I recommend you build your own profit and loss calculator. You can build a rough-and-ready version in about five minutes, and a more sophisticated one within a couple of hours.
You're going to want something quicker to play with right now.
Here's my top 3. Many others are available online.
#1 IQ rental calculator
- Can get started with a few inputs and get more complex
- Lots of different metrics
- Graphing is useful if you're a visual person
- First 'Data Table' page is overwhelming with information
- You have to scroll left and right to find all the inputs
#2 Spark rental calculator
- Shows cash-on-cash
- Easy-to-understand glossary of financial terms
- The output is bare bones
- Site is all a bit sales-y
- Output is all on one nice summary page
- Includes annual increases for income and costs
- Form feels like a lot of input is needed
- Minimal graphing - lots of numbers come at you
Find a calculator that works for your level. They all work. They all have slightly different inputs and outputs.
Like any model, the more complex it is the more assumptions you're making. I aim for simplicity. The most important two things are cashflow and ROI over the first three years of owning the property.