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BRRRR calculator

Buy, rehab, rent, refinance, repeat. See how much cash stays in the deal after the refinance and whether it still cash-flows.

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Enter a city, ZIP or address to fill rent, property tax (on the ARV) and refinance rate. Every value stays editable.

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Buy
$
$
%
%
Rehab
$
mo
$
Refinance
$
%
%
yrs
$
Rent
$
$
%
Operating expenses
$
$
$
%
%
%
$
$
Cash left in deal
$13,400
Cash flow / mo
-$263.23
Cash-on-cash
-23.57%
Cash out at refi
$219,000
DSCR
0.83
Total cash invested
$232,400
Purchase loan
$0.00
Purchase loan interest
$0.00
Holding costs
$2,400
Refi loan
$225,000
Refi payment (P&I)
$1,573
NOI / mo
$1,310
Cash left in deal$13,400

How this is calculated

  1. 1Cash invested = purchase price − purchase loan + closing costs + rehab + holding costs × months + purchase loan interest × months (interest-only).
  2. 2Refi loan = ARV × refi loan-to-value %.
  3. 3Cash out at refi = refi loan − purchase loan payoff − refi closing costs.
  4. 4Cash left in deal = cash invested − cash out. Zero or negative means all of your cash came back.
  5. 5Collected income = (rent + other income) × (1 − vacancy %).
  6. 6Operating expenses = property tax ÷ 12 + insurance ÷ 12 + HOA + utilities + other + maintenance % and CapEx % of rent + management % of collected income.
  7. 7NOI (net operating income) = collected income − operating expenses.
  8. 8Cash flow after refi = NOI − new mortgage payment (standard fixed-rate formula).
  9. 9Cash-on-cash = annual cash flow ÷ cash left in deal. When no cash is left and cash flow is positive, the return is infinite.

The refinance depends on the appraisal: if the property appraises below your ARV, the loan and cash-out shrink. Some lenders also require 6–12 months of ownership before a cash-out refinance.

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Frequently asked questions

What after-repair value (ARV) should I use?
Use recent sales of similar renovated homes nearby, ideally pulled by an agent or appraiser. The refinance lender orders its own appraisal, and that number decides the loan, not your estimate.
What does "cash left in deal" mean?
The money you put in (down payment, closing costs, rehab and holding costs) minus the cash the refinance pays back. Zero means you got all your money back. A negative number means the refinance paid out more than you put in.
What refinance loan-to-value should I enter?
Cash-out refinances on investment property are often limited to about 70–75% of the appraised value. Ask your lender, since it varies by loan type and credit.
Are holding costs during the rehab included?
Yes. Enter the monthly holding costs (loan interest, taxes, insurance, utilities) and the months until the refinance, and the calculator adds them to your cash in the deal.
What if the appraisal comes in low?
The refinance loan shrinks and more of your cash stays in the deal. Try a lower ARV in the calculator before you buy to see how much room you have.