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Investment Terms

Net Operating Income (NOI): a property’s gross rental income reduced by all expenses except for loan payments.

Debt Coverage Ratio (DCR): a property’s net operating income divided by the amount of debt payments. Lenders use this calculation to determine operating cash flow after debt payments.

Loan–to-Value (LTV): the outstanding debt divided by the value of the property. This ratio is used to determine the amount of leverage and property equity.

Capitalization Rate (Cap Rate): the net operating income (NOI) divided by the property’s purchase price or fair market value.

Cash–on-Cash Return (COC): the cash flow divided by the initial investment (down payment and renovations). It does not take into account the property’s change in equity or the time value of money.

Gross Rent Multiplier (GRM): a property’s fair market value divided by its gross rental income.

Gross Yield (GY): annual gross rents divided by purchase price or market value.

Internal Rate-of-Return (IRR): used to value a property’s annual cash flow stream. The calculation discounts (reduces) the property’s future cash flow at a rate so that the sum of all cash flow for a specified time period is equal to the initial investment.