Multi-Property Rental ROI
Cap rate, cash-on-cash, NOI, and cash flow across up to 10 rental properties. Portfolio rollups included.
Properties (1)
Up to 10 properties. Each computes cap rate, cash-on-cash, and annual cash flow.
The Two Metrics That Matter
Cap Rate
NOI / Property value. Measures asset performance unleveraged. Use this to compare properties and markets regardless of how you financed them.
NOI / Value × 100Cash-on-Cash
Annual cash flow / total cash invested. Measures your actual return on the cash you put in. Use this to evaluate a specific deal.
(NOI − debt service) / cash invested × 100Frequently Asked Questions
How is cap rate calculated?
Cap Rate = NOI / Property Value. NOI = Gross rent - operating expenses (tax, insurance, management, repairs, vacancy reserve). See our cap rate vs cash-on-cash guide for more.
How is cash-on-cash return calculated?
Cash-on-Cash = Annual pre-tax cash flow / Total cash invested. Annual cash flow = NOI - debt service. Total cash = down payment + closing costs + initial repairs.
What should I include in monthly operating expenses?
Property tax (annual ÷ 12), insurance (annual ÷ 12), property management (8-10% of rent), maintenance reserve (5-10%), vacancy reserve (5-8%), HOA, utilities if landlord-paid. Exclude mortgage — that's debt service, calculated separately.
What is a good cash-on-cash return?
At current 6.5-7.5% mortgage rates: 8%+ is strong, 4-8% is typical, 0-4% is marginal, negative means you're subsidizing. Target depends on alternatives — if treasury yields 4%, any positive cash-on-cash plus appreciation may beat that.
Why is portfolio cap rate different from property average?
Portfolio cap rate is value-weighted (sum NOI / sum values), not a simple average. A high-value property with mediocre cap rate pulls the portfolio down more than a low-value property with great cap rate pulls it up.
Does this account for appreciation or tax benefits?
No. This tool focuses on operating cash flow. Total ROI includes appreciation (3-5% annually in most markets) and tax benefits (depreciation, mortgage interest, Section 199A). Layer these manually on top.
Track Portfolio ROI Monthly
Connect each property's bank accounts. Get live cap rate, cash-on-cash, and cash flow alerts across the whole portfolio.