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Formula governance

Calculator Methodology Index

Inspect the exact released version, field units, modeling assumptions, exclusions, and representative example behind each public calculator.

Content taxonomy

Four connected analysis clusters

Each cluster groups a distinct investor question without turning close keyword variants into duplicate pages.

Rental operations

Build and stress-test the recurring income, vacancy, expense, and break-even assumptions behind a rental property.

Rental Property ROI baselineNet operating incomeRental break-even

Financing and debt

Connect property income and value with loan principal, payment structure, and coverage constraints.

Debt yieldCombined maximum loan amountMortgage paymentDebt service coverage ratio

Returns and valuation

Compare property income, value, cash invested, and the return measures that use them.

Capitalization rateCash-on-cash return

Renovation and exit

Separate acquisition, renovation, carrying, financing, and sale assumptions for a finite project.

Flip profit

Released definitions

Ten versioned methodology records

Version identifiers come from the same formula modules used by the calculators. A result-changing correction requires a new version.

Rental operationsrental-roi@1.1.0

Rental Property ROI baseline

Connect a rental property’s operating assumptions, fixed-rate financing, cash flow, property yield, cash yield, and break-even position.

Reviewed

Inputs and units

Price, down payment, loan, and closing costs
USD
Interest rate and vacancy
annual %
Loan term
years
Rent and itemized operating expenses
USD/month

Outputs and units

Effective rent, operating expenses, debt service, and cash flow
USD/month
Annual cash flow and NOI
USD/year
Cap rate, cash-on-cash return, expense ratio, and break-even occupancy
%
Break-even rent
USD/month

Model assumptions

  • All income, expense, and financing inputs describe one internally consistent scenario.
  • The fixed-rate mortgage payment amortizes over the entered term.
  • NOI excludes debt service; pre-tax cash flow subtracts it.

Not modeled

  • Appreciation, sale proceeds, refinance proceeds, and multiyear return timing
  • Income taxes, depreciation, tax benefits, and jurisdiction-specific rules
  • Variable-rate, balloon-refinance, and complex multi-unit lease structures

Worked example

A $300,000 purchase with $84,000 total cash invested, $2,700 monthly rent, 5% vacancy, $986 monthly operating expenses, and a $225,000 loan produces $156.85 monthly cash flow, $18,948 NOI, 6.32% cap rate, and 2.24% cash-on-cash return.

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Rental operationsnoi@1.0.0

Net operating income

Audit property income, vacancy, and recurring operating expenses before applying financing or valuation metrics.

Reviewed

Inputs and units

Scheduled rent and other operating income
USD/year
Vacancy and credit loss
USD/year
Itemized recurring operating expenses
USD/year

Outputs and units

Gross potential and effective gross income
USD/year
Total operating expenses and NOI
USD/year
Monthly NOI equivalent
USD/month
Vacancy rate and operating expense ratio
%

Model assumptions

  • Income, vacancy, and every operating expense use the same annual period.
  • Replacement reserves are included as an operating expense when entered.
  • The calculator uses property-level operating income before financing and owner tax effects.

Not modeled

  • Debt service, loan fees, depreciation, amortization, and income taxes
  • Purchase price, acquisition costs, sale proceeds, and selling costs
  • Major one-time renovation projects unless represented by a recurring reserve

Worked example

$36,000 scheduled rent less $1,800 vacancy and $12,000 itemized operating expenses produces $34,200 effective gross income and $22,200 annual NOI.

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Financing and debtdebt-yield@1.0.0

Debt yield

Compare annual NOI with loan principal and reverse-solve the income or principal that exactly meets an editable target.

Reviewed

Inputs and units

Net operating income
USD/year
Loan amount
USD
Target debt yield
%

Outputs and units

Debt yield and target comparison
%
Required NOI and NOI difference
USD/year
Maximum loan and loan difference at target
USD

Model assumptions

  • NOI and loan principal describe the same property and analysis date.
  • The entered target is a user scenario, not a DealYield or lender benchmark.
  • The inverse calculations hold all other entered values constant.

