Annual Cash FlowOperating cash flow · elapsed years since purchase
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Purchase price. Expected rent. A first look.
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Census gross rent includes rent paid to the landlord plus tenant-paid utilities and fuels. To use this optional benchmark, subtract your property-specific monthly tenant-paid utility estimate. Enter 0 only if appropriate; leave it blank if unknown and enter rent directly above instead. The adjusted amount is a planning assumption, not the property's verified rent.
Source: Census ACS 2020-2024. Historical ZIP-area survey data, not current rental comps.
Total expense allowanceIncludes capital reserves · mortgage separate
Vacancy & expense assumptions
Vacancy is deducted first. At 45%, the remaining income is budgeted as 40% operating expenses plus 5% capital reserve. At 40%, the split is 35% operating expenses plus 5% reserve. These are planning assumptions, not ZIP-based costs.
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MONTHLY OPERATING CASH FLOW — FIRST 12 MONTHS—— annually
GROSS SCHEDULED RENT——
PRICE / UNIT—
RENT / UNIT—
GROSS RENT—
EFFECTIVE GROSS INCOME—
OPERATING EXPENSES—
EXPENSE RATIO—
OPEX / UNIT—
OPEX / MONTH—
NOI BEFORE RESERVE—
NOI / UNIT—
CAP RATE—
FIRST 12 MONTHS DSCR—
INITIAL MORTGAGE P&I—
FIRST 12 MONTHS DEBT SERVICE—
CASH FLOW / UNIT—
CASH-ON-CASH—
CASH REQUIRED—
CLOSING COST EST.—
Pre-tax estimates. NOI includes operating expenses and maintenance, but excludes capital reserves and debt payments. Cash flow deducts capital reserves and debt once. Verify rents, financing and expenses; lender definitions may differ.
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RENT-TO-PRICE—Monthly base rent ÷ purchase price
GROSS RENT MULTIPLIER—Price ÷ annual base rent
BREAK-EVEN OCCUPANCY—Approx. first-12-month occupancy needed
EST. EQUITY—Projected value less remaining loan balance
LEVERED IRR—Includes operating cash flow and net sale proceeds
NET SALE PROCEEDS—Value less selling costs and remaining debt
Property Valuation vs. DebtValue and loan · elapsed years since purchase
—Principal vs. InterestMortgage payments · elapsed years since purchase
—Cumulative Cash Flow / PaybackCumulative cash · elapsed years since purchase
—Hold-period snapshotsYear 1 = months 1–12; Year 2 = months 13–24. Operating cash flow excludes purchase costs; cumulative cash includes them once.
| Ownership year | Rate | Debt Service | Operating Cash Flow | NOI before reserve | Appreciation Value | Income Approach Value | Loan Balance | Equity | Cumulative Cash Flow |
|---|
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TRANSPARENT MATH
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Data coverage & calculation methods →See the core formulas
Effective rental income minus operating expenses, before mortgage principal and interest.
NOI = Effective Gross Income − Operating Expenses
Annual net operating income divided by property purchase price.
Cap Rate = NOI ÷ Property Value × 100
Annual pre-tax cash flow divided by the initial cash invested in the deal.
Cash-on-Cash Return = Annual Pre-Tax Cash Flow ÷ Total Cash Invested × 100
Net operating income divided by annual principal-and-interest debt service.
DSCR = NOI ÷ Annual Debt Service
Cap rate and DSCR use conventional NOI before capital reserves. Cash flow deducts the capital reserve and debt payments. For apartments with 5+ units, income-based valuation uses conventional NOI before that reserve. Residential 1–4 unit homes and condos use purchase price plus observed ZIP appreciation.