Rental Property Worksheet
The full deal on one page: cap rate, cash flow, DSCR and max loan together.
Free rental property calculator
Cash-on-Cash Return Calculator
Cap rate measures the property. Cash-on-cash measures your money: build the same NOI, add your loan, and count every dollar of cash in—down payment, closing costs and rehab—not just the deposit.
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Estimated cash-on-cash return
—
Annual cash flow after debt service ÷ total cash invested
| Net operating income (year) | — |
| Cap rate, for comparison | — |
| Loan amount | — |
| Down payment | — |
| Closing costs | — |
| Repairs / rehab | — |
| Total cash invested | — |
| Mortgage payment (month) | — |
| Debt service (year) | — |
| Cash flow (year) | — |
| Cash flow (month) | — |
Worked example
The same duplex from the cap rate page—bought for $240,000, renting for $2,100 a month, with an NOI of $16,028—this time bought the way most investors actually buy: with a loan.
| Line | Amount |
|---|---|
| Down payment (25% of $240,000) | $60,000 |
| Closing costs | $4,800 |
| Total cash invested | $64,800 |
| Loan ($180,000 at 6.75%, 30 years) | $1,167 / month |
| Debt service (year) | $14,010 |
| Cash flow ($16,028 NOI − $14,010 debt service) | $2,018 / year |
| Cash-on-cash return ($2,018 ÷ $64,800) | 3.11% |
Read that result carefully—it teaches the most useful lesson on this page. The property's cap rate is 6.68%, but the borrowed money costs 6.75%. When the loan rate sits above the cap rate, leverage dilutes year-one cash flow instead of amplifying it: that is negative leverage. When money is cheaper than the cap rate, the same maths runs in your favour. The calculator starts with this example; drop the rate to 5% and watch the return change.
The formula
Cash-on-Cash Return = Annual Cash Flow after Debt Service ÷ Total Cash Invested
Annual cash flow after debt service is NOI minus a year of mortgage payments—the cash the property actually leaves you. Total cash invested is every dollar you bring: down payment, closing costs, and upfront repairs. Leave any of them out and the return flatters itself, which is why this calculator itemises all three.
Two honest limits. Cash-on-cash is a year-one, pre-tax measure, and it counts only cash: the principal your tenant pays down each month and any appreciation are real returns, but they arrive as equity. A property's total return is broader than its cash-on-cash return—this page measures the cash yardstick, properly.
Frequently asked questions
How is cash-on-cash return calculated?
Divide the annual cash flow after debt service by the total cash invested. The cash flow is NOI minus a year of mortgage payments; the cash invested is down payment plus closing costs plus upfront rehab.
What is a good cash-on-cash return?
Many buy-and-hold investors quote 8–12% as a target, but that rule of thumb comes from a lower-rate era. When mortgage rates sit near or above the cap rate, year-one cash-on-cash compresses—the worked example above pencils 3.11% at 6.75% money. Judge a deal against your market, your financing and your alternatives.
Cash-on-cash vs cap rate—what is the difference?
Cap rate divides NOI by the full price and ignores the loan. Cash-on-cash divides the cash flow after debt service by the cash you actually invested. One property has a single cap rate, but a different cash-on-cash return for every down payment and interest rate—try it above.
Does cash-on-cash include principal paydown or appreciation?
No. It measures only the cash the property puts in your pocket in year one, before tax. Paydown and appreciation build equity, not cash, so your total return is broader than this number.
What counts as total cash invested?
Every dollar required to own and rent the property: down payment, lender and title closing costs, and any repairs or rehab before the first tenant. This calculator itemises them so none are quietly forgotten.
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Cap Rate Calculator
Build NOI from rent, vacancy and itemized operating expenses. Mortgage excluded.
DSCR Calculator
Rent against PITIA the way DSCR lenders actually underwrite it.
DealWorksheet is an educational tool, not financial, legal or tax advice. Figures are estimates based on the numbers you enter; verify a property's actual expenses and loan terms before making an offer.