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ProSphere Real Estate Academy

NEBULA CALCULATOR

Underwrite a rental the ProSphere way. Every expense itemized, a verdict against YOUR standards.

Real knowledge. Real progress. A brighter you.

PREVIEW

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)

11/9/2026
Auto-fills today. Set a fixed date before sending an LOI if you want it frozen.

2. Property

123 Main Street
200000
200000
The price YOU are underwriting. Every metric and the LOI use this number — not the asking price.
1
1
3
2

3. Income (monthly)

2000
Market rent you can prove with comps — never the seller's pro forma.
0
Laundry, parking, fees — only if documented.

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

5
Minimum 5%. Applied to gross income.
3000
Use the REASSESSED figure at your purchase price — the seller's bill is not your bill.
1800
From a real quote on this property.
1200
Age and condition based. The recurring drip.
0
Note: the 123 Main Street anchor deal is taught without a separate CapEx line; Module 3 underwrites add one. Enter yours here.
8
% of gross income. Charged even if you self-manage — your time is not free.
0
From 12 months of actual bills.
0

5. Financing

20
7.5
30
2000
Part of your cash to close — it is NOT subtracted from the loan.
Flat % Itemized
Flat % = one percentage of the price. Itemized = add up the real lines from your closing statement.
3
Typically 2–5% of price.

6. Rehab

Manual
Rehab Tab = pull the Rehab Calculator total. Manual = use the override below.
25000
Rehab Used ($)Calculated. This is the rehab figure the whole underwrite uses.$25,000.00

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

8
Road 1 of the Maximum Offer solver.
1.25
1.25 is the standard lender line.
8

8. Futures

275000
250000
6

A. Deal Snapshot

Property Address123 Main Street
Purchase Price (your offer)$200,000.00
Asking Price$200,000.00
Units1
Price per Door$200,000.00
ARV$275,000.00

B. Income & Expenses

ItemMonthlyAnnualBasis / source
Gross Rental Income$2,000.00$24,000.00Form — monthly gross rent
Other Income$0.00$0.00Form — documented other income
Gross Scheduled Income$2,000.00$24,000.00
Less: Vacancy Loss$100.00$1,200.00Form vacancy % × gross income
Effective Gross Income$1,900.00$22,800.00
Property Taxes$250.00$3,000.00Reassessed figure (Form)
Insurance$150.00$1,800.00Quoted premium (Form)
Maintenance$100.00$1,200.00Age / condition (Form)
CapEx Reserve$0.00$0.00Lifespan reserve (Form)
Management$160.00$1,920.00% of gross income — even if self-managed
Landlord-Paid Utilities$0.00$0.00From actual bills (Form)
Other / HOA$0.00$0.00Form
Total Operating Expenses (incl. vacancy)$760.00$9,120.00Every line above, vacancy included
NET OPERATING INCOME (NOI)$1,240.00$14,880.00Gross income − total operating expenses

C. Returns at Offer Price

Cap Rate at Offer PriceNOI ÷ your offer price7.44%
Cap Rate at Asking PriceNOI ÷ asking price7.44%

D. Financing

Loan AmountPrice × (1 − down %). Earnest money is NOT subtracted.$160,000.00
Down Payment %20.00%
Interest Rate7.50%
Term (months)360
Monthly Payment (Principal & Interest)True amortization (PMT) at YOUR rate and term$1,118.74
Annual Debt Service$13,424.92
First-Month Interest$1,000.00
First-Month Principal$118.74
Balance After 12 Payments$158,525.06
Year-1 Principal PaydownPaid by the tenant$1,474.94

E. Cash Position

Down Payment ($)$40,000.00
Closing Costs ($)$6,000.00
Rehab ($)$25,000.00
TOTAL CASH INVESTEDDown + closing + rehab$71,000.00
Memo: Earnest Money (already paid — part of the cash above)$2,000.00

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

0
0
0
SP Monthly InterestTrue interest-only: principal × rate ÷ 12$0.00
SP Total Interest over Term$0.00
Combined Monthly Payment (1st + 2nd)$1,118.74
Monthly Cash Flow After Second Position$121.26

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

Total Capital Raise (= Total Cash Invested)$71,000.00
1 investor
$71,000.00
2 investors
$35,500.00
3 investors
$23,666.67
4 investors
$17,750.00
5 investors
$14,200.00
6 investors
$11,833.33
7 investors
$10,142.86
8 investors
$8,875.00
9 investors
$7,888.89
10 investors
$7,100.00
11 investors
$6,454.55
12 investors
$5,916.67
13 investors
$5,461.54
14 investors
$5,071.43
15 investors
$4,733.33

L. Depreciation & Forced Equity

20
Land is not depreciable.
Depreciable Basis$160,000.00
Asset Life (years — residential)27.5
Yearly Depreciation$5,818.18
ARV Spread (Forced Equity) ($)ARV − price. This is the rehab spread, not market appreciation.$75,000.00
ARV Spread (%)37.50%

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

Annual Mortgage ConstantDebt service per $1 of loan0.0839
Road 1 — Income: NOI ÷ Required Cap Rate$186,000.00
Road 2 — Financing: max price at Target DSCR$177,341.86
Road 3 — Cash-on-Cash: max price at Target CoC$150,599.96
MAXIMUM OFFERThe lowest of the three roads. A ceiling, not a target.$150,599.96
Walk-Away LineYou walk above this number.$150,599.96
Your Offer$200,000.00
Offer CheckOVER MAX — offer exceeds your maximum by $49,400

F. Verdict Metrics

Monthly Cash FlowMonthly NOI − monthly payment$121.26
Annual Cash FlowNOI − annual debt service$1,455.08
DSCRNOI ÷ debt service. Lender line: 1.251.11
Cash-on-Cash ReturnAnnual cash flow ÷ total cash invested2.05%
Cash Flow per Door (annual)$1,455.08
Day-One EquityARV − loan amount$115,000.00

H. Verdict

DSCR vs TargetFAIL
Cash-on-Cash vs TargetFAIL
Cash Flow PositivePASS

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

NOI $14,880/yr Cash Flow $121/mo DSCR 1.11 Max Offer $150,600
Property
123 Main Street
Purchase Price
$200,000.00
NOI (annual)
$14,880.00
Cap Rate
7.44%
Monthly Cash Flow
$121.26
Annual Cash Flow
$1,455.08
DSCR
1.11
Cash-on-Cash
2.05%
Total Cash Invested
$71,000.00
Maximum Offer
$150,599.96
Walk-Away Line
$150,599.96
Survives Combined Stress?
NO
The Verdict
BUY ONLY AT $150,600 OR LESS
OVER MAX — offer exceeds your maximum by $49,400

Ready to offer? In the full version, the LOI tab has the downloads: the plain LOI letter for the seller, plus a one-page branded deal summary with these numbers — the page you hand a lender or partner.

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)NO
CaseNOIDebt ServiceCash FlowDSCRAssumptions
Base Case$14,880.00$13,424.92$1,455.081.11Verified underwrite
Best Case$16,650.00$13,424.92$3,225.081.24Rent +5%, vacancy rate halved
Stress 1 — Rent −10%$12,600.00$13,424.92-$824.920.94Gross rent down 10%; vacancy % unchanged
Stress 2 — Vacancy 10%$13,680.00$13,424.92$255.081.02Vacancy set to 10% of gross
Stress 3 — Expenses +10%$14,088.00$13,424.92$663.081.05Operating expenses (ex-vacancy) up 10%
Stress 4 — Rate +1%$14,880.00$14,763.14$116.861.01Payment recomputed at rate +1%
WORST CASE — All Four Combined$10,728.00$14,763.14-$4,035.140.73Rent −10%, vacancy 10%, expenses +10%, rate +1%

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.

95000
35000
6500
175000
75
7.25
30
2
 At ARVAppraisal −15%
All-In Cost$136,500.00$136,500.00
Refi Loan$131,250.00$111,562.50
Refi Closing Costs ($)$2,600.00$2,600.00
CASH LEFT IN THE DEAL$7,850.00$27,537.50
Post-Refi Monthly Payment$895.36$761.05
Post-Refi Annual Debt Service$10,744.28$9,132.63
Annual NOI (from Underwriting Calculator)$14,880.00$14,880.00
Post-Refi Annual Cash Flow$4,135.72$5,747.37
Post-Refi DSCR1.381.63
Cash-on-Cash on Cash Left52.68%20.87%
Equity After Refi$43,750.00$37,187.50

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

Flip Analyzer

Sample preloaded: 319 Magnolia Drive.

300000
180000
45000
15
2
150000
2
12
6
650
7
Rehab incl. Contingency$51,750.00
70% Rule Maximum Allowable Offer0.70 × ARV − rehab (incl. contingency). A screen, not a guarantee.$158,250.00
MAO CheckOVER MAO — purchase exceeds the 70% rule maximum by $21,750

Itemized All-In Cost

Purchase Price$180,000.00
Rehab incl. Contingency$51,750.00
Buy Closing Costs ($)$3,600.00
Hard Money Points ($)$3,000.00
Hard Money Interest ($)$9,000.00
Holding Costs ($)$3,900.00
Selling Costs ($)$21,000.00
ALL-IN COST$272,250.00
PROFIT (ARV − All-In)$27,750.00
Margin (% of ARV)9.25%

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)$0.00
15
Every estimate carries a contingency — 10–20%. Worse property, higher contingency.
Contingency ($)$0.00
TOTAL REHAB COST$0.00

Gross Spread Check

ARV (from Form)$275,000.00
Purchase Price (from Form)$200,000.00
Gross Spread (ARV − Price − Rehab)$75,000.00

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

Kitchen$0.00›
0
0
0
0
0
0
0
0
0
0
Living Room$0.00›
0
0
0
0
0
0
0
0
Dining Room$0.00›
0
0
0
0
0
0
0
0
Laundry Room$0.00›
0
0
0
0
0
0
0
0
Garage$0.00›
0
0
0
0
0
0
0
0
Basement$0.00›
0
0
0
0
0
0
0
0
Bathrooms$0.00›
ItemBathroom 1Bathroom 2Bathroom 3
000
000
000
000
000
000
000
000
000
000
000
000
000
Bedrooms$0.00›
ItemBedroom 1Bedroom 2Bedroom 3Bedroom 4
0000
0000
0000
0000
0000
0000
0000
0000
Appliances$0.00›
0
0
0
0
0
0
Exterior$0.00›
0
0
0
0
0
0
0
0
0
0
0
Electrical$0.00›
0
0
0
0
0
0
Plumbing$0.00›
0
0
0
0
HVAC$0.00›
0
0
0
0
0
0
0
Other / Soft Costs$0.00›
0
0
0

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

Repair
Replace
N/A
N/A
Repair

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.

