Model one long-term rental property using monthly rent, vacancy, annual operating costs and debt service. The calculator keeps NOI separate from financing. Inputs stay in your browser.
Planning result
Your estimate
Effective monthly income—
Monthly operating expenses—
Monthly NOI—
Monthly cash flow—
Annual cap rate—
Cash-on-cash return—
Pre-tax planning estimate. It excludes appreciation, sale costs, income taxes, depreciation, legal risk and unentered capital projects.
How the rental cash-flow calculation works
The calculator reduces scheduled rent by the vacancy allowance, adds other income and subtracts operating expenses to estimate net operating income. It then subtracts mortgage principal and interest and the additional capital reserve to estimate owner cash flow.
NOI versus cash flow
NOI excludes financing. This makes it useful for comparing property operations. Cash flow includes the entered debt service and capital reserve, so it is more specific to the owner’s plan.
Cap rate and cash-on-cash return
Cap rate is annual NOI divided by the entered property value or purchase price. Cash-on-cash return is annual pre-tax cash flow divided by total cash invested. Neither metric includes every risk or source of return.
This tool provides a simplified planning estimate. It is not lending, investment, legal, tax, insurance or professional advice. Verify assumptions using property documents, written quotes and qualified professionals.
Use evidence for the rental inputs
Input
Preferred source
Conservative check
Rent
Current lease and documented market comparison
Test a lower achievable rent
Vacancy
Property history and local leasing timeline
Include turnover downtime and collection risk
Operating expenses
Tax bills, insurance, HOA and actual invoices
Increase volatile renewals and services
Maintenance and capital reserve
Condition, system age and past work
Model at least one major project
Cash invested
Closing records plus initial capital work
Include cash spent before stable operation
Compare scenarios, not one optimistic result
Create a current case, a vacancy case and a repair-heavy case. Keep the property value and cash invested consistent while comparing changes. This reveals whether a positive result depends on perfect occupancy, low insurance or an unrealistically small reserve.
Expenses commonly left out
Turnover cleaning, paint, locks and leasing costs.
Owner-paid utilities during vacancy.
Licensing, local registration, bookkeeping and professional services.
Insurance deductibles and work not covered by a policy.
Large replacements, code work and accessibility or safety requirements.
NOI measures property operations before financing. Debt service is subtracted afterward to estimate the owner’s cash flow.
Is cap rate the same as investment return?
No. It excludes financing and does not capture appreciation, sale costs, taxes or every capital project.
Should depreciation be entered as an expense?
No. This calculator models cash planning. Tax depreciation is a separate noncash calculation that should be reviewed with appropriate records and tax guidance.