Not modeled

  • Interest rate, amortization, payment timing, and borrower qualification
  • Property value, LTV, and collateral underwriting
  • Loan pricing, approval, commitment, and lender-specific NOI adjustments

Worked example

$100,000 annual NOI divided by a $1,000,000 loan produces a 10.00% debt yield and exactly meets the example 10.00% target.

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Financing and debtmaximum-loan-amount@1.0.0

Combined maximum loan amount

Estimate one first-mortgage amount supported simultaneously by selected LTV, debt-yield, and DSCR constraints.

Reviewed

Inputs and units

Property value and NOI
USD
Maximum LTV and target debt yield
%
Target DSCR
ratio
Interest rate, amortization, and loan term
% and years

Outputs and units

LTV, debt-yield, DSCR, and combined loan limits
USD
Binding constraint and modeled coverage/leverage
label and ratios
Payment capacity and modeled payment
USD/month and USD/year
Balance remaining at modeled maturity
USD

Model assumptions

  • LTV, debt-yield, and DSCR targets are user-entered scenario constraints.
  • DSCR sizing uses a fixed-rate amortizing payment over the entered amortization period.
  • The smallest valid modeled limit is the combined maximum; ties remain visible.

Not modeled

  • Borrower credit, liquidity, guarantees, loan fees, and lender approval
  • Interest-only sizing, stressed lender conventions, and product-specific adjustments
  • Appraisal conclusions, market value verification, and subordinate debt

Worked example

A $1,400,000 property with $100,000 NOI, 75% LTV, 10% debt yield, 1.25× DSCR, 7.25% interest, 30-year amortization, and a 10-year term is limited by DSCR to $977,264.51.

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Rental operationsrental-break-even@1.0.0

Rental break-even

Solve the scheduled rent or collected occupancy required to cover monthly costs and an optional cash-flow target.

Reviewed

Inputs and units

Scheduled rent, other income, operating expenses, debt service, and cash-flow target
USD/month
Collected occupancy
%
Presentation mode
rent or occupancy

Outputs and units

Required scheduled rent
USD/month
Required collected occupancy
%
Modeled cash flow and target margin
USD/month
Rent and occupancy margins
USD/month and percentage points

Model assumptions

  • Every money input uses a monthly period.
  • Collected occupancy combines vacancy, turnover, concessions, and collection loss.
  • Other income is a fixed collected amount and is not automatically adjusted by occupancy.

Not modeled

  • Market-rent, leasing, or occupancy forecasts
  • Rent regulation, financing eligibility, and lender underwriting
  • Property-level NOI break-even because direct debt service is included

Worked example

$2,700 scheduled rent at 95% occupancy, $100 other income, $986 operating expenses, $1,422.15 debt service, and a $250 target requires $2,692.79 rent or 94.75% occupancy.

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Returns and valuationcap-rate@1.0.0

Capitalization rate

Compare annual NOI with property value and explore inverse valuation or income targets.

Reviewed

Inputs and units

Property value
USD
Gross rent, vacancy allowance, and operating expenses
USD/year
Optional target cap rate
%
Optional target property value
USD

Outputs and units

Net operating income
USD/year
Capitalization rate
%
Implied property value and required NOI
USD

Model assumptions

  • Rent, vacancy, and operating expenses describe the same annual period.
  • NOI is measured before financing and owner-specific tax effects.
  • Target cap rate and target property value are optional user scenarios.

Not modeled

  • Mortgage payments, financing fees, and borrower structure
  • Appreciation, future sale proceeds, and a forecast exit cap rate
  • Income taxes, depreciation, and one-time capital projects

Worked example

A $300,000 property with $36,000 gross annual rent, $1,800 vacancy, and $12,000 operating expenses produces $22,200 NOI and a 7.40% cap rate.

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Returns and valuationcash-on-cash-return@1.0.0

Cash-on-cash return

Compare annual pre-tax cash flow with the total cash invested upfront.

Reviewed

Inputs and units

Annual pre-tax cash flow
USD/year
Down payment, closing costs, improvements, and other upfront cash
USD

Outputs and units

Total cash invested
USD
Annual and monthly cash-flow equivalents
USD/year and USD/month
Cash-on-cash return
%

Model assumptions

  • Annual pre-tax cash flow and upfront cash belong to the same scenario.
  • Every entered upfront amount is funded by the investor.
  • A zero cash-invested denominator produces an unavailable return.

