How do you calculate NOI on a duplex or fourplex?

NOI equals effective gross income (gross rent minus vacancy) minus all operating expenses — county and municipal taxes, insurance, utilities, maintenance, property management, and other line items. Lenders underwrite on stabilized NOI from executed leases or market rents.

What is break-even occupancy on a multi-family property?

Break-even occupancy is the percentage of gross rent required to cover operating expenses plus debt service. If break-even is 78%, you need at least 78% of units occupied (or equivalent rent) to avoid negative cash flow before reserves.

How is cash-on-cash return different from cap rate?

Cap rate is NOI divided by property value — a market yield metric independent of financing. Cash-on-cash is annual net cash flow divided by your equity invested (down payment). A property can show a strong cap rate but weak cash-on-cash if leverage is high or rates are elevated.

What DSCR do multi-family DSCR lenders require?

Most investor programs require 1.0–1.25 minimum on 2–4 unit residential, depending on LTV, credit, and market. Stronger per-door NOI in Chicago two-flats and Indianapolis duplexes often clears 1.15–1.30 at 75% LTV.

Can I qualify without personal income on a fourplex?

Yes — DSCR loans qualify on property cash flow when the rent roll supports debt service. See asset-class pages like DSCR loans Chicago multi-family for program context.

How is per-unit NOI useful?

Dividing monthly NOI by unit count shows whether each door carries its share of debt service — critical when one unit is vacant during value-add or BRRRR stabilization.

Multi-Family Calculator for Real Estate Investors

Use this multi-family calculator to model per-unit rents, net operating income (NOI), cap rate, cash-on-cash return, debt service coverage (DSCR), gross rent multiplier (GRM), operating expense ratio, and break-even occupancy on 2–4 unit residential before you apply for permanent DSCR debt or size a value-add acquisition.

Multi-family investment calculator

Model per-unit rents, operating expenses, financing, NOI, cap rate, cash-on-cash, DSCR, and break-even occupancy. Educational only.

Property information Number of units

Unit rents

Operating expenses

County property tax ($/year) Municipal property tax ($/year) Insurance ($/month) Utilities ($/month) Maintenance ($/month) Property management ($/month) Other expenses ($/month) Vacancy rate (%)

Financing Property value ($) Loan amount ($) Interest rate (% annual) Loan term (years) Amortization period (years) Loan points Origination fee ($)

Investment analysis

Monthly cash flow

Principal payment

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Interest payment

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Total PITI payment

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Property taxes

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Insurance

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Operating expenses

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Net cash flow

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Annual cash flow

Annual principal

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Annual interest

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Total annual PITI

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Annual property taxes

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Annual insurance

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Annual operating expenses

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Annual net cash flow

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Annual gross income (EGI)

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Key performance metrics

Cap rate

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NOI ÷ property value

Cash on cash return

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Annual cash flow ÷ equity

DSCR

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NOI ÷ annual debt service

Gross rent multiplier

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Price ÷ gross annual rent

Operating expense ratio

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OpEx ÷ effective gross income

Break-even occupancy

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Required occupancy to cover costs

Price per unit

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NOI per unit

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Operating margin

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NOI ÷ effective gross income

Full calculator on Jaken Finance Group

Download your multi-family proforma

Basic DSCR and NOI outputs are free. Submit your email for a 12-month amortization preview and PDF-ready proforma summary.

Click after submitting the form above. Your detailed schedule will appear on this page.

How NOI and key metrics are calculated

Annual NOI = Effective gross income (EGI) − annual operating expenses

Gross scheduled rent — enter each unit’s rent separately; sum for total gross
Vacancy — typically 5%–8% on value-add; 3%–5% on stabilized suburban stock
Operating expenses — county + municipal taxes, insurance, utilities, maintenance, PM, and other line items
Cap rate — NOI ÷ property value (market yield, financing-independent)
Cash-on-cash — annual net cash flow ÷ equity (down payment)
DSCR — annual NOI ÷ annual debt service (P&I only)
Break-even occupancy — (operating expenses + debt service) ÷ gross annual rent

When loan term is shorter than the amortization period, the calculator shows an estimated balloon payment due at maturity — common on commercial-style multi-family notes.

Jaken Finance Group underwrites DSCR loans without requiring W-2 income when property cash flow supports the ratio — the same math this calculator runs.

Worked example: Chicago two-flat DSCR refi

Line item	Monthly
Gross rent (2 units)	$3,800
Vacancy (6%)	−$228
Taxes + insurance	−$680
PM + maintenance (11%)	−$418
NOI	$2,474
P&I on $340K @ 7.85%, 30yr	$2,455
DSCR	1.01 — marginal; lower LTV or raise rent

Multi-family programs by market

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Pre-qualify for multi-family DSCR · Single-property DSCR calculator · (833) 264-7776

Calculator outputs are educational estimates only. Rates, terms and conditions offered only to qualified borrowers. Jaken Finance Group only finances non-owner occupied investment properties.