About this Net Operating Income Calculator
NOI is a core real estate operating metric. It shows property income after vacancy and operating expenses but before mortgage payments, income taxes, depreciation, and investor-specific financing decisions.
Who this calculator is for
- Real estate investors comparing rental property scenarios.
- Landlords pressure-testing income, expense, and financing assumptions.
- Buyers and advisors who want transparent investment math from user-entered numbers.
When to use it
- Build the NOI used in cap rate and DSCR calculations.
- Audit a broker pro forma or rental property operating statement.
- Separate operating performance from loan structure.
How to use this calculator
- Enter annual gross scheduled rental income.
- Add other annual operating income.
- Enter vacancy or collection loss.
- Enter annual operating expenses and review NOI.
Key assumptions
- Debt service, principal paydown, depreciation, income taxes, sale costs, and investor-level tax items are excluded from NOI.
- All income and expense values are annual user-entered assumptions.
- All rents, expenses, rates, debt service, costs, appreciation, reserves, and investment amounts are entered by the user.
- Calculations run locally in your browser and are not stored by Calwarden.
- Results are estimates for planning and comparison only, not financial, tax, legal, lending, appraisal, or investment advice.
Accuracy and testing
Review formula sources, default test cases, assumptions, unit handling, rounding rules, and changelog for this calculator.
How this calculator works
Inputs explained
Gross scheduled income
Annual rent assuming full occupancy and collection before vacancy loss.
Other income
Operating income beyond rent, such as parking, laundry, storage, pet, or reimbursements.
Vacancy loss
Expected rent loss from downtime, concessions, nonpayment, or collections.
Operating expenses
Property-level operating costs such as taxes, insurance, utilities, management, maintenance, HOA, and repairs. Exclude debt service.
Understanding your results
Example scenarios
Annual NOI estimate
$48,000 gross scheduled income + $2,000 other income - $2,500 vacancy loss - $18,000 operating expenses = $29,500 NOI.
Expense review
If taxes, insurance, repairs, or management costs rise, NOI falls even when rent stays flat.
Key Features
- Instant Calculation
- Private & Secure
- Mobile Optimized
Tips & Best Practices
- Keep debt service out of NOI so cap rate and DSCR formulas stay consistent.
- Use actual trailing expenses when available, then compare against a stabilized pro forma.
- Break out vacancy separately instead of hiding it in operating expenses.
Glossary of Terms
- NOI
- Net operating income. Rental and other operating income minus vacancy loss and operating expenses, before debt service and income taxes.
- Debt service
- Principal and interest payments on financing. These are excluded from NOI but included in cash flow and DSCR analysis.
- Cash invested
- Cash contributed to acquire and prepare the property, such as down payment, closing costs, initial repairs, and other upfront costs.