Real Estate¶

Last Updated: February 2026

The Real Estate module is a Scott Recycling custom application for managing property investments — from deal sourcing through renovation, leasing, and sale. It tracks the full lifecycle of each property with standalone financial reporting (separate from Odoo's accounting module).

What Real Estate Does¶

Deal Pipeline — Track property opportunities from lead to closing
Property Management — Manage owned properties through their lifecycle
Renovation Tracking — Budget and manage renovation projects with task-level detail
Lease Management — Track tenants, lease terms, rent payments, and renewals
Financial Reporting — Income, expenses, and ROI at the property level
Contractor Directory — Manage contractors with ratings and work history

Real Estate
├── Properties               (all properties — kanban/list/calendar)
├── Deals                    (deal pipeline — kanban/list)
├── Renovations              (renovation projects — kanban/list)
├── Leases                   (active leases — list/calendar)
├── Payments                 (rent payments — list)
├── Financial Reports
│   ├── Expenses             (expense records)
│   ├── Income               (income records)
│   ├── Expense Analysis     (pivot table)
│   └── Income Analysis      (pivot table)
└── Configuration            (managers only)
    ├── Contractors           (contractor directory)
    ├── Deal Sources          (how deals are found)
    └── Expense Categories    (expense types)

Deal Pipeline¶

Deals track property opportunities before they become owned properties.

Deal Stages¶

Lead → Analyzing → Offer Made → Under Contract → Closed
                                                    ↓
                                              (creates Property)

Stage	Meaning
Lead	New opportunity — not yet analyzed
Analyzing	Running the numbers (ARV, repair estimates, etc.)
Offer Made	Offer submitted to seller
Under Contract	Offer accepted, contract signed
Closed	Deal completed — automatically creates a Property record
Dead	Deal fell through (can be marked from any stage)

Creating a Deal¶

Go to Real Estate > Deals
Click New
Fill in the address and property basics
Add deal analysis numbers:

Field	Description
Asking Price	Seller's listed price
ARV	After Repair Value — estimated value after renovation
Repair Estimate	Estimated cost to renovate
Offer Price	Your offer amount
Max Allowable Offer	Auto-calculated: ARV x 70% - Repair Estimate (the 70% rule)
Expected Profit	Auto-calculated: ARV - Offer Price - Repair Estimate

Set the Deal Score (Hot, Warm, or Cold)
Assign a user and set a follow-up date

Closing a Deal¶

When a deal closes:

Click Close Deal
Odoo automatically creates a Property record with all the deal data (address, purchase price, ARV, etc.)
The property starts in Owned state

Follow-Up Automation¶

A daily cron job checks deals in Lead or Analyzing stage with past follow-up dates and creates activity reminders.

Properties¶

Properties represent owned real estate with full lifecycle tracking.

Property States¶

Prospect → Offer → Under Contract → Owned → Renovating → Listed for Sale → Sold
                                       ↓
                                    Rented

State	Meaning	Transition Requirements
Prospect	Potential acquisition	—
Offer	Offer submitted	—
Under Contract	Offer accepted	—
Owned	Property acquired	Purchase price required
Renovating	Active renovation work	—
Listed for Sale	On the market	List price required
Sold	Sale completed	Sale price required
Rented	Leased to tenant	Must have an active lease

Property Fields¶

Section	Fields
Address	Street, City, State, ZIP (US only)
Classification	Type (Residential/Commercial), Subtype (SFH, Duplex, Condo, etc.), Strategy (Flip/Hold)
Details	Bedrooms, Bathrooms, Sq Ft, Lot Sq Ft, Year Built, Parking, Units
Purchase	Purchase Price, Closing Costs, Total Acquisition Cost (computed), Purchase Date
Sale	List Price, Sale Price, Sale Closing Costs, Sale Date
Valuation	ARV (After Repair Value), Current Market Value

Financial Summary¶

Each property tracks totals automatically:

Field	Calculation
Total Acquisition Cost	Purchase Price + Closing Costs
Total Renovation Cost	Sum of completed renovation task costs
Total Expenses	Sum of all expense records
Total Income	Sum of all income records
Net Profit	Income - (Acquisition + Renovation + Expenses) + Sale Proceeds
ROI %	(Net Profit / Total Invested) x 100

Smart buttons on the property form link to renovations, leases, expenses, and income.

Renovations¶

Renovations are project-like containers for tracking repair and improvement work on a property.

