This is the full study
This is exactly what you see with the Basic or Max plan: an example flat in Valencia with an 80% mortgage, calculated with the same engine as the calculator. Scroll to the end: everything shown is included.
What the full study includes
- Taxes and income tax in detail
- IRR and sale scenarios
- Equity projection
- Cash curve and timings (land)
- Sensitivity to interest and occupancy
- Compare rental types
- Build or buy finished?
- Year-by-year table
- PDF report and share link
- Save and compare properties
Example flat: 3 bedrooms and 70 m² for €140,000, let at €1,000 a month, with a 80% mortgage at 2.9%. With your plan, the study uses your flat's figures.
3-bed flat in Valencia (example)
Positive cash flow, low ROIWith these figures you put in €56,850 and you make €169 a month after tax; the return comes mainly from capital growth (IRR 11.5% over 10 years).
Income statement · year 1
| Item | Monthly | Annual |
|---|---|---|
| Gross income | €950 | €11,400 |
| − Bad debt (provision) | -€19 | -€228 |
| − Community fees | -€75 | -€900 |
| − Maintenance and repairs | -€37 | -€447 |
| − IBI (property tax) | -€35 | -€420 |
| − Refurbishment reserve (CAPEX) | -€25 | -€300 |
| − Home insurance | -€18 | -€220 |
| Net operating income (NOI). NOI (net operating income): rental income less property costs, before the mortgage and tax. | €740 | €8,885 |
| − Loan interest | -€267 | -€3,207 |
| − Capital repayment | -€258 | -€3,097 |
| − Linked insurance | -€21 | -€250 |
| Cash flow before tax | €194 | €2,331 |
| − Tax | -€26 | -€308 |
| Net cash flow | €169 | €2,024 |
Where each € of rent goes
year 1Blue bars: money going out. Loan capital comes out of your pocket but stays with you as equity.
Investment breakdown
| Price | €140,000 |
| Transfer tax (ITP) · Comunitat Valenciana. ITP (property transfer tax): paid by whoever buys a resale home in España. The rate depends on the region. | €12,600 |
| Notary | €900 |
| Land registry | €600 |
| Conveyancing agent | €400 |
| Valuation | €350 |
| Refurbishment | €8,000 |
| Furniture | €6,000 |
| − Financed by the bank | -€112,000 |
| Capital you put in | €56,850 |
Equity projection
Base scenario · 5.0% a year · rent +2.5%/yearScenarios over 10 years
sale at the end of the period| Pessimistic | Base | Optimistic | |
|---|---|---|---|
| Annual capital growth | 2.5% | 5.0% | 7.5% |
| Sale price | €179,212 | €228,045 | €288,544 |
| − Selling costs and municipal capital gains tax | -€8,065 | -€10,262 | -€12,984 |
| − Capital gains tax | -€7,980 | -€18,477 | -€31,766 |
| − Debt to repay | -€76,600 | -€76,600 | -€76,600 |
| You take away on sale | €86,567 | €122,706 | €167,194 |
| + Cumulative cash flow | €28,661 | €28,661 | €28,661 |
| − Capital you put in | -€56,850 | -€56,850 | -€56,850 |
| Total profit | €58,379 | €94,517 | €139,005 |
| Total ROI | 102.7% | 166.3% | 244.5% |
| Annual IRR | 8.4% | 11.5% | 14.5% |
Where the profit comes from
Debt repaid is your tenants' money turning into your equity. Costs include purchase taxes and costs, refurbishment, furniture, selling costs and capital gains tax.
Compare rental types
same property, with each rental type's figures| Long-term let · current | Mid-term let | Holiday let | |
|---|---|---|---|
| Annual income | €11,172 | €14,280 | €25,994 |
| Operating costs | -€2,287 | -€5,509 | -€11,944 |
| Year-1 tax | -€308 | -€581 | -€2,165 |
| Net monthly cash flow | €169 | €136 | €444 |
| Return on equity | 3.6% | 2.9% | 9.4% |
| IRR | 11.5% | 10.8% | 16.1% |
In green, the best rental type in each row. Check local rules: many cities limit or ban new holiday-let licences.
Monthly cash flow sensitivity
interest rate × occupancy · after tax| Interest \ Occupancy | 75% | 85% | 90% | 95% | 100% |
|---|---|---|---|---|---|
| 1.90% | €51 | €131 | €171 | €211 | €251 |
| 2.40% | €30 | €110 | €150 | €190 | €230 |
| 2.90% | €11 | €89 | €129 | €169 | €209 |
| 3.40% | -€4 | €66 | €106 | €146 | €186 |
| 3.90% | -€21 | €45 | €83 | €123 | €163 |
| 4.90% | -€56 | €10 | €43 | €76 | €114 |
Green: you make money each month. Red: you top it up. The outlined cell is your current scenario.
See the year-by-year table (10 years) ▸
| Year | Income | Costs | Repayment | Tax | Cash flow | Cumulative CF | Value | Debt | Equity |
|---|---|---|---|---|---|---|---|---|---|
| 1 | €11,172 | -€2,287 | -€6,304 | -€308 | €2,024 | €2,024 | €147,000 | €108,903 | €38,097 |
| 2 | €11,451 | -€2,344 | -€6,304 | -€355 | €2,199 | €4,223 | €154,350 | €105,716 | €48,634 |
| 3 | €11,738 | -€2,403 | -€6,304 | -€403 | €2,378 | €6,601 | €162,068 | €102,434 | €59,633 |
| 4 | €12,031 | -€2,463 | -€6,304 | -€452 | €2,562 | €9,163 | €170,171 | €99,057 | €71,114 |
| 5 | €12,332 | -€2,524 | -€6,304 | -€503 | €2,751 | €11,914 | €178,679 | €95,579 | €83,100 |
| 6 | €12,640 | -€2,587 | -€6,304 | -€555 | €2,944 | €14,858 | €187,613 | €92,000 | €95,613 |
| 7 | €12,956 | -€2,652 | -€6,304 | -€609 | €3,142 | €18,000 | €196,994 | €88,316 | €108,678 |
| 8 | €13,280 | -€2,718 | -€6,304 | -€663 | €3,344 | €21,344 | €206,844 | €84,523 | €122,321 |
| 9 | €13,612 | -€2,786 | -€6,304 | -€720 | €3,552 | €24,896 | €217,186 | €80,619 | €136,567 |
| 10 | €13,952 | -€2,856 | -€6,304 | -€778 | €3,765 | €28,661 | €228,045 | €76,600 | €151,445 |
How it's calculated
Return on equity (cash-on-cash): year-1 net cash flow divided by all the money that comes out of your pocket (deposit, purchase taxes and costs, refurbishment, furniture and mortgage costs). Total ROI in year 1 adds to the cash flow the part of the mortgage you pay down and the estimated capital growth. IRR: the equivalent annual return of all the cash flows, including the sale net of costs, taxes and debt.
España: transfer tax (ITP) by region (standard 2026 rates, without special regional reductions); 10% VAT + stamp duty (AJD) on new builds. Income tax (IRPF): net rental income = income − expenses − depreciation (3% of the building, 10% of furniture); interest and repairs capped at the income. The art. 23.2 reduction applies only to long-term lets. The tax is worked out as the difference in your general-scale tax (state + average regional); a net loss reduces your income tax. The gain on sale is taxed in the savings base.
Capital growth by area is an indicative long-term estimate, not a forecast. For reference, the INE (Instituto Nacional de Estadística) recorded a year-on-year rise of 14.3% in Comunitat Valenciana in the first quarter of 2026 (national average 12.9%); these are rates from a rising cycle and shouldn't be projected over 10 years. This tool is indicative and does not replace advice from a tax adviser.
The full method, with every assumption and source (in Spanish) →
Wealth projection, sale scenarios, sensitivity, comparison of rental types and the year-by-year table.
Want this for your own properties?
The Basic plan includes the full study, the PDF report, the comparison tool and 15 map searches a month. Max gives you 40 searches and a 5 km radius.
VAT included · renews every month · cancel whenever you like
Would you rather try it first? If you try the week and stay, you lose nothing: we take the €14.90 off and your first month of Basic costs €14.10.
And the yield map, from the inside
Draw an area and see the flats for sale ranked by yield, with their estimated rent and what they would leave you with your mortgage.