Run the numbers on a rental
Cap rate, cash-on-cash, DSCR, gross rent multiplier and break-even occupancy — from one set of inputs, with every line of the arithmetic shown. No sign-up, and no opinions about whether your number is a good one.
Put in a price and a monthly rent and every figure fills in. Nothing is estimated for you — each number below is arithmetic on what you typed, and the three percentages marked “assumption” are yours to argue with.
Every figure is arithmetic on what you typed — nothing is estimated, predicted or written by an AI, and nothing here says whether a number is good. What counts as a strong cap rate depends on the market, the building and the year, and anyone quoting a single threshold is giving you an opinion. Pre-tax; no depreciation, no appreciation, no rent growth. Runs entirely in your browser; nothing you type is uploaded.
Rent down to return, one line at a time
Rent minus reality
Start with a full year's rent, take out the weeks it sits empty, then take out every cost of running it. What's left is net operating income.
Yield, before the loan
NOI over the price is the cap rate — the property's own yield, deliberately blind to how you paid for it, so it compares to other buildings rather than to other buyers.
Then your side of it
Take out the mortgage and the capital reserve and you have cash flow. Over the cash you actually put in, that's cash-on-cash — the number that is yours rather than the building's.
▸Why doesn't this tell me whether it's a good deal?
Because nobody can, from these numbers alone. What counts as a strong cap rate depends on the market, the asset, the year and what you are trying to do — a 5% in a supply-constrained city and a 5% in a shrinking one are different investments. Every tool that prints a threshold is stating an opinion as a fact, and you would have no way to check it. So this shows the arithmetic and the definitions and leaves the judgment where it belongs.
▸Why is the mortgage left out of net operating income?
Convention, and a useful one: NOI is meant to describe the property, not your loan. Two buyers of the same building with different financing get the same NOI and the same cap rate, which is what makes those numbers comparable at all. Your loan shows up one line down, in cash flow and in cash-on-cash — the numbers that really are yours rather than the building's.
▸Where does the capital reserve go?
Out of cash flow, not out of NOI. A roof is a capital cost rather than an operating one, so leaving it in NOI would break the comparability above. Leaving it out of the whole calculation, though, is how people end up with a property that cash-flows on paper and needs $18,000 of gutters. It is subtracted where it actually bites.
▸What is break-even occupancy?
The share of the year that has to be let for the rent to cover the operating costs, the mortgage and the reserve. It answers 'how much can go wrong' in one number. Above 100% means the property does not cover itself even fully occupied at the rent you entered.
▸Is any of this written by AI?
No. Every figure is arithmetic on the numbers you typed, computed in your browser. No model is involved, nothing is uploaded, and nothing is estimated on your behalf — if a figure cannot be derived from what you entered it shows a dash rather than a guess.
Working with investors?
Emberline keeps the buy-box, the shortlist and the follow-up in one place, so the deal you ran the numbers on is still the deal you are working next month.