BRRRR Calculator
Run the numbers on a buy, rehab, rent, refinance, repeat deal: cash in, cash-out refinance, cash left in the deal, