Airbnb / STR Acquisition & Underwriting Model (DSCR, 5-Year Pro Forma)

Description
You found the property. The lender wants numbers. This model produces them the way an underwriter expects to see them.


Built for investors acquiring (or refinancing) short-term rental properties in the US, this workbook applies the underwriting logic DSCR lenders actually use - not the single-average-month arithmetic of free calculators.


WHAT IT CALCULATES
- Debt Service Coverage Ratio on a stabilized basis, with the new-listing ramp-up modeled separately (the distinction most templates miss, and the first thing a lender checks)
- 36-month cash flow with twelve monthly ADR and occupancy inputs to capture true seasonality
- Cash-on-cash returns year by year on actual cash invested
- 5-year IRR with controllable exit assumptions (exit cap rate or appreciation)
- Break-even occupancy - the cushion metric that quantifies downside risk in one number
- Two-way sensitivity matrices (ADR +/-20% against occupancy +/-20%) on both cash-on-cash and minimum DSCR, conditionally formatted


STRUCTURE
Ten linked worksheets: START HERE onboarding, Deal Inputs, Revenue Inputs, OpEx Inputs, 36-month Monthly Model, Annual Summary, Returns, Sensitivity, Dashboard with KPI cards and charts, and a sourced Benchmarks sheet with 2025-26 ADR, occupancy and expense ranges by market type.


QUALITY ASSURANCE
Every formula is machine-verified before release: the full calculation graph is independently recomputed by three engines, including Excel itself. The three-statement logic balances to the cent. No macros, no add-ins, no external links - the workbook is fully compatible with Google Sheets.


PACKAGE
Excel workbook + 13-page PDF user guide (sheet-by-sheet walkthrough, how lenders read your DSCR, where to source your market data free, FAQ).