The numbers behind a real estate decision, explained

Net operating income (NOI) is gross rent, minus vacancy, minus operating expenses: property tax, insurance, maintenance and capital reserve, management and HOA or condo dues. NOI excludes the mortgage, so it describes the property, not the financing.

Cap rate = NOI ÷ purchase price. Measured on the all-in cost — including closing and initial repairs — the same property shows a lower cap rate, because you paid more than the price to own it.

Rent benchmarks, screening scores, after-repair values and every calculator output are estimates. They depend on incomplete data and on assumptions you control, and they can be wrong. Investment Analyzer Status: Available

Cash flow = NOI − annual mortgage payments. DSCR (debt service coverage ratio) = NOI ÷ annual mortgage payments. Many lenders look for 1.20 or more on investment loans; below 1.00 the rent does not cover the loan.

Rent benchmarks, screening scores, after-repair values and every calculator output are estimates. They depend on incomplete data and on assumptions you control, and they can be wrong. Investment Analyzer Status: Available

After-repair value (ARV) is what the property could sell for once renovated — always your estimate, best shown as a range. Tax-roll values such as just value are set for property-tax purposes; they are not an ARV and are never used as one.

Check comparable sales yourself: recent, nearby, similar in size and condition after renovation. We do not produce automated comparable sales.

Rent benchmarks, screening scores, after-repair values and every calculator output are estimates. They depend on incomplete data and on assumptions you control, and they can be wrong. Fix-and-flip playbook

The 70% rule of thumb takes a share of ARV and subtracts repairs. It ignores holding costs, financing, selling costs and property taxes that follow the purchase price. A maximum allowable offer works backward through all of them to the highest price that still leaves your target margin.

A maximum allowable offer is a calculation from the targets and assumptions you enter. It is not an appraisal, a valuation or a recommendation to offer that price. Maximum Allowable Offer Status: Available

In Florida, just value is the county property appraiser’s estimate of market value as of January 1 of the tax year. Assessed value is just value after statutory caps; taxable value is assessed value after exemptions. Homestead and non-homestead assessment caps generally reset when a property sells, so the seller’s tax bill is not your tax bill.

Just value, assessed value and taxable value are set for property-tax purposes. Last sale price is what a past buyer paid. None of them is an asking price, an appraisal or an offer, and they are never substituted for one another. Data Sources & Methodology

Premiums vary widely by roof age, wind-mitigation features and flood zone, and flood cover is usually a separate policy. Get a quote before you commit, and stress-test a 25–50% increase.

Rent benchmarks, screening scores, after-repair values and every calculator output are estimates. They depend on incomplete data and on assumptions you control, and they can be wrong. Buy-to-rent playbook

Recent Florida condominium safety legislation requires milestone structural inspections for many older buildings and funded reserves for key structural components. That can mean higher dues or large special assessments. Ask for the inspection and reserve study status, and check rental restrictions.

Rent benchmarks, screening scores, after-repair values and every calculator output are estimates. They depend on incomplete data and on assumptions you control, and they can be wrong. Buy-to-rent playbook

Before comparing returns, check feasibility: lender limits on loan-to-value and debt-service coverage, closing costs, and a liquidity reserve. Some ways of deploying the same capital are not feasible at all once these are counted.

More leverage is not automatically better: it raises debt service, lowers coverage and magnifies losses as well as gains. Compare options by how they behave under stress, not only by their base case.

Rent benchmarks, screening scores, after-repair values and every calculator output are estimates. They depend on incomplete data and on assumptions you control, and they can be wrong. Capital Allocation Studio Status: Live Prototype

A public parcel record describes a property as the county records it, whether or not it is for sale. A listing is a property actually offered for sale or rent, as reported by a provider. Public parcel records describe every property in a county, whether or not it is for sale. A parcel record is a research starting point, not a listing or an offer.

Rent benchmarks, screening scores, after-repair values and every calculator output are estimates. They depend on incomplete data and on assumptions you control, and they can be wrong. Property Discovery Status: Available