NOI (Net Operating Income)
What the property earns after the bills but before the mortgage - the purest measure of the property itself, however you finance it.
NOI is the property’s income after operating expenses but before any loan payments. It describes the property itself, independent of how you finance it.
Cap rate is NOI divided by cost; DSCR is NOI divided by debt payments — the two most-quoted deal metrics are both built on NOI, so getting the expenses right matters.
OnOffDeals computes NOI with real county taxes where available, a realistic insurance default, actual HOA dues, and management set to 0% by default (self-managed) — add your manager’s fee if you use one.