Acquisition
$
%
$
$
Work done before the first tenant moves in. It is cash you put into the deal, so it belongs in the return, not in the yearly running costs.
mo
How long the property stands empty while the work above is done. You still owe the property taxes, the insurance and the association every one of those months, with no rent coming in — which is why the first year is not the same as a normal year. Leave it blank if a tenant is already in place.
$
Cash held back for the first vacancy or repair, including anything a lender requires you to hold. Still yours, but tied up in the deal.
Financing
%
$
years
years
How long a loan takes to pay off and how long you have it are two different things. A payment worked out over twenty or thirty years can still fall due in five: the loan matures, the remaining balance is owed in one lump, and you refinance it, sell, or find the cash. Put the maturity here if it is shorter than the term above and the balloon will be shown below. This is the ordinary shape of a commercial loan, and the number that catches people out.
Income (Monthly)
$
$
%
Commonly 5–10% of income — a convention, not advice. Replace it with the figure for this property.
Operating Expenses (Annual)
$
Filled in with the yearly property tax at the rate a rental (not a home you live in) pays in the town or county chosen above, struck on the price. With no town or county chosen, the highest rate this app holds for the state is used; where it holds no verified rate for the place, nothing is filled in. Flat yearly charges billed per property, such as trash, fire or stormwater fees, are not included in the figure filled in. For the real figure, ask the county what a new owner who does not live there would pay, or pull the parcel’s current bill.
Check it yourself
Check these public records before trusting these figures. Each office below is free to search.
First, find who keeps the records. Search the address with the word “county” (“parish” in Louisiana, “borough” in Alaska). Washington DC, Baltimore, St. Louis and Virginia’s cities are in no county; use their own offices. The mailing city may not be the city the property is in; the tax record often shows which, if any.
Unofficial sites often copy office names. Start from the local or state government’s website; official sites may also charge, and may not end in .gov.
Type the search words in English, as shown, and put the property’s own place and state where the brackets are.
- Office that values property for taxLook for the owner, size, rooms and value for tax, which is often not market value.Search: [county, city or town] [state] property searchAlso called assessor or appraiser; in Texas, the appraisal district (not the tax assessor-collector).
- Office that collects property taxLook for unpaid past years, which another office may hold. After a sale the tax can go up, so ask either office what a new owner not living there would pay.Search: [county, city or town] [state] property tax searchAlso called treasurer, tax collector, tax commissioner or sheriff.
- Office that records deedsMost of these offices search by owner name, not address; try every spelling. Look for deeds, loans, liens and lawsuit notices. A title search can miss unrecorded debts, such as association dues; ask about those in writing.Search: [county, city or town] [state] deed records searchAlso called recorder, register of deeds or clerk.
- Building permit officeOpen or expired permits can mean work that never passed final inspection. If the listing shows more rooms or space than the tax record and permits, ask the seller why.Search: [city, town or county] building permit searchOutside city, town or township limits, usually the county; if one has no record, ask the other.
- Flood zone: FEMA Flood Map Service CenterFree address search. A zone beginning with the letter A or V is high risk; expect a mortgage lender to require flood insurance. Other zones can still flood.
Cities, towns and townships usually value property and collect tax in New England, New Jersey, New York, Michigan and Wisconsin, and record deeds in Connecticut, Rhode Island and Vermont. State offices value property in Maryland and Montana and record deeds in Hawaii and Alaska.
More for experienced investors
- The seller’s tax bill can be a poor guide to yours: the taxable value resets after a sale in some states, such as California, Florida and Michigan, and discounts for owners who live in the home often end. Some states, such as Alabama and South Carolina, tax a home the owner does not live in at a higher rate, and the increase may come on a later bill.
- A city, school, village or special district may bill separately, as in parts of New York, Pennsylvania and Texas, and unpaid past years may move from the town to the county, as in Pennsylvania, Michigan and Wisconsin. Ask the seller for every tax bill, and ask each office or your closing company for a written statement of everything owed.
- The value on the tax record is often a fraction of market value or lowered by caps, its size and rooms may be out of date, and major renovations can raise it, so do not use it as a price or resale value. Offices vary too: Ohio’s county auditor usually sets values, Kentucky has a Property Valuation Administrator, Tennessee’s trustee collects tax, Alabama’s probate office records deeds, some Massachusetts counties have more than one registry of deeds, and much of Alaska has no property tax.
- Judgments, contractor liens and lawsuit notices may be kept only by a court or county clerk, as in Pennsylvania, North Carolina and New York City, and Iowa keeps contractor liens on a state online registry. Where foreclosure happens without a court case, look for a notice of default or of sale: California records it with the deeds, but Texas and Georgia post or publish it, so also ask the seller and the title company.
- Depending on local rules, a new owner may be asked to close an open permit, which can mean hiring a contractor, paying fees or opening walls; Florida bars penalizing a buyer with no connection to the prior owner solely for that owner’s unclosed permit; that protection does not cover work done without a permit. An open code case can continue after a sale, other offices may hold electrical, septic or well permits, some rural areas require no permit for homes, and title insurance usually does not cover permit or code problems.
- Most home insurance does not cover flood, and federal flood insurance is priced for each building, not by zone, so ask whether the seller’s policy can be transferred to you and get your own quote early. It is not sold in communities outside the federal program, where some federally backed loans are also barred in high-risk zones, or for newer buildings in some protected coastal areas.
- Maps change, and the same FEMA site lists preliminary maps; an unmapped area means FEMA has published no map there, and Zone D means the risk was not studied, so neither means low risk. In a high-risk zone, repairs or improvements costing half or more of the building’s value, not counting land, may require meeting current flood rules, such as raising the building, and some places use a lower share.
$
The state averages offered here are for owner-occupied policies. A landlord or rental policy usually costs more, and a vacant property under renovation more again. A coastal property — wind, flood, an older roof — can run far above its own state’s average. Nothing is filled in for you: type the figure you were quoted.
$
%
Routine recurring repairs only — a plumbing call, a turnover, servicing the air handler. Big-ticket replacements belong in Replacement Reserves below, so the same cost is not counted twice.
Commonly 5–10% of income — a convention, not advice. Replace it with the figure for this property.
%
Commonly 8–10% of income — a convention, not advice. Replace it with the figure for this property.
%
Money set aside for future major replacements, such as a roof or air-conditioning system. This reduces the cash available to spend even when the replacement has not happened yet.
Commonly 3–5% of income — a convention, not advice. Replace it with the figure for this property.
The Deal start here
$
$
$
This budget came from the room-by-room checklist below.This budget came from an AI estimate of your photos, edited in the list below: a draft, not a contractor’s bid.This budget came from the square-foot estimate below — a rate applied to an area, not a priced scope of work.This budget is the figure you typed. Neither estimator below is driving it.
mo
Repair estimator
Check it yourself: permits, taxes, flood zone
sf
$/sf
Pick a scope above, or type your own cost per foot.
Or build it item-by-item $0
Main Loan
One loan and a down payment out of your own pocket. No gap loan.The main loan covers its share of the purchase; you cover the rest. The gap loan is there if you have one, but it stays blank until you enter what a lender actually agreed to.The gap loan fills itself in to cover the down payment, the closing costs, the main loan’s points and the rehab. Its own points and the monthly carry stay yours to pay, so very little cash of yours is in the project: read the return below carefully.You typed the gap loan amount yourself, so it is kept exactly as you entered it and nothing is filled in to cover the rest. The deal is not automatically fully funded: whatever your gap loan does not reach is still cash you have to bring.
%
The share of the purchase price you pay yourself. The main loan is the rest of the price.
%
Points & gap financingLoan points
%
$
How much to borrow: to finance the whole purchase, enter your cash to close — the down payment, closing costs and the main loan’s points. If your fix-and-flip lender also funds the renovation, add the rehab budget as well. The 100% Fix & Flip button above works this out for you — or, if you have typed your own figure, use “Calculate gap needed for full funding”.
An additional loan used to cover costs the main loan does not cover. It is treated as interest-only: the figures below carry its interest for every month of the project and repay the principal out of the sale. In 100% Fix & Flip it fills itself in to cover the down payment, the closing costs, the main loan’s points and the rehab — not its own points or the monthly carry, which stay yours; in Hard Money + Your Gap it stays blank until you enter what a lender has actually agreed to. Confirm its amount, interest, fees, and repayment terms. An automatically filled amount does not mean that financing is available.
%
%
Tick this if the gap money is a HELOC or loan against a property you already own rather than a second lien on the one you are buying. It is then left out of the loan-to-ARV ceiling below, because that ceiling caps what is lent against this property. Its interest is still charged every month of the project and its balance is still repaid from the sale.
Closing & holding costs
Line items $0
$
$
$
$
$
$
$
$
$
$
Filled in with a month’s share of the yearly property tax at the rate a rental (not a home you live in) pays in the town or county chosen above, struck on the price. With no town or county chosen, the highest rate this app holds for the state is used; where it holds no verified rate for the place, nothing is filled in. Flat yearly charges billed per property, such as trash, fire or stormwater fees, are not included in the figure filled in. For the real figure, ask the county what a new owner who does not live there would pay, or pull the parcel’s current bill.
$
The state averages offered here are for owner-occupied policies. A landlord or rental policy usually costs more, and a vacant property under renovation more again. A coastal property — wind, flood, an older roof — can run far above its own state’s average. Nothing is filled in for you: type the figure you were quoted.
$
$
Charged for every month of the project. Keep it out of Utilities + Misc. above, or the same bill is counted twice.
Resale
%
Resale closing costs
Resale closing line items $0
$
$
$
$
$
$
$
BRRRR Option
Hold & Exit
Takes the property from Buy & Hold and runs it forward on the assumptions you enter — what it would earn each year, what it would sell for, and the projected profit that leaves. Every figure below is a projection, not a record of anything that happened. Change the property on the Buy & Hold tab; change the assumptions here.
Enter a property on the Buy & Hold tab first — price,
rent and financing all come from there.
| Purchase & Loan | |||
| Purchase Price | — | Down Payment | — |
| Closing Costs | — | Loan Amount | — |
| Interest Rate | — | Loan Term | — |
| Income | |||
| Monthly Rent | — | Other Income | — |
| Year 1 NOI | — | ||
These four are worked out from the property itself, so they are
shown rather than asked for. Everything else this projection uses — the fixed
costs and the operating percentages — you can type below, and it changes on
Buy & Hold too.
Annual Fixed Costs shared with Buy & Hold
$
Filled in with the yearly property tax at the rate a rental (not a home you live in) pays in the town or county chosen above, struck on the price. With no town or county chosen, the highest rate this app holds for the state is used; where it holds no verified rate for the place, nothing is filled in. Flat yearly charges billed per property, such as trash, fire or stormwater fees, are not included in the figure filled in. For the real figure, ask the county what a new owner who does not live there would pay, or pull the parcel’s current bill.
$
The state averages offered here are for owner-occupied policies. A landlord or rental policy usually costs more, and a vacant property under renovation more again. A coastal property — wind, flood, an older roof — can run far above its own state’s average. Nothing is filled in for you: type the figure you were quoted.
$
Operating Percentages shared with Buy & Hold
%
%
Routine recurring repairs only — a plumbing call, a turnover, servicing the air handler. Big-ticket replacements belong in Replacement Reserves below, so the same cost is not counted twice.
%
%
Money set aside for future major replacements, such as a roof or air-conditioning system. This reduces the cash available to spend even when the replacement has not happened yet.
%
Left blank, every dollar put into the reserve each year is counted as spent — the cautious reading, because reserves exist for the roof and the air conditioner that do fail. A starting reserve set aside at purchase is a cash cushion, not a repair budget, so it still comes back at the sale. A figure you type here applies to both.
Moving money into a reserve reduces what you can take out today. It does not by itself mean the money is gone. Whatever is left in the reserve is still yours and comes back when you sell — the ledger in the results shows the running balance. At 0% nothing is spent and the whole reserve comes back at the sale. Over a long hold that is optimistic: a roof or an air-conditioning system replaced while you own it is reserve money genuinely spent, so raise this to what you expect to use. Routine repairs are charged separately under Repairs & Maintenance and do not belong here.
The Hold
yrs
%
$
The seller’s side of the settlement — title, transfer taxes, the closing fee. Estimated from the state’s transfer tax and typical fees at the projected sale price, so it moves when the hold period or the appreciation guess moves. Commission is separate, above.
Growth Assumptions these are guesses
%
%
%
The figure used when this is left empty comes from recent Florida tax rolls and is set on the high side, as a stress figure. Outside Florida it may be too high or too low: the county’s record of this property’s past tax bills shows the real trend, and that is the figure to type here.
Florida caps non-homestead assessment increases at 10% a year, but that cap excludes school levies. Millage in Broward and Palm Beach has been flat to falling, so almost all recent growth has come from assessed value rather than rates.
%
The figure used when this is left empty comes from recent Florida insurers’ rate filings and is set as a stress figure. Outside Florida it may be too high or too low, and in some states premiums have lately risen faster: a local insurance quote and the current policy’s renewal history give the real figure to type here.
A negative figure is allowed and is sometimes right: Citizens recommended a DP-3 decrease for 2026 — its first personal-lines cut since 2015. Wind-only and multi-peril moved opposite ways in the same filing, which matters on the split-coverage policies South Florida landlords actually buy.
%
These grow the fixed costs only. Maintenance, management and replacement reserves are struck as percentages of collected income, so they already follow the rent-growth figure above and are not escalated twice.
Nobody knows what any of these will be. Run it at zero appreciation as well — a deal that only works on appreciation is a bet on the market, not on the property.
Reverse Offer Calculator
Tell it the return you need — it solves backward for the maximum price you can pay.
Exit Assumptions
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Target Returns
%
%
%
$
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Financing & Hold (leave blank to screen without them)
months
%
%
%
$
%
%
$
%
Income & Expenses (Annual)
$
$
Target Return
%
Financing
%
%
years
$
Upfront Costs
$
$
$
The Deal start here
$
$
$
This amount reduces the rule-of-thumb maximum offer. It does not automatically add payroll to project or ongoing operating expenses. Enter actual payroll costs in the appropriate expense fields.
$
This budget came from the room-by-room checklist below.This budget came from an AI estimate of your photos, edited in the list below: a draft, not a contractor’s bid.This budget came from the square-foot estimate below — a rate applied to an area, not a priced scope of work.This budget is the figure you typed. Neither estimator below is driving it.
mo
Improvement estimator
Check it yourself: permits, taxes, flood zone
sf
$/sf
Pick a scope above, or type your own cost per foot.
Or build it item-by-item $0
Main Loan
One loan and a down payment out of your own pocket. No gap loan.The main loan covers its share of the purchase; you cover the rest. The gap loan is there if you have one, but it stays blank until you enter what a lender actually agreed to.The gap loan fills itself in to cover the down payment, the closing costs, the main loan’s points and the rehab. Its own points and the monthly carry stay yours to pay, so very little cash of yours is in the project: read the return below carefully.You typed the gap loan amount yourself, so it is kept exactly as you entered it and nothing is filled in to cover the rest. The deal is not automatically fully funded: whatever your gap loan does not reach is still cash you have to bring.
%
The share of the purchase price you pay yourself. The main loan is the rest of the price.
%
Points & gap financingLoan points
%
$
How much to borrow: to finance the whole purchase, enter your cash to close — the down payment, closing costs and the main loan’s points. If your fix-and-flip lender also funds the improvements, add the improvement budget as well. The 100% Fix & Flip button above works this out for you — or, if you have typed your own figure, use “Calculate gap needed for full funding”.
An additional loan used to cover costs the main loan does not cover. It is treated as interest-only: the figures below carry its interest for every month of the project and repay the principal out of the sale. In 100% Fix & Flip it fills itself in to cover the down payment, the closing costs, the main loan’s points and the rehab — not its own points or the monthly carry, which stay yours; in Hard Money + Your Gap it stays blank until you enter what a lender has actually agreed to. Confirm its amount, interest, fees, and repayment terms. An automatically filled amount does not mean that financing is available.
%
%
Tick this if the gap money is a HELOC or loan against a property you already own rather than a second lien on the one you are buying. It is then left out of the loan-to-ARV ceiling below, because that ceiling caps what is lent against this property. Its interest is still charged every month of the project and its balance is still repaid from the sale.
Closing & holding costs
Line items $0
$
$
$
$
$
$
$
$
$
$
Filled in with a month’s share of the yearly property tax at the rate commercial property pays in the town or county chosen above (or a rental’s, where that is higher or no commercial rate is held), struck on the price. With no town or county chosen, the highest rate this app holds for the state is used; where it holds no verified rate for the place, nothing is filled in. Flat yearly charges billed per property, such as trash, fire or stormwater fees, are not included in the figure filled in. For the real figure, ask the county what a new owner who does not live there would pay, or pull the parcel’s current bill.
$
No figure is offered here. The state averages this app carries are owner-occupied homeowners premiums, which price nothing a business buys — and a property under renovation is rated differently again. Builder’s risk, vacancy and general liability during a reposition come from a commercial broker. Get the quote and type it in.
$
Monthly costs while the property or business is being improved. Enter the expected number of months. These may differ from expenses after the property is rented or the business reopens.
Resale
%
Resale closing costs
Resale closing line items $0
$
$
$
$
$
$
$
BRRRR Option
Reverse Offer Calculator
Business acquisitions are usually bound by what the cash flow can support, not by comps — solve for the maximum price the numbers allow.
Earnings
Or work it out from the tax return $0
Seller’s discretionary earnings begins with the profit the business reported and adds back the costs that belong to the present owner rather than to the business itself. Fill in what the last full year’s tax return shows. Every line is optional, and if you already know your SDE you can leave this closed and type it straight into the box below — the buttons beside that box say which of the two the offer is sized on, and you can switch at any time.
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$
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$
$
$
$
An addback has to be a cost the next owner genuinely will not carry. A lender will ask to see each one on the return, and anything that turns out to be a real operating cost comes back out of the earnings the loan was sized on.
Earnings figure:
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The offer below is sized on the worksheet total.The offer below is sized on the figure in this box.The offer below is sized on the figure in this box. Open the worksheet above to build one from a tax return instead.Enter an SDE amount, or open the worksheet above to build one from a tax return. The offer below waits until there is one.Enter an SDE amount. You chose to type this figure yourself and the box is empty, so the offer below is waiting — or press From the worksheet to build it from a tax return.
Seller’s discretionary earnings estimates what is available to one working owner before that owner’s own pay, before the payments on the debt used to buy the business, and before certain accounting or unusual charges. Add back only documented items that belong in the calculation you are using. The three kinds of addback are not the same kind of thing. Depreciation is a non-cash charge — no money left the account — but the equipment it describes still wears out and still needs a cash budget, which is the annual replacement field further down. Interest is added back so the debt you are proposing can be tested on its own terms, which is what the coverage test below does. A one-off or personal cost is added back because the next owner genuinely will not carry it. Recurring payroll, premises rent and ordinary operating costs are none of these: they stay as expenses. Then take out the pay you or a hired manager will actually need before deciding what is left to service a loan.
$
SDE includes exactly one owner’s compensation, on the assumption that you will work in the business. What you put here is taken back out of it, and only what is left services the loan. If you intend to hire someone to run the business instead of running it yourself, put a market-rate manager’s salary here, not the modest draw you personally need — otherwise the loan is sized on earnings that will not exist once that manager is paid.
Lending
How many times the business’s cash flow has to cover the loan payments. An SBA 7(a) loan to buy a business needs at least 1.25, measured on the last year or two of actual results, not projections. The one exception is a business expansion — an established business buying all of another in its own industry — which needs 1.15. These are SBA’s floors; your lender’s term sheet states the figure it will use, and it can be higher.
%
years
%
Adjustments
$
Money needed in addition to the price paid to the seller. Specify whether it comes from your own cash or is included in the loan so the purchase budget can be checked. Treated here as part of the same purchase budget the loan and down payment fund, so it comes straight off the offer — if you will cover it from your own cash instead, the offer can be that much higher. This is a one-off, at closing. What the business spends every year to keep its equipment working is the separate field below, and the two are not interchangeable.
$
Depreciation was added back above because it is an accounting charge rather than money leaving the account. The equipment it describes still wears out, and replacing it still costs cash — cash the loan payment has to compete with. Put what this business really spends in an ordinary year on replacing ovens, vehicles, tills, tooling. It is taken out before the coverage test below, so the loan is sized on what is genuinely left.
$
A growing business ties up more money in stock and in what its customers owe it. That is cash the business has earned and cannot spend, so it does not service debt either. Leave it at zero for a business holding steady.
Cash Flow
$
The net operating income your lender will underwrite. Lenders differ on whether a replacement reserve comes off it first, so ask; Buy & Hold’s figure is struck before it.
Lending
%
years
%
What Are You Buying?
You are buying real estate and the income it produces. The costs below are a landlord’s: taxes, insurance, maintenance, reserves.
Business
sf
units
Acquisition
$
%
$
$
Work done before the first tenant moves in.Work done before the business opens under your ownership — refit, equipment, making good. Not the goods it will sell, which are a running cost. It is cash you put into the deal, so it belongs in the return, not in the yearly running costs.
$
Cash held back for the first vacancy or repair, including anything a lender requires you to hold. Still yours, but tied up in the deal.
Financing
%
years
years
How long a loan takes to pay off and how long you have it are two different things. A payment worked out over twenty or thirty years can still fall due in five: the loan matures, the remaining balance is owed in one lump, and you refinance it, sell, or find the cash. Put the maturity here if it is shorter than the term above and the balloon will be shown below. This is the ordinary shape of a commercial loan, and the number that catches people out.
Income (Annual) describe the revenue types
$
$
%
Commonly 5–10% of income — a convention, not advice. Replace it with the figure for this property.
Operating Expenses (Annual)
$
Filled in with the yearly property tax at the rate commercial property pays in the town or county chosen above (or a rental’s, where that is higher or no commercial rate is held), struck on the price. With no town or county chosen, the highest rate this app holds for the state is used; where it holds no verified rate for the place, nothing is filled in. Flat yearly charges billed per property, such as trash, fire or stormwater fees, are not included in the figure filled in. For the real figure, ask the county what a new owner who does not live there would pay, or pull the parcel’s current bill.
$
No figure is offered here. The state averages this app carries are owner-occupied homeowners premiums, which price nothing a business buys — commercial property, general liability and business interruption are rated on payroll, receipts, occupancy class and claims history, none of which this app asks for. A landlord, vacant or coastal property costs more again. Get a quote from a commercial broker and type it in.
$
$
$
$
Business Operating Costs (Annual)
Food, drink, materials, product — whatever the business buys in order to sell. Most operators know it as a percentage of sales, so that is what this starts on. Only the one you pick is used; switching modes does not add the two together.
% of revenue
A percentage is taken on effective revenue — income after the vacancy and collection loss above — because that is the revenue the business actually collects.
$
What the business pays a landlord for its space, including any common-area charges. When the business does not own the building this is where the cost belongs — not in Property Taxes, because the tax bill is the owner’s and you are the tenant.
% of revenue
What the card processors keep. Two to three percent is common where most sales are on a card.
% of revenue
What a franchisor takes off the top. Leave it at zero if the business is not a franchise.
$
What it would cost to hire someone to run the business in your place, payroll taxes included. Tick the box if you intend to hire: the salary then becomes an operating expense like any other, so the NOI, cap rate, DSCR, cash-on-cash and stress test below all describe a business you do not work in. Left unticked it is shown for comparison only, in the Manager-Run Earnings tile, and every other figure assumes you are the one running it.
Payroll, utilities, marketing and admin are the fields just above. Put the business’s staff and overhead there rather than entering those costs a second time in this block.
%
Commonly 8–10% of income — a convention, not advice. Replace it with the figure for this property.
%
Routine recurring repairs only — a plumbing call, a turnover, servicing the air handler. Big-ticket replacements belong in Replacement Reserves below, so the same cost is not counted twice.
Commonly 5–10% of income — a convention, not advice. Replace it with the figure for this property.
%
Money set aside for future major replacements, such as a roof or air-conditioning system. This reduces the cash available to spend even when the replacement has not happened yet.
Commonly 3–5% of income — a convention, not advice. Replace it with the figure for this property.
Hold & Exit
Takes the property from Buy & Hold and runs it forward on the assumptions you enter — what it would earn each year, what it would sell for, and the projected profit that leaves. Every figure below is a projection, not a record of anything that happened. Change the property on the Buy & Hold tab; change the assumptions here.
Enter a property or business on the Buy & Hold tab first —
price, revenue and financing all come from there.
| Purchase & Loan | |||
| Purchase Price | — | Down Payment | — |
| Closing Costs | — | Loan Amount | — |
| Interest Rate | — | Loan Term | — |
| Income | |||
| Primary Revenue | — | Other Income | — |
| Year 1 NOI | — | ||
| Owner-Operated Earnings | — | ||
Every figure here is read from the property on the Buy & Hold tab and cannot be typed on this screen — change it there and this projection follows. What you enter below are the assumptions about the years ahead, which belong to this screen alone.
yrs
%
The cap rate a buyer prices this at when you sell. Sale price is the final year’s net operating income, before replacement reserves, divided by this rate, which is how commercial property actually trades. Exiting at a HIGHER cap than you bought at destroys value even while the income grows — that is the single biggest lever on this screen, and it is the one nobody controls.
%
%
The figure used when this is left empty comes from recent Florida tax rolls and is set on the high side, as a stress figure. Outside Florida it may be too high or too low: the county’s record of this property’s past tax bills shows the real trend, and that is the figure to type here.
Florida caps non-homestead assessment increases at 10% a year, but that cap excludes school levies. Millage in Broward and Palm Beach has been flat to falling, so almost all recent growth has come from assessed value rather than rates.
%
The figure used when this is left empty comes from recent Florida insurers’ rate filings and is set as a stress figure. Outside Florida it may be too high or too low, and in some states premiums have lately risen faster: a local insurance quote and the current policy’s renewal history give the real figure to type here.
A negative figure is allowed and is sometimes right: Citizens recommended a DP-3 decrease for 2026 — its first personal-lines cut since 2015. Wind-only and multi-peril moved opposite ways in the same filing, which matters on the split-coverage policies South Florida landlords actually buy.
%
Left empty, an income property is charged 6%, the commission this app uses on every real estate sale, and an operating business, or one sold with its building, 10%, what business brokers commonly charge. With no state chosen and the closing box below left empty too, the one combined figure under Selling Costs at Exit is charged instead. Commercial commissions are often lower on large sales; the broker who would list it can give you the real figure.
$
The seller’s side of the closing: title, settlement, recording and any transfer tax. Estimated from the state’s typical fees and its transfer tax law at the projected sale price, under whichever version of that law in force between today and the sale charges the most, so it moves with the hold period and the exit cap rate or multiple. A business sold without real estate owes no transfer tax. Not included: sales tax some states charge on equipment sold with a business. Commission is separate, above.
%
A figure typed here is the whole cost of selling, commission and closing together, and replaces the two boxes above. Left empty, the sale is charged the commission plus the state’s seller closing costs and transfer tax. With no state chosen and nothing typed in the two boxes above, 7% is charged on an income property and 10% on an operating business or one sold with its building; with no state and a figure typed in either box, the sale is charged those two boxes, and a closing left empty is charged nothing and named as not budgeted.
%
Left blank, every dollar put into the reserve each year is counted as spent — the cautious reading, because reserves exist for the roof and the air conditioner that do fail. A starting reserve set aside at purchase is a cash cushion, not a repair budget, so it still comes back at the sale. A figure you type here applies to both.
Deal Analyzer · Deal Analysis
Deal Analysis
Investor plan
Your numbers are ready
Keep entering the deal — the analysis is running. Subscribe to see it.
Approximate figures only. Your lender's Loan Estimate and the closing agent's settlement statement are the real numbers.
What You'll Need
Cash to Close
$0
Monthly Payment
$0
Cash to Close
| Down Payment | $0 |
| Closing Costs (estimated, itemized) | $0 |
| Prepaid Items & Initial Escrow (insurance, prepaid interest, escrow deposit) | $0 |
| Less: Seller Credit Applied | $0 |
| Less: Earnest Money Already Paid | $0 |
| Cash Due at Closing | $0 |
Monthly Payment
| Principal & Interest | $0 |
| Property Taxes | $0 |
| Homeowners Insurance | $0 |
| Mortgage Insurance | $0 |
| HOA / Condo Fees | $0 |
| Total Monthly Payment | $0 |
| Loan Amount | $0 |
Worth knowing before you commit
FHA mortgage insurance may never go away.
On an FHA loan with less than 10% down, mortgage insurance lasts the
entire life of the loan — it does not fall off when you reach
20% equity. Put 10% or more down and it ends after 11 years.
What to do about it: compare a conventional loan.
On a home you live in, you can ask to cancel PMI at 20% equity of the
original value, and it must end on its own at 22% on the original payment
schedule; on a rental, cancellation is the servicer's policy rather than
your right. If you already have an FHA loan, refinancing to conventional once
you have equity is the usual way out. Ask your lender to quote both.
Conventional PMI is cancelable — but not automatically at 20%.
On a home you live in, you can request cancellation at 20% equity
based on the original value, if the loan is current with a clean payment
history and no second lien. The lender only has to drop it on its own at 22%,
on the original payment schedule. Those are rights on a conventional loan on
your own home; on a rental, cancellation is the servicer's policy.
What to do about it: put it on your calendar. Work out roughly when
your balance hits 80% of the original price and write to your servicer.
Waiting for automatic termination costs you the difference.
Your closing costs here are an estimate.
Replace these estimates with quotes from your lender and closing agent.
Include applicable fees, prepaid expenses, and required deposits, without
entering the same cost twice. The lender's Loan Estimate must arrive within
three business days of your application.
What to do about it: get Loan Estimates from more than
one lender and compare page 2 side by side. Lender fees vary far more than
rates do.
Taxes usually go up after you buy.
This is a state-level starting estimate, applied to the purchase price. Your
actual bill depends on the property, local tax rules, exemptions, and any
reassessment after purchase. In much of Florida the assessed value resets on
sale, so the seller's current bill can be far lower than yours will be.
What to do about it: ask the county property appraiser
what the taxes will be at your purchase price, and check whether homestead
exemption applies to you.
Approximate figures only. A cap rate is a market opinion, not a fact — confirm it against recent comparable sales, and have the income and expenses verified before relying on this.
Value
Net Operating Income
$0
Price
$0
Cap Rate at This Price
0.00%
what the entered price yields
How That Works Out annual
| Gross Income | $0 |
| Less: Vacancy & Credit Loss | $0 |
| Effective Gross Income | $0 |
| Less: Operating Expenses | $0 |
| Net Operating Income | $0 |
| Expense Ratio | 0.00% |
What a Different Cap Rate Would Pay
Approximate figures only. Your closing agent's settlement statement is the real number, and your payoff must be confirmed with your lender.
What You'll Walk Away With
Estimated Net Proceeds
$0
Total Cost of Sale
$0
Where the Money Goes
| Sale Price | $0 |
| Less: Commission | $0 |
| Less: Seller Closing Costs | $0 |
| Less: Repairs & Concessions | $0 |
| Less: Other Costs | $0 |
| Proceeds Before Payoff | $0 |
| Less: Mortgage Payoff | $0 |
| Less: Second Mortgage / HELOC | $0 |
| Estimated Net Proceeds | $0 |
Percentages
| Cost of Sale as % of Price | 0.00% |
| Net Proceeds as % of Price | 0.00% |
Worth knowing before you list
Your payoff is not your balance.
The figure on your statement doesn't include interest accruing to the
closing date, and may not include a recording or wire fee.
What to do about it: request a written payoff quote
good through your expected closing date, not just your last statement.
Property taxes get prorated, and it can go either way.
Florida bills in arrears, so a seller usually credits the buyer for the
part of the year they owned the home. It's a real line on your settlement
statement and this calculator doesn't include it.
What to do about it: add it under Other Costs once
your closing agent estimates it — on a mid-year closing it's often several
thousand dollars.
Commission is negotiable, and how it's shared has changed.
Following the 2024 NAR settlement, buyer-agent compensation is no longer
advertised on the MLS and is negotiated separately.
What to do about it: be explicit about what you're
paying your own broker and what, if anything, you'll offer a buyer's agent.
Enter the total you expect to pay.
You may owe nothing in tax on the gain — or you may.
If you both owned the home and lived in it as your main home for at least
two of the five years before the sale, and have not used the exclusion in the
past two years, an individual can generally exclude up to $250,000 of gain and
a married couple filing jointly up to $500,000. Years it was rented out and
depreciation you claimed can reduce or remove the exclusion.
What to do about it: this is genuinely a CPA question,
especially for an investment property, an inherited home, or one you've
rented out. Don't guess on it.
Stress Test
Replacement reserves stay at the percentage you entered above.
Stress NOI
$0
Stress Cash on Cash
0%
Stress Cap Rate
0%
Monthly Cash Flow
$0
Enter a price and rent
Cap Rate
0%
NOI ÷ Price
Cash on Cash
0%
Annual CF ÷ Cash In
DSCR
0.00
NOI ÷ (debt service + MI), before reserves
Rent ÷ PITIA
0.00
Gross rent ÷ (P&I + taxes + insurance + HOA + MI)
Net Operating Income
$0
Income after operating expenses, before replacement reserves
Loan Constant
0%
Debt Svc ÷ Loan
Break-Even Ratio
0%
(Expenses + reserves + debt) ÷ PGI
Debt Yield
0%
NOI ÷ loan amount
What these numbers mean
- Cap rate
- Net operating income divided by price, ignoring the loan entirely. It only means something against what comparable properties in the same market actually trade at — a 7% cap is strong in one city and weak in another.
- Cash-on-cash
- A normal year’s cash flow divided by the cash you put in. Unlike cap rate it accounts for the mortgage. It describes a stabilized year — twelve months of rent against twelve months of cost — so on a property bought empty it is not what your money earns in the first year, whatever the name suggests. Where the two differ, Your First Year above says by how much.
- DSCR
- Net operating income divided by the loan payments, shown both as a tile above and as a row in the Income & Expense Detail below, between debt service and cash flow. Net operating income here is struck before replacement reserves, as a broker’s figures usually are; the coverage after the reserve is printed beneath the tile, and the Ratios table further down gives both, with the numerator named. Which one a lender wants varies — some strike coverage before reserves, others underwrite net cash flow with a reserve of their own included — so confirm with the lender what income adjustments they make, what replacement reserve they allow and what debt payment they measure coverage against, then read the row that matches. Below 1.00 the rent does not cover the mortgage. Lenders on investment property commonly look for 1.20 or higher.
- Break-even ratio
- The share of gross income that operating costs, reserves and the loan payments take, with the costs that are a percentage of income struck at today’s figure. Above 100% the property loses money even with no vacancy at all. It is not how far income can fall: the line under it works that out, because management, maintenance and reserves shrink with the income and the vacancy you budgeted is already counted. Some textbooks call this break-even occupancy; it holds the percentage costs at today’s figure, which is why the line beneath it, not 100% minus this ratio, is how far rent can fall.
- Loan constant
- Annual debt service as a percentage of the loan. When it exceeds the cap rate, borrowing is costing more than the property earns — the loan is working against you.
General definitions, not advice about your deal. What counts as a good number varies by market, property type and your goals.
Every figure on these screens is defined once, with its formula, in the definitions.
Your First Year
| Rent Collected, First Year | $0 |
| Less: Operating Costs (taxes, insurance and HOA all twelve months; management, maintenance and reserves only on rent collected) | $0 |
| Less: Mortgage Payments | $0 |
| Cash Flow, First Year | $0 |
| A normal year, once it is let | $0 |
Income & Expense Detail
| Potential Gross Income (PGI) | $0 |
| Less: Vacancy & Credit Loss | $0 |
| Effective Gross Income (EGI) | $0 |
| Less: Operating Expenses | $0 |
| Net Operating Income | $0 |
| Less: Replacement Reserves | $0 |
| NOI after reserves | $0 |
| Less: Annual Debt Service (P&I) | $0 |
| DSCR (NOI ÷ debt service and mortgage insurance) | 0.00 |
| Balloon Due at Maturity (the balance still owed when the loan comes due) | $0 |
| Cash Flow Before Tax (Annual) | $0 |
Financing Summary
| Loan Amount | $0 |
| Monthly Principal & Interest | $0 |
| Total Cash Invested | $0 |
| Est. Property Tax Rate Used | — |
Ratios — Before and After Reserves
| Cap Rate before reserves (NOI before reserves ÷ price) | 0% |
| Cap Rate after reserves (NOI after reserves ÷ price) | 0% |
| DSCR before reserves (NOI before reserves ÷ debt service and mortgage insurance) | 0.00 |
| DSCR after reserves (NOI after reserves ÷ debt service and mortgage insurance) | 0.00 |
| Expense Ratio before reserves (expenses ÷ collected income) | 0% |
| Operating Expense Ratio (expenses + reserves ÷ collected income) | 0% |
| Debt Yield before reserves (NOI before reserves ÷ loan amount) | 0% |
| Debt Yield after reserves (NOI after reserves ÷ loan amount) | 0% |
| Rent ÷ PITIA (the residential DSCR-loan convention) | 0.00 |
Screening Measures
| Gross Rent Multiplier (price ÷ annual gross scheduled income) | — |
| Rent to Price (monthly rent ÷ price) | 0% |
| Payback Period (cash invested ÷ annual cash flow) | — |
These three are filters, not verdicts. A multiplier and a rent-to-price ratio say nothing about condition, taxes, insurance or what the debt costs — two properties with identical ratios can be a good deal and a bad one. Use them to decide what is worth underwriting, then underwrite it. Payback assumes this year’s cash flow repeats unchanged, which no property does.
Which one does a lender use? — It varies, and it is worth asking rather than assuming. Some lenders and appraisers strike net operating income before replacement reserves; others underwrite net cash flow with a reserve of their own included — Fannie Mae’s multifamily guidance, for one, includes replacement reserves in the net cash flow its coverage test is struck on. Before you compare a deal with a lender’s requirement, confirm three things with that lender: what income adjustments they make, what replacement reserve they allow, and what debt payment they measure coverage against. Then compute coverage on that basis, using whichever of the rows above matches it.
Reading these numbers — Cap rate measures the property's return unlevered; cash-on-cash measures your actual return on the money you put in. A DSCR under 1.0 means the property isn't covering its own mortgage from operations.
Deal Check—
Target Min. Profit$0
Projected Profit$0
Difference$0
Net Profit at Resale
$0
Enter a price
ROI on Cash Invested
0%
Profit ÷ Cash In
Simple Annualized ROI
0%
ROI × 12 ÷ months
Profit Margin
0%
Profit ÷ ARV
Total Project Cost
$0
All-in basis
TPC as % of ARV
0%
Lower is safer
All-In as % of ARV
0%
Incl. selling costs
Loan to Cost
0%
All financing ÷ total project cost
Max Offer (Screening Rule)
$0
70% rule
Underwriting Rule
%
What these numbers mean
- ROI
- Projected profit divided by your own cash required for the project. Borrowing more can raise the percentage while raising financing cost and risk.
- Simple annualized ROI
- Scales the project return to a twelve-month period. For example, 20% over six months becomes 40% on this simple basis. It does not assume or guarantee another identical investment, and it is not shown for a project under three months or where your own cash is under 5% of the project cost.
- Max offer (screening rule)
- A rule of thumb: a share of the after-repair value, less the repairs. It never sees the commission, the closing costs, the points, the interest or the carry. The Reverse Offer tab prices those one by one, so on the same deal the two give different offers, on purpose. Screen with the rule; make an offer with the itemized figure.
- Max offer (meets my target)
- With “Meet my target profit” ticked: the highest price at which this screen’s own profit — with every cost and loan as entered — still reaches your minimum profit target. The rule’s offer is still shown, for comparison. A ceiling from your own assumptions, not a market value.
- Loan points
- An upfront fee calculated as a percentage of the loan. One point on a $200,000 loan is $2,000.
- Loan principal
- Repaying principal reduces the amount you owe. It requires cash, but it is not an additional project expense on top of the purchase price. Interest and loan fees are financing expenses.
- Gap financing
- An additional loan used to cover costs the main loan does not cover. Confirm its amount, interest, fees, and repayment terms. An automatically filled amount does not mean that financing is available.
- Cash out at refinance
- New loan proceeds remaining after existing loans and refinance costs are paid. A negative amount means additional cash is needed to complete the refinance.
- DSCR
- Net operating income divided by the loan payments. Above 1.00 the rent covers the loan; lenders on investment property commonly look for 1.20 or better. Net operating income here is struck before replacement reserves, and the coverage after the reserve is printed beneath it. Lenders differ on that: some strike coverage before reserves, others include a reserve of their own, so ask what income adjustments, what reserve and what debt payment yours measures against before comparing. The lender’s coverage limit on this screen is the strict one, sized after the reserve.
- Cash-on-cash after refinance
- Your yearly cash flow divided by the cash still tied up after the refinance. When the refinance returns everything you put in there is no cash left to measure against, and the app says so instead of printing a percentage.
General definitions, not advice about your deal.
Every figure on these screens is defined once, with its formula, in the definitions.
Project Cost Basis
| Purchase Price | $0 |
| Rehab Budget | $0 |
| Purchase Closing Costs (estimated, itemized) | $0 |
| Main Loan Points | $0 |
| Gap Loan Points | $0 |
| Holding Costs (interest + carry) | $0 |
| Total Project Cost (TPC) | $0 |
Repair Scope
Resale Proceeds
| ARV (Resale Value) | $0 |
| Less: Sales Commission | $0 |
| Less: Resale Closing Costs (estimated, itemized) | $0 |
| Net Resale Proceeds | $0 |
| Less: Total Project Cost | $0 |
| Net Profit | $0 |
Financing Stack
| Total Project Cost | $0 |
| Main Loan Amount | $0 |
| Gap Loan Amount | $0 |
| Cash Invested (equity) | $0 |
BRRRR — Refinance & Hold Instead
Monthly Cash Flow After Refinance
$0
DSCR After Refinance
0.00
NOI ÷ debt service, before reserves
Rent ÷ PITIA
0.00
Gross rent ÷ (P&I + taxes + insurance + HOA)
Loan Constant
0%
Annual debt service ÷ refinance loan
Debt Yield After Refinance
0%
Stabilized NOI ÷ refinance loan
Yield on Cost
0%
Stabilized NOI ÷ total project cost
Cash Recouped at Refinance
$0
Handed back by the new loan
Cash Left In Deal
$0
Still tied up after the refinance
Cash-on-Cash After Refinance
0%
Annual cash flow ÷ cash still in the deal
Cash to Close
$0
Wired at the purchase closing
| Refinance Loan Amount | $0 |
| Less: Payoff of Main + Gap Loans | $0 |
| Less: Refinance Points | $0 |
| Less: Refinance Closing Costs (estimated, itemized) | $0 |
| Cash Out at Refinance | $0 |
| Cash Left In Deal | $0 |
| New Monthly P&I Payment | $0 |
Acquisition & What the Refinance Returns
| Purchase Price | $0 |
| Purchase Closing Costs (estimated, itemized) | $0 |
| Loan Points Paid at Closing | $0 |
| Total Acquisition Cost | $0 |
| Less: Loans Advanced at Closing | $0 |
| Cash to Close | $0 |
| Add: Principal Repaid on the Bridge | $0 |
| Less: Rent Collected Before the Refinance | $0 |
| Add: Operating Loss Before the Refinance | $0 |
| Total Cash Invested (cash to close, plus rehab, carry and principal repaid, less the rent it collected) | $0 |
| Cash Recouped at Refinance | $0 |
| Share of Cash Invested Recouped | — |
| Cash Left In Deal | $0 |
Rental Cash Flow After Refinance annual
| Gross Rental Income | $0 |
| Rental Income Each Month (the same rent, monthly) | $0 |
| Less: Vacancy & Credit Loss | $0 |
| Effective Gross Income | $0 |
| Less: Taxes, Insurance & HOA / Fixed | $0 |
| Less: Repairs & Maintenance | $0 |
| Less: Property Management | $0 |
| Net Operating Income | $0 |
| Less: Replacement Reserves | $0 |
| Less: Annual Debt Service | $0 |
| Monthly Cash Flow After Refi | $0 |
| DSCR After Refinance (NOI ÷ debt service) | 0.00 |
| DSCR after reserves (NOI after reserves ÷ debt service) | 0.00 |
| Rent ÷ PITIA (the residential DSCR-loan convention) | 0.00 |
| Cash-on-Cash After Refinance (annual cash flow ÷ cash still in the deal) | 0% |
Reading these numbers — The rule-of-thumb max offer keeps purchase plus rehab under the chosen percentage of ARV, leaving margin for holding costs, commissions, and surprises. If cash invested is negative, the deal is more than fully financed by the loan stack — double-check that structure with your lender.
Total Profit Over the Hold
$0
Enter a property
IRR
—
Annualized, end-of-year flows
Equity Multiple
—
Returned ÷ total cash contributed
Simple Avg Annual Return
—
Profit ÷ total contributed ÷ years — not comparable to IRR
Break-even if Sold
—
First year you’d clear costs
Measured From the Refinance
IRR
—
Equity Multiple
—
Returned ÷ total cash contributed
At Sale
| Sale Price | $0 |
| Less: Selling Costs | $0 |
| Less: Loan Balance Remaining | $0 |
| Net Sale Proceeds | $0 |
What You Made
| Cash the Property Paid You | $0 |
| Net Sale Proceeds | $0 |
| Cash Recouped at Refinance | $0 |
| Reserve Balance Returned (what is left in the reserve when you sell) | $0 |
| Total Money Returned | $0 |
| Less: Initial Cash InvestedTotal Cash Invested | $0 |
| Less: Additional Cash Contributed During Hold | $0 |
| Total Cash Contributed | $0 |
| Cumulative Cash Flow (the years netted together, shown for reference) | $0 |
| Total Profit | $0 |
Reserve Ledger
| Starting Cash Reserve | $0 |
| Plus: Set Aside During the Hold (already taken out of each year’s cash flow) | $0 |
| Less: Assumed Spent on Replacements | $0 |
| Reserve Balance at Sale | $0 |
Year by Year
| Yr | Rent | NOI after reserves | Debt | Cash Flow | Value | Loan | Equity |
|---|
What these numbers mean
- IRR
- The annual rate that makes the money going out and the money coming back balance, with timing taken into account. It is the only figure here that compares a five-year rental against a six-month flip honestly, because a dollar returned sooner is worth more than one returned later.
- Equity multiple
- Total dollars returned divided by total dollars invested, where "invested" means your initial cash plus any cash you had to add in years the property lost money. 2.0× means the money came back twice over. It ignores timing entirely, which is why it is read alongside IRR rather than instead of it.
- Simple average annual return
- Profit divided by total cash contributed, divided by the years held. It ignores when money goes in and comes back, so it is not an annual rate of return and is not comparable to the IRR beside it — on the same deal it can sit well above or below it.
- Total cash contributed
- Your initial investment plus any additional money you put into the property during the hold.
- Break-even if sold
- The first year in which selling would return at least what went in, after selling costs and paying off the loan. Early years are usually under water because commission and closing costs come off the top.
- Cumulative cash flow
- Every year’s cash flow added up across the hold. Where cash flow is negative this is money fed into the property, and it counts against the profit at the end.
General definitions, not advice about your deal.
Every figure on these screens is defined once, with its formula, in the definitions.
These are projections, not forecasts. Appreciation, rent
growth and expense growth are assumptions you entered, and small changes to them move the
answer a great deal. Nothing here accounts for tax — depreciation,
depreciation recapture and capital gains materially change what you actually keep, and
they depend on your circumstances. Ask a CPA before acting on any of it.
Maximum Allowable Offer
$0
Enter your numbers to solve for price
What these numbers mean
- Maximum allowable offer
- The highest price that still meets the target you set — your profit margin on the flip method, or your cash-on-cash return on the buy & hold method. It is solved from your own assumptions, so it is a ceiling for you, not a market value.
- Quick screen — before financing
- The flip formula stops at resale value less profit, transaction costs, rehab and any assignment fee. It budgets no loan points, interest or carry, so it is exact only if you assign the contract and never close.
- Annual loan constant
- A year of loan payments as a percentage of the loan. When it exceeds the cap rate the property earns, the debt is working against your return.
- Resulting loan-to-value
- The loan as a share of the solved price, which is simply the reverse of the down payment you entered.
- Cash-on-cash at this price
- The return the deal actually produces if you buy at the offer above. It is the check on the solver: it should land on the target you typed. When the purchase is financed in full and there are no repairs or closing costs, there is no cash in the deal to measure a return against, and the app says so instead of printing a percentage.
General definitions, not advice about your deal.
Every figure on these screens is defined once, with its formula, in the definitions.
How This Was Calculated
| After Repair Value (ARV) | $0 |
| Less: Target Profit Margin | $0 |
| Less: Closing Costs + Commissions | $0 |
| Less: Rehab Budget | $0 |
| Less: Wholesale / Assignment Fee | $0 |
| Quick Screen — Before Financing | $0 |
Not the Flip tab’s Max Offer (Screening Rule): that takes a fixed share of the after-repair value less the repairs, while this takes your margin and your transaction costs out as separate figures, so the two offers differ on purpose.
The Flip tab’s Max Offer (Meets My Target) is solved the way this screen’s full-cost offer is, but on the Flip tab’s own figures and against its own target — a share of total project cost or a dollar amount, where this screen’s is a share of the after-repair value — so those two offers can differ as well.
Reading this — Two prices are shown. The quick screen is the classic wholesaler formula: start from what it will sell for, back out your profit, your transaction costs, your rehab budget, and any assignment fee, and stop. It leaves out loan points, interest, property tax, insurance, utilities and the contingency — which is closest to right if you assign the contract rather than closing on it, though an assignment has costs of its own: earnest money at risk, marketing, title work, and whatever the end buyer discounts for taking the deal on. The full-cost offer below prices those in, using the financing and holding figures you entered — and it is only as complete as those entries, so a cost left blank is a cost missing from the answer. On a financed six-month flip the gap between the two commonly runs several percent of the resale value.
Reconcile this offer on the Flip screen before you make it. Both loans are priced interest-only here, even where the Flip tab is set to amortize. Each closing leg is priced from the figure you entered, from the Flip screen where it has one, or from the closing costs estimated for the state and the town or county chosen above; the commission is yours if you entered one and 6% if you did not.
A screening number, not an underwritten one. Fill in Financing & Hold above and it will price the loan and the carry as well. Once financed, it charges the purchase and resale closing costs you entered (the quick screen above always uses the blended percentage); where you entered none, a figure the Flip screen was actually given answers for them, then the closing costs estimated for the state and the town or county chosen above (their transfer and mortgage taxes by statute, with typical fees), and with none of those it falls back to the blended percentage — a screening figure, not a match for the Flip screen, so an offer priced off it will not land exactly on the target there. When those costs came across from the Flip screen or from a state, a price from here lands on the same profit there. Confirm it on that screen before making an offer: this one prices both loans interest-only even where the Flip tab amortizes, and carries a property tax the Flip screen estimated at ITS price as a flat monthly figure — and each of those moves the answer. A gap loan is charged at the amount entered here, or at the one entered on the Flip tab where this box is blank, with the rate and points from whichever screen was given them. Where neither screen was given an amount, the Flip tab is set to 100% Fix & Flip and a loan-to-value is entered here, the gap is sized from this offer the way that screen sizes it. A contingency and a wholesale fee are charged here and have no box on the Flip screen, so an offer that allows for them lands ABOVE the target there, by about the amount you allowed.
How This Was Calculated
| Net Operating Income (NOI) | $0 |
| Annual Loan Constant | 0% |
| Resulting Loan-to-Value | 0% |
| Maximum Allowable Offer | $0 |
At This Price
| Resulting Loan Amount | $0 |
| Annual Debt Service | $0 |
| Mortgage Insurance | $0 |
| Total Cash Required | $0 |
| Actual Cash-on-Cash at This Price | 0% |
| DSCR at This Price (NOI ÷ debt service and mortgage insurance) | — |
| Highest Price at a 1.20 DSCR (net operating income ÷ debt service and mortgage insurance, the test a commercial lender applies, at these loan terms) | — |
Reading this — This solves algebraically for the one purchase price where your target cash-on-cash return exactly works, given your down payment, rate, and term. Pay more than this and your return falls short of target; pay less and you beat it.There is no such price for the figures entered, so there is nothing above to pay more or less than — the note beside the result says which figure is in the way.
What this price does not confirm — It is an arithmetic answer to the figures above, not a lending decision, and nothing here has been tested against a lender’s program. Before treating it as financeable, settle these with the lender you actually intend to use: the complete acquisition cost, including every fee, deposit, prepaid item and working-capital need this screen has no field for; where each dollar comes from, since a shortfall filled by a second loan carries its own payment, fees and maturity; the limit on seller credits and seller financing, which most programs cap and some count against your equity rather than toward it; the loan maturity and any balloon date, which a monthly payment alone does not reveal — a payment amortized over twenty years can still fall due in five; and the lender’s own income test, reserve requirement and maximum advance, none of which follow from an interest rate. A price this app calls supportable is a price your own numbers support.
Deal Check—
Target Min. Profit$0
Projected Profit$0
Difference$0
Net Profit at Resale
$0
Enter a price
ROI on Cash Invested
0%
Profit ÷ Cash In
Simple Annualized ROI
0%
ROI × 12 ÷ months
Profit Margin
0%
Profit ÷ Resale Value
Total Project Cost
$0
All-in basis
TPC as % of Resale Value
0%
Lower is safer
All-In as % of Resale Value
0%
Incl. selling costs
Loan to Cost
0%
All financing ÷ total project cost
Max Offer (Screening Rule)
$0
70% rule
Underwriting Rule
%
What these numbers mean
- ROI
- Projected profit divided by your own cash required for the project. Borrowing more can raise the percentage while raising financing cost and risk.
- Simple annualized ROI
- Scales the project return to a twelve-month period. For example, 20% over six months becomes 40% on this simple basis. It does not assume or guarantee another identical investment, and it is not shown for a project under three months or where your own cash is under 5% of the project cost.
- Max offer (screening rule)
- A rule of thumb: a share of the resale value, less the repairs and the prorated salary. It never sees the commission, the closing costs, the points, the interest or the carry, which the profit on this screen counts one by one, so the two can point to different prices, on purpose. Screen with the rule; decide on the profit.
- Max offer (meets my target)
- With “Meet my target profit” ticked: the highest price at which this screen’s own profit — with every cost and loan as entered — still reaches your minimum profit target. The rule’s offer is still shown, for comparison. A ceiling from your own assumptions, not a market value.
- Loan points
- An upfront fee calculated as a percentage of the loan. One point on a $200,000 loan is $2,000.
- Loan principal
- Repaying principal reduces the amount you owe. It requires cash, but it is not an additional project expense on top of the purchase price. Interest and loan fees are financing expenses.
- Gap financing
- An additional loan used to cover costs the main loan does not cover. Confirm its amount, interest, fees, and repayment terms. An automatically filled amount does not mean that financing is available.
- Cash out at refinance
- New loan proceeds remaining after existing loans and refinance costs are paid. A negative amount means additional cash is needed to complete the refinance.
- DSCR
- Net operating income divided by the loan payments. Above 1.00 the rent covers the loan; lenders on investment property commonly look for 1.20 or better. Net operating income here is struck before replacement reserves, and the coverage after the reserve is printed beneath it. Lenders differ on that: some strike coverage before reserves, others include a reserve of their own, so ask what income adjustments, what reserve and what debt payment yours measures against before comparing. The lender’s coverage limit on this screen is the strict one, sized after the reserve.
- Cash-on-cash after refinance
- Your yearly cash flow divided by the cash still tied up after the refinance. When the refinance returns everything you put in there is no cash left to measure against, and the app says so instead of printing a percentage.
General definitions, not advice about your deal.
Every figure on these screens is defined once, with its formula, in the definitions.
Project Cost Basis
| Purchase Price | $0 |
| Improvement Budget | $0 |
| Purchase Closing Costs (estimated, itemized) | $0 |
| Main Loan Points | $0 |
| Gap Loan Points | $0 |
| Holding Costs (interest + carry) | $0 |
| Add: Premises Rent While Closed | $0 |
| Total Project Cost (TPC) | $0 |
Improvement Scope
Resale Proceeds
| Resale Value | $0 |
| Less: Broker Commission | $0 |
| Less: Resale Closing Costs (estimated, itemized) | $0 |
| Net Resale Proceeds | $0 |
| Less: Total Project Cost | $0 |
| Net Profit | $0 |
Financing Stack
| Total Project Cost | $0 |
| Main Loan Amount | $0 |
| Gap Loan Amount | $0 |
| Cash Invested (equity) | $0 |
BRRRR — Refinance & Hold Instead
Monthly Cash Flow After Refinance
$0
DSCR After Refinance
0.00
NOI ÷ debt service, before reserves
Loan Constant
0%
Annual debt service ÷ refinance loan
Debt Yield After Refinance
0%
Stabilized NOI ÷ refinance loan
Yield on Cost
0%
Stabilized NOI ÷ total project cost
Cash Recouped at Refinance
$0
Handed back by the new loan
Cash Left In Deal
$0
Still tied up after the refinance
Cash-on-Cash After Refinance
0%
Annual cash flow ÷ cash still in the deal
Cash to Close
$0
Wired at the purchase closing
| Refinance Loan Amount | $0 |
| Less: Payoff of Main + Gap Loans | $0 |
| Less: Refinance Points | $0 |
| Less: Refinance Closing Costs (estimated, itemized) | $0 |
| Cash Out at Refinance | $0 |
| Cash Left In Deal | $0 |
| New Monthly P&I Payment | $0 |
Acquisition & What the Refinance Returns
| Purchase Price | $0 |
| Purchase Closing Costs (estimated, itemized) | $0 |
| Loan Points Paid at Closing | $0 |
| Total Acquisition Cost | $0 |
| Less: Loans Advanced at Closing | $0 |
| Cash to Close | $0 |
| Add: Principal Repaid on the Bridge | $0 |
| Less: Earned Before the Refinance (revenue of the open months, less their running costs, plus the reposition costs they no longer pay) | $0 |
| Add: Operating Loss Before the Refinance | $0 |
| Total Cash Invested (cash to close, plus rehab, carry, principal repaid and any premises rent while closed, less what it earned before the refinance) | $0 |
| Cash Recouped at Refinance | $0 |
| Share of Cash Invested Recouped | — |
| Cash Left In Deal | $0 |
Rental Cash Flow After Refinance annual
You entered a manager salary but no payroll after reopening — nothing on Buy & Hold and nothing typed above — so the refinance cash flow and DSCR below leave that cost out.
| Gross Business Revenue | $0 |
| Revenue Each Month (the same figure, monthly) | $0 |
| Less: Lost & Uncollected Revenue | $0 |
| Revenue Actually Collected | $0 |
| Less: Taxes, Insurance & Fixed | $0 |
| Less: Repairs & Maintenance | $0 |
| Less: Management | $0 |
| Net Operating Income | $0 |
| Less: Replacement Reserves | $0 |
| Less: Annual Debt Service | $0 |
| Monthly Cash Flow After Refi | $0 |
| DSCR After Refinance (NOI ÷ debt service) | 0.00 |
| DSCR after reserves (NOI after reserves ÷ debt service) | 0.00 |
| Cash-on-Cash After Refinance (annual cash flow ÷ cash still in the deal) | 0% |
Reading these numbers — The max offer rule applies the rule percentage to the resale value, then subtracts the improvement budget and the manager/payroll cost you'd need to replace, prorated to the project months — a nod to the fact that a business generates income differently than a simple house flip. That salary deduction is a discount on the offer only: it is not added to holding costs or to the refinance cash flow. Payroll that actually continues belongs in the monthly expense fields — during the reposition, and separately after reopening.
Maximum Allowable Offer
$0
Enter your numbers to solve for price
What these numbers mean
- Maximum allowable offer
- The price the earnings can carry on the SDE method: the business pays you a salary first, what is left services the debt at your required DSCR, and the loan that supports is grossed up by your down payment. What a business can borrow is not what it is worth.
- Available cash flow for debt service
- Seller's discretionary earnings less the salary a working owner would have to be paid. It is the money a lender counts on to repay the loan.
- DSCR at this loan
- The earnings available for debt service divided by the loan payments the sized loan actually requires. It should come back as the DSCR you entered — that is the check on the arithmetic. Above 1.00 the earnings cover the loan; lenders commonly want 1.20 or better.
- Price at maximum leverage
- On the commercial method, the loan the NOI supports divided by the maximum loan-to-value. Max LTV caps the loan, not the price, so this is the highest price you can pay while still borrowing at full leverage and putting in the least of your own cash. You can pay more with the same loan; your leverage simply falls.
- Implied cap rate
- Net operating income divided by that price, ignoring the loan. It only means something against what comparable properties or businesses in the same market actually trade at.
General definitions, not advice about your deal.
Every figure on these screens is defined once, with its formula, in the definitions.
Step-by-Step
| Seller’s Discretionary Earnings (SDE) | $0 |
| Less: Target Owner Salary | $0 |
| Available Cash Flow for Debt Service | $0 |
| Max Allowable Annual Debt Service (÷ DSCR) | $0 |
| Max Monthly Debt Payment | $0 |
| Loan the Income Supports | $0 |
| DSCR at This Loan (Available Cash Flow ÷ Debt Service) | 0.00 |
| SBA 7(a) Program Maximum | $5,000,000 |
| Total Purchase Budget Supported by Financing (loan ÷ (1 − down%)) | $0 |
| Less: Unfunded CapEx / Working Capital | $0 |
| Less: SBA Upfront Guaranty Fee (the most SBA allows on the guaranteed share, financed in the loan — for fiscal 2027 SBA charges 0% on a loan of $700,000 or less to a manufacturer, a food supply chain business or a rural business, so your lender’s quote may be lower) | $0 |
| Maximum Allowable Offer | $0 |
If You Use One SBA 7(a) Loan
| Loan Held at the Program Maximum | $0 |
| Purchase Budget That Loan Supports (loan ÷ (1 − down%)) | $0 |
| Equity You Would Put In (budget − loan, at least the 10% SBA requires) | $0 |
| Less: Unfunded CapEx / Working Capital | $0 |
| Less: SBA Upfront Guaranty Fee | $0 |
| Offer Within a Single SBA 7(a) Loan | $0 |
Reading this — One 7(a) loan at the program maximum, your down payment beside it, and the same unfunded costs taken off the end. It is the offer you can make without arranging a second source of money. Anything above it depends on financing you would still have to find, price, and get approved.
Reading this — This is one lender's-eye view, in the shape of an SBA 7(a) loan: the business first has to pay the buyer a fair salary, then what's left has to cover the loan payment with room to spare (the DSCR cushion). A single 7(a) loan is capped at $5,000,000; the SBA 504 program has its own structure, limits and eligible-use rules — it funds fixed assets like real estate and equipment, not a general top-up of whatever a 7(a) loan does not reach — and conventional or seller financing follow neither. Above the cap, the shortfall row shows what would have to come from somewhere else. The amount a business can borrow does not establish what it is worth. A valuation also requires reviewing its earnings, assets, risks, and comparable transactions.
What this price does not confirm — It is an arithmetic answer to the figures above, not a lending decision, and nothing here has been tested against a lender’s program. Before treating it as financeable, settle these with the lender you actually intend to use: the complete acquisition cost, including every fee, deposit, prepaid item and working-capital need this screen has no field for; where each dollar comes from, since a shortfall filled by a second loan carries its own payment, fees and maturity; the limit on seller credits and seller financing, which most programs cap and some count against your equity rather than toward it; the loan maturity and any balloon date, which a monthly payment alone does not reveal — a payment amortized over twenty years can still fall due in five; and the lender’s own income test, reserve requirement and maximum advance, none of which follow from an interest rate. A price this app calls supportable is a price your own numbers support.
Step-by-Step
| Net Operating Income (NOI) | $0 |
| Max Allowable Annual Debt Service (÷ DSCR) | $0 |
| Maximum Loan Amount | $0 |
| Price at Maximum Leverage (loan ÷ max LTV — not a ceiling) | $0 |
At This Price
| Loan Amount | $0 |
| Equity Required (price − loan) | $0 |
| Implied Cap Rate (NOI ÷ price) | 0% |
| DSCR at This Loan | 0.00 |
Reading this — Standard commercial underwriting: the lender caps the loan at whatever annual debt service the NOI can cover at your required DSCR. Max loan-to-value caps the loan, not the price — so dividing by it gives the highest price you can pay while still borrowing at your maximum leverage and putting in the least of your own money. You can pay more with the same loan; your leverage simply falls and you bring more cash. Whether you should is a value question this screen does not answer.
Total Profit Over the Hold
$0
Enter a property
IRR
—
Annualized, timing-aware
Equity Multiple
—
Returned ÷ total cash contributed
Simple Avg Annual Return
—
Profit ÷ total contributed ÷ years — not comparable to IRR
Cap Rate at PurchasePrice ÷ Owner-Operated EarningsCap Rate at the RefinanceValue ÷ Owner-Operated Earnings at the Refinance
—
—
Measured From the Refinance
IRR
—
Equity Multiple
—
Returned ÷ total cash contributed
At Sale
| Sale Price | $0 |
| Less: Selling Costs | $0 |
| Less: Loan Balance Remaining | $0 |
| Net Sale Proceeds | $0 |
What You Made
| Cash the Property Paid You | $0 |
| Net Sale Proceeds | $0 |
| Cash Recouped at Refinance | $0 |
| Reserve Balance Returned (what is left in the reserve when you sell) | $0 |
| Total Money Returned | $0 |
| Less: Initial Cash InvestedTotal Cash Invested | $0 |
| Less: Additional Cash Contributed During Hold | $0 |
| Total Cash Contributed | $0 |
| Cumulative Cash Flow (the years netted together, shown for reference) | $0 |
| Total Profit Over the Hold | $0 |
Reserve Ledger
| Starting Cash Reserve | $0 |
| Plus: Set Aside During the Hold (already taken out of each year’s cash flow) | $0 |
| Less: Assumed Spent on Replacements | $0 |
| Reserve Balance at Sale | $0 |
Year by Year
| Yr | NOI after reserves | Owner-Operated Earnings | Cash Flow |
|---|
What moves this most — The exit cap rate, and it is the one thing on this screen you do not control. Income growth compounds slowly; a cap rate moving half a point does more to the sale price than five years of rent increases. Run it at a cap higher than you bought at before you run it at a lower one.
What this holds still — Payroll, utilities, marketing and admin are carried at today’s figures for every year of the hold. Taxes and insurance grow, because Florida gives a series to grow them by; these four have none, and the app will not invent one. If you expect them to rise, raise them on Buy & Hold and run this again.
Stress Test
Replacement reserves stay at the percentage you entered above.
Stress NOI
$0
Stress Cash on Cash
0%
Stress Cap Rate
0%
Monthly Cash Flow
$0
Enter a price and revenue
Cap RateNOI ÷ Price
0%
NOI ÷ PriceNet operating income — after the manager’s salary when one is charged — as a share of the price; not a property cap rate
Cash on Cash
0%
Annual CF ÷ Cash In
DSCR
0.00
NOI ÷ debt service, before reserves
Net Operating Income
$0
Income after operating expenses, before replacement reserves
Loan Constant
0%
Debt Svc ÷ Loan
Break-Even Ratio
0%
(Expenses + reserves + debt) ÷ PGI
Debt Yield
0%
NOI ÷ loan amount
Operating Expense Ratio
0%
(Expenses + reserves) ÷ collected income
What these numbers mean
- Cap rate
- Net operating income divided by price, ignoring the loan entirely. It only means something against what comparable properties in the same market actually trade at — a 7% cap is strong in one city and weak in another.
- Cash-on-cash
- First-year cash flow divided by the cash you put in. Unlike cap rate it accounts for the mortgage, so it is what your money actually earned in year one.
- DSCR
- Net operating income divided by the loan payments, shown both as a tile above and as a row in the Income & Expense Detail below, between debt service and cash flow. Net operating income here is struck before replacement reserves, as a broker’s figures usually are; the coverage after the reserve is printed beneath the tile, and the Ratios table further down gives both, with the numerator named. Which one a lender wants varies — some strike coverage before reserves, others underwrite net cash flow with a reserve of their own included — so confirm with the lender what income adjustments they make, what replacement reserve they allow and what debt payment they measure coverage against, then read the row that matches. Below 1.00 the rent does not cover the mortgage. Lenders on investment property commonly look for 1.20 or higher.
- Break-even ratio
- The share of gross income that operating costs, reserves and the loan payments take, with the costs that are a percentage of income struck at today’s figure. Above 100% the property loses money even with no vacancy at all. It is not how far income can fall: the line under it works that out, because management, maintenance and reserves shrink with the income and the vacancy you budgeted is already counted. Some textbooks call this break-even occupancy; it holds the percentage costs at today’s figure, which is why the line beneath it, not 100% minus this ratio, is how far rent can fall.
- Loan constant
- Annual debt service as a percentage of the loan. When it exceeds the cap rate, borrowing is costing more than the property earns — the loan is working against you.
General definitions, not advice about your deal. What counts as a good number varies by market, property type and your goals.
Every figure on these screens is defined once, with its formula, in the definitions.
Income & Expense Detail
| Primary Revenue | $0 |
| Other / Ancillary Income | $0 |
| Potential Gross Income (PGI) | $0 |
| Less: Vacancy & Collection Loss | $0 |
| Effective Gross Income (EGI) | $0 |
| Less: Other Operating Expenses | $0 |
| Net Operating Income | $0 |
| Less: Replacement Reserves | $0 |
| NOI after reserves | $0 |
| Less: Annual Debt Service | $0 |
| DSCR (NOI ÷ debt service) | 0.00 |
| Balloon Due at Maturity (the balance still owed when the loan comes due) | $0 |
| Cash Flow Before Tax (Annual) | $0 |
Financing Summary
| Loan Amount | $0 |
| Monthly Principal & Interest | $0 |
| Total Cash Invested | $0 |
| Est. Property Tax Rate Used | — |
Ratios — Before and After Reserves
| Cap Rate before reserves (NOI before reserves ÷ price) | 0% |
| Cap Rate after reserves (NOI after reserves ÷ price) | 0% |
| DSCR before reserves (NOI before reserves ÷ debt service) | 0.00 |
| DSCR after reserves (NOI after reserves ÷ debt service) | 0.00 |
| Expense Ratio before reserves (expenses ÷ collected income) | 0% |
| Operating Expense Ratio (expenses + reserves ÷ collected income) | 0% |
| Debt Yield before reserves (NOI before reserves ÷ loan amount) | 0% |
| Debt Yield after reserves (NOI after reserves ÷ loan amount) | 0% |
| Payback Period (cash invested ÷ annual cash flow) | — |
Which one does a lender use? — It varies, and it is worth asking rather than assuming. Some lenders and appraisers strike net operating income before replacement reserves; others underwrite net cash flow with a reserve of their own included — Fannie Mae’s multifamily guidance, for one, includes replacement reserves in the net cash flow its coverage test is struck on. Before you compare a deal with a lender’s requirement, confirm three things with that lender: what income adjustments they make, what replacement reserve they allow, and what debt payment they measure coverage against. Then compute coverage on that basis, using whichever of the rows above matches it.
Reading these numbers — Cap rate, DSCR, loan constant and break-even ratio are the standard underwriting ratios for income property. This app strikes net operating income, and so the headline cap rate and DSCR, before your replacement reserve; the cash flow and cash-on-cash come after it. The table above gives each ratio on both bases, with the numerator named, so you can read whichever one your lender actually uses. Positive leverage means your cap rate is higher than your loan constant — the debt is helping your return, not hurting it.
Property tax on the paid calculators is the rate a rental pays (on the business screens, the rate commercial property pays, or a rental’s where that is higher or no commercial rate is held) in the town or county you choose, or in the state’s costliest where none is chosen, struck on the price from each state’s official tables; the free Buyer uses the state’s average for an owner-occupied home. A figure you type is used as typed, and where no verified rate is held for a place, nothing is charged until you type one.