Renovation Workflow¶

Planning → In Progress → Completed
              ↕
           On Hold

Creating a Renovation¶

Open a property and click Create Renovation (or go to Real Estate > Renovations)
Enter the renovation Name and set the Budget
Add Tasks (individual work items):

Task Field	Description
Name	What needs to be done
Category	Type of work (Electrical, Plumbing, Roofing, Painting, etc.)
Contractor	Assigned contractor
Estimated Materials	Expected material costs
Estimated Labor	Expected labor costs
Due Date	Target completion

Track progress as tasks move: Todo → In Progress → Done

Budget Tracking¶

Field	What It Shows
Budget	Planned total spend
Actual Spend	Sum of completed task costs
Budget Remaining	Budget - Actual Spend
Budget Variance %	How far over/under budget
Progress %	Completed tasks / Total tasks

Leases¶

Leases track tenant agreements for rental properties.

Lease Lifecycle¶

Draft → Active → Expiring (auto, 90 days before end) → Expired (auto)
                    ↓
                 Renewed (creates new lease)

Lease Fields¶

Field	Description
Property	Which property is being leased
Tenant	The lessee (an Odoo contact)
Lease Start / End	Term dates
Monthly Rent	Rent amount
Security Deposit	Deposit held
Rent Due Day	Day of month rent is due (1-28)
Late Fee	Fee charged when rent is late
Late After Days	Grace period before late fee applies (default: 5)

Lease Renewal¶

Open an active or expiring lease
Click Renew
A new lease is created with:
- Same property, tenant, and rent
- Start = old lease end + 1 day
- End = start + 1 year
The old lease is marked as Renewed and linked to the new one

Automated Alerts¶

A daily cron job handles:

Auto-expire: Marks leases as Expired when end date passes
Expiring warning: Marks active leases as Expiring when within 90 days of end
Activity reminders: Creates to-do activities at 90, 60, and 30 days before expiration

Rent Payments¶

Payments track individual rent collections for each lease.

Payment States¶

State	Color	Meaning
Pending	—	Not yet due or awaiting payment
Received	Green	Full payment collected
Late	Red	Past due (auto-set by daily cron)
Partial	—	Partial payment received
Waived	Gray	Payment forgiven

Payment Fields¶

Field	Description
Lease	Which lease this payment belongs to
Amount	Payment amount
Due Date	When rent is due
Payment Date	When payment was received
Payment Method	Check, Cash, Transfer, Zelle, Venmo, CashApp, Money Order
Reference	Check number, transaction ID, etc.
Late Fee Applied	Late fee amount if applicable

Overdue Automation¶

A daily cron job marks pending payments past their due date as Late and posts a notification on the lease.

Expenses & Income¶

Expenses¶

Track all property-related expenses:

Field	Description
Property	Which property
Category	Mortgage, Insurance, Property Tax, Utilities, HOA, Maintenance, etc.
Amount	Expense amount
Date	When incurred
Vendor	Who was paid
Renovation Task	Optional link to a renovation task
Receipt	Upload receipt file

Income¶

Track all property-related income:

Field	Description
Property	Which property
Type	Rent, Sale Proceeds, Late Fee, Deposit Forfeiture, Other
Amount	Income amount
Date	When received
Lease / Payment	Optional link to lease and payment records

Analysis¶

Use the Expense Analysis and Income Analysis pivot tables to:

View totals by property and month
Compare expenses across properties
Track income trends over time

Contractors¶

Maintain a directory of contractors with:

Field	Description
Name / Company	Contact details
Phone / Email	Communication info
Specialty	General, Electrical, Plumbing, HVAC, Roofing, Flooring, Painting, etc.
License Number	Contractor license
Insurance Expiry	When their insurance expires
Rating	1-5 stars (Poor to Excellent)
Tasks / Total Paid	Computed from assigned renovation tasks

Tips¶

Use the 70% Rule

The Max Allowable Offer on deals auto-calculates using the 70% rule: ARV x 0.70 - Repair Estimate. This is a quick sanity check on whether a deal makes financial sense.

Link Expenses to Renovation Tasks

When recording expenses for renovation work, link them to the specific renovation task. This gives you accurate cost tracking at both the task and property level.

Set Follow-Up Dates on Deals

Every deal in Lead or Analyzing stage should have a follow-up date. The daily cron job creates activity reminders so nothing goes stale.

Track Payment Methods

Always record the payment method and reference (check number, transaction ID) on rent payments. This creates an audit trail for accounting.

Security¶

Group	Access
Real Estate User	View, create, and edit all records. Cannot delete records or access configuration.
Real Estate Manager	Full access including delete, plus configuration management (contractors, deal sources, expense categories).