Enter the numbers. It does the arithmetic. It doesn't tell you whether to buy it.
Nothing here is stored. Close the tab and the numbers are gone.
What are you working on?
Three different questions, and they use different math — pick one.
What this does, and what it never does
Net operating income, cap rate, debt service coverage, cash-on-cash
return, and break-even occupancy — the same five numbers
“Analysing Income Property” teaches, computed from what you
enter.
NO PROJECTED RETURN. NO APPRECIATION ASSUMPTION.
NO “GOOD DEAL” OR “BAD DEAL.” NO RECOMMENDATION
ABOUT A SPECIFIC PROPERTY. It calculates what the numbers you
entered do. It does not value the property.
Income and operating expenses
Annual figures. If you only have monthly numbers, multiply by 12
before you type them in — this screen doesn't do that
conversion for you, on purpose, so nothing gets silently doubled or
halved.
Zero is an assumption, not a saving — it means
the property is occupied every day of the year.
Zero here means you are doing the job for free
— and it is a cost the day you stop.
Purchase and financing
Your lender's amortization schedule has this
number, or multiply your monthly payment by 12.
Net operating income
What it produces against what it costs
WE DIDN'T VALUE THE PROPERTY. WE CALCULATED
WHAT YOUR NUMBERS DO.
The same property, five income strategies
Enter what each strategy would really produce for THIS property.
Leave a strategy's rent at zero if it genuinely doesn't apply —
a zero rent removes that row from the comparison rather than
pretending it earns nothing.
NO RANKING. NO “BEST” STRATEGY.
It shows what each strategy's own numbers produce, side by side. Which
one fits a specific property, tenant pool, and local ordinance is a
real decision this calculator does not make.
Traditional 12-month lease
Housing Choice Voucher / HUD-VASH
HUD-guaranteed rent carries the lowest real vacancy risk of the five — zero is a defensible starting assumption, not a forced one.
Context, not a limit this field enforces: real STR costs commonly include a local lodging tax (San Antonio's own ordinance runs 16.75%) and, if not self-managed, a 15–25% management fee off gross booking revenue.
PadSplit / room-by-room rental
Proven mainly on larger, multi-bedroom properties — a small unit may genuinely not fit this strategy. Leave the rent at zero rather than forcing a number.
Property-level costs (the same regardless of strategy)
The same property, side by side
WE DIDN'T RANK THEM. WE CALCULATED WHAT EACH
STRATEGY'S OWN NUMBERS DO.
Which refinance question is this?
Four different situations, four different real rules. Pick the one that matches.
Refinancing a VA loan into a conventional loan to free up entitlement
The rule, precisely — 38 C.F.R. § 36.4302(j). There are two separate paths back to usable entitlement, and they are not the same path.
Path one — repeatable, no lifetime limit. The loan is repaid in full and the property is disposed of — sold, or destroyed with the loss paid. Both conditions, every time this path is used.
Path two — a one-time exception, usable once, ever, per veteran. The loan is repaid in full — including by refinancing it into a non-VA loan — while the veteran keeps the property. This is the scenario you're asking about, and it is real. It is just not unlimited: once it has been used, every restoration that comes after it needs path one.
NEITHER PATH SKIPS REPAYING THE LOAN. Every restoration route requires the loan to be paid off in full. What the one-time exception removes is the requirement to also sell the property — not the requirement to pay off the loan. A refinance into a conventional loan satisfies "paid off in full" the same way a sale's payoff does.
VA Form 26-1880 is the Request for a Certificate of Eligibility — the form used to ask VA to act on either path. It is not a separate, payoff-free option: no restoration path exists that requires neither repaying the loan nor selling the property.
The next real questionWhich of these two paths applies, and whether the one-time exception has already been used, is a fact question about a specific veteran's own loan history — not an arithmetic problem this calculator can answer. That's a conversation with a VA-approved lender or VA directly, with the veteran's actual loan file in front of them.
One fact decides which rule applies
Find the FHA case number assignment date on the closing documents, or ask the servicer directly.
The loan's numbers
Original loan amount divided by the purchase price or appraised value used at closing, times 100.
What this loan's MIP situation actually is
Property & Acquisition 5.4 covers the other half of this mathThe five-number NOI walk-through in this app's buy-side mode — net operating income, cap rate, DSCR, cash-on-cash, break-even occupancy — is exactly what a new rate and a new debt-service number change. Reworking this property's numbers under a proposed refinance uses that same calculator, on the buy-side screen of this app.
Cash-out refinance vs. selling — the tax comparison
What the appreciation on this property is worth, computed two ways: as tax-free cash through a refinance, and as an illustrative capital-gains bill if it were sold instead.
Context, not a limit this field enforces: a conventional cash-out refinance on a single-unit primary residence commonly maxes out around 80% of current value. VA's own regulatory ceiling is 100% of reasonable value — 90% shows up only as one of several alternate ways to satisfy VA's separate "net tangible benefit" test, never as a hard cap on its own. Either way, the specific lender sets what it will actually approve.
The comparison
THIS DOES NOT SAY WHICH IS BETTER. It shows what the cash-out amount entered produces tax-free through a refinance, next to what a sale of the same gain would owe at three illustrative rates. A specific tax situation decides which rate, if any, actually applies — this tool doesn't know income, basis adjustments, or state tax.
Reinvesting the rest of the equity without a taxable sale either
A cash-out refinance converts some of the equity into cash without selling. A § 1031 like-kind exchange is the mechanism for converting the rest of it — the whole property — into another property, also without a taxable sale. Different mechanism, same underlying question: sell and pay tax on the gain now, or don't do either.
This is real, sourced content already graded in this app's own Vault. 26 U.S.C. § 1031(a) — the exchange must be real property for real property, not any like-kind property, a scope change from the 2017 tax law. § 453 — the installment-sale rules an exchange can combine with, and the depreciation-recapture carve-out inside it. Rev. Rul. 2004-86 — the ruling that lets a Delaware statutory trust interest count as replacement property, and the exact conditions under which it stops qualifying. Publication 537 and Form 8824 — the IRS's own worked explanation, and the form the exchange is actually reported on.
THE FULL LESSON ON THIS ISN'T WRITTEN YET. The 1031/Delaware-statutory-trust course content is a confirmed, placed slot inside the $4,000 Structure/Asset Protection course. The citations above are real and already live in this app's Vault; the lesson script that teaches them is a known, open gap, not a finished course available to read today.
A HELOC against this property's equity
A home equity line of credit is a separate loan sitting alongside the existing mortgage — not a replacement for it. Enter the numbers to see what a lender's combined loan-to-value (CLTV) limit would make available.
Context, not a limit this field enforces: HELOC lenders commonly cap combined loan-to-value somewhere around 80–85% of current value, with some going higher for a strong file. The specific lender sets what it will actually approve.
What this CLTV limit makes available
Seller financing or subject-to, compared against an institutional refinance
The same comparison applies whether the note is a seller-financed business acquisition or a subject-to/wrap real estate purchase: what the current note costs today, next to what a hypothetical institutional loan on the same balance would cost at a different rate and term.
Context, not a limit this field enforces: institutional amortization terms commonly span a 10–25 year range depending on the lender and what's being financed — SBA 7(a) real estate can amortize on the long end of that range, while a working capital or equipment portion of the same loan typically caps much shorter. A specific lender's own program sets what it actually offers.
The note today, against the hypothetical institutional refinance