New Financing
Leave blank to use 1% of the purchase price ($2,000.00).
10 Days
30 Days after due diligence period.
Seller pays title. Buyer pays for additional endorsements.
Seller pays transfer doc stamps.
Seller represents and warrants that it will disclose all knowledge and findings of the property and its operations to the Purchaser.
Seller shall pay all brokerage commissions.
Warranty Deed
Leave blank to use the LOI date + 15 days (November 24, 2026).
Signature on file in the full version
No signature yet — the PDF will leave the Purchaser line blank.

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

Two separate downloads: Download Deal Summary saves a one-page ProSphere-branded summary with the numbers — the page you hand a lender or partner, or send along with the offer. Download LOI PDF saves just the plain letter above (no branding) — exactly what the seller should see.

LETTER OF INTENT

Buyer Name:

Company:

Address:

Email:

Phone:

RE: Letter Agreement (the “LOI”)Date: November 9, 2026

Property: 123 Main Street

After review of the information provided, the buyer listed above, and/or its assignee hereby submits this Letter of Intent (this “Letter”) to the current owner (“Seller”), care of the addressee hereof, to acquire the above-referenced property (the “Property”) on the following terms and conditions:

PURCHASE PRICE: $200,000

FINANCING: New Financing

ESCROW DEPOSIT: $2,000

DUE DILIGENCE: 10 Days

Seller to provide Buyers, within five (5) days of Seller’s acceptance of LOI with all studies, if any (including, but not limited to engineering studies, reports, environmental, assessments, title documents, easement documents, tenant estoppel certificates, and site plans) within Seller’s possession regarding the property.

CLOSING: 30 Days after due diligence period.

CLOSING COSTS: Seller pays title. Buyer pays for additional endorsements.

Seller pays transfer doc stamps.

REPRESENTATIONS & WARRANTIES: Seller represents and warrants that it will disclose all knowledge and findings of the property and its operations to the Purchaser.

COMMISSIONS: Seller shall pay all brokerage commissions.

TITLE: Warranty Deed

MISCELLANEOUS:

Subject to Buyer’s satisfactory review of the seller’s leases, income, and expense data, full property tour and all other information relating to the property within ten (10) business days of acceptance of this offer. If buyer is not satisfied with any of the due diligence findings, all deposits shall be returned forthwith.

This Letter is a letter of intent and is an expression of the general terms upon which Purchaser and Seller will consider entering a binding contract, which will only come into effect upon mutual execution of the Purchase Agreement. If such a formal agreement is not signed within 15 days of execution of this Letter, there is and will be no binding agreement between the Purchaser and Seller.

This letter of intent will expire: November 24, 2026

PURCHASER:

Signature
November 9, 2026
Date

ACKNOWLEDGED AND AGREED TO BY SELLER:

Name
Title
Signature
Date

Deals Tracker

Your pipeline and your portfolio. In the full version, rows save on your device as you type.

Property Offers

Street AddressCityStateZip CodeUnitsListing LinkAsking PriceOffer PriceCounter Offer (Seller)StatusRealtorLast Updated
No offers logged yet — add your first property offer in the full version.
Totals0$0$0$0

Properties Owned

Street AddressCityStateZip CodeUnitsPurchaseAppraisalIncomeExpenses
No properties logged yet — add your first property in the full version.
Totals0$0$0$0$0

Your Data — Backup & Restore

In the full version, your saved deals, lenders, settings, and LOI signature live only on your device — there is no account and no cloud copy. The full version’s Export Backup button saves one file you can keep somewhere safe, and Import Backup restores everything exactly as it was if you switch devices or your browser data gets cleared.

Lenders

Your money people, with the loan types each one writes. In the full version, your lenders save on your device as you type.

Lender NameCompanyTypePhone NumberEmailHard MoneyPrivate MoneyBridgeDevelopmentNon-RecourseRental InvestmentAreaWebsite
No lenders logged yet — add your first lender in the full version.

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

  1. 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.
  2. Read the verdict at the bottom of the Underwrite tab. Then open the STRESS TEST tab before you decide.
  3. 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.
  4. 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.
  5. Log the deal on DEALS and your people on LENDERS. Everything you type is saved on this device automatically — no account, no sync.

Because everything lives only on this device, back it up: the Export Backup button at the bottom of the Deals tab saves your deals, lenders, settings, and signature to one file. Export after you add deals — you can import that file on a new device to restore everything.

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.