Effective gross income less operating expenses before debt service.
Calculate rental NOI, DSCR, and cash flow without double-counting.
Separate property operations from financing so cap rate, debt coverage, and cash flow each answer the right question.
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NOI divided by annual debt service.
NOI divided by purchase price; excludes renovation and closing costs unless included in the basis.
NOI less debt service, divided by 12.
Scheduled rent and other income after vacancy and credit loss.
Taxes, insurance, and other modeled property operations.
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Rehabfolio connects comps, scope, financing, schedule, actual costs, documents, and the final outcome.
Know exactly what the calculator is doing.
NOI = effective gross income - operating expenses; DSCR = NOI / annual debt serviceNOI excludes loan principal and interest. Cash flow then subtracts debt service from NOI, keeping property performance and financing performance distinct.
Use the result as a decision aid, not a verdict.
Build effective income
Start with scheduled income and subtract a realistic vacancy and credit-loss allowance.
Include complete operations
Add taxes, insurance, management, maintenance, utilities, association, and reserves.
Separate debt from NOI
Calculate property-level NOI first, then debt coverage and cash flow.
What this calculation cannot know.
- Cap rate based on purchase price does not include acquisition or renovation cost unless you add them to the basis.
- DSCR definitions and expense treatment vary by lender.
- Capital expenditures and reserves should not disappear simply because accounting or lender presentations differ.
For a deeper explanation, read Rental operating expenses and NOI, month by month.
Understand the terms before using the output.
What is NOI?
Net operating income is effective property income minus operating expenses before debt service and income tax.
What is DSCR?
Debt service coverage ratio compares NOI with required debt payments over the same period.
What is a good DSCR?
Requirements vary by lender, asset, borrower, and program. Review the actual term sheet rather than relying on a universal threshold.
Does NOI include the mortgage?
No. Debt service is excluded from NOI and used afterward to calculate DSCR and cash flow.
Should reserves be an operating expense?
For underwriting, include a realistic reserve or capital allowance somewhere visible even if a lender or accounting presentation classifies it differently.
Keep the assumptions, evidence, work, and outcome together.
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