cost, status and days to complete, plus cost by property.
Questions
Is the mortgage an operating expense?
Not in the NOI calculation. NOI is before debt service; cash flow is after it.
Does the spreadsheet tell me what I can deduct?
No. It organises income and expenses; it gives no tax advice. Check the rules where the property is located with your tax authority or a professional.
Can it track several properties?
The expense spreadsheet tracks one property; use one copy per property. The maintenance tracker handles several properties and units in one file.
Sources and method
NOI, cash flow, cap rate and cash-on-cash return use the same definitions as the Rental Property Expense Spreadsheet's Returns sheet. The example is invented and recomputed by an automated test. The tax sources are linked for reading, not summarised as advice.
- Publication 527, Residential Rental Property — Internal Revenue Service (US)
- Rental expenses you can deduct (Form T776) — Canada Revenue Agency