Not modeled

  • Appreciation, sale proceeds, and refinance proceeds
  • Principal paydown, depreciation, and income-tax effects
  • Multiyear cash-flow timing and internal rate of return

Worked example

$12,000 annual pre-tax cash flow divided by $80,000 of down payment, closing, improvement, and other upfront cash produces a 15.00% cash-on-cash return.

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Financing and debtmortgage-payment@1.0.0

Mortgage payment

Translate a fixed-rate loan structure into payments, financing costs, total interest, and scheduled balance snapshots.

Reviewed

Inputs and units

Loan amount and fixed financing fees
USD
Interest rate and points
annual %
Loan term and interest-only opening period
years and months
Property taxes, insurance, and HOA
USD/month

Outputs and units

Principal-and-interest and total payment
USD/month
Post-interest-only payment when applicable
USD/month
Lifetime interest, points, and financing fees
USD
Scheduled loan balances
USD by month

Model assumptions

  • The note rate is fixed for the modeled payment path.
  • An interest-only phase is followed by amortization of the original balance over the remaining term.
  • Taxes, insurance, and HOA are fixed user-entered monthly amounts.

Not modeled

  • Loan approval, APR, escrow rules, prepaid interest, and lender disclosures
  • Adjustable rates, payment caps, negative amortization, and extra principal
  • Future changes in property costs, refinancing, default, and prepayment charges

Worked example

A $225,000 loan at 6.50% for 30 years produces $1,422.15 monthly principal and interest; adding $450 in property costs produces a $1,872.15 initial total payment.

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Financing and debtdscr@1.0.0

Debt service coverage ratio

Compare property NOI with scheduled debt service and reverse-solve payment capacity or required income at an editable target.

Reviewed

Inputs and units

NOI and annual debt service
USD/year
Or rent, operating expenses, and mortgage payment
USD/month
Target DSCR
ratio

Outputs and units

NOI and annual debt service
USD/year
DSCR and threshold result
ratio and status
Maximum debt service and payment
USD/year and USD/month
Required NOI
USD/year

Model assumptions

  • NOI and debt service describe the same property and annual period.
  • Monthly mode annualizes entered rent, expenses, and mortgage payment.
  • The target is an editable scenario rather than a universal lender rule.

Not modeled

  • Loan approval, borrower qualification, and lender-specific underwriting
  • Property value, LTV, loan principal, and payment amortization
  • Income normalization or verification of the entered operating statement

Worked example

$75,000 annual NOI divided by $60,000 annual debt service produces a 1.25× DSCR and exactly meets the example 1.25× target.

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Renovation and exitflip-profit@1.0.0

Flip profit

Separate a renovation-and-resale project’s cost layers and calculate profit, ROI, break-even sale price, and a target-profit purchase allowance.

Reviewed

Inputs and units

Purchase, closing, rehab, financing, and selling costs
USD
Holding period and monthly holding costs
months and USD/month
Contingency and agent commission
%
Sale price and target profit
USD

Outputs and units

Holding, contingency, commission, and total project costs
USD
Net sale proceeds and estimated profit
USD
Project and annualized ROI
%
Break-even sale price and maximum allowable offer
USD

Model assumptions

  • Acquisition, renovation, carrying, financing, and sale inputs describe one finite project.
  • Holding costs scale linearly with the entered holding months.
  • Commission and contingency are percentages of sale price and rehab budget respectively.

Not modeled

  • Sale-price, construction-duration, buyer-demand, and financing forecasts
  • Income taxes, depreciation, opportunity cost, and irregular cash-flow timing
  • Appraisal, offer recommendation, contractor scope, and due diligence

Worked example

A six-month project with a $200,000 purchase, $50,000 rehab budget, 10% contingency, and $350,000 sale produces $47,000 estimated profit and 17.09% project ROI.

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Maintenance

How definitions stay aligned

Methodology records are checked against formula modules, schemas, fixtures, tests, calculator pages, reports, and guides. Learn how source review and result-changing corrections are handled.

Editorial policyCorrections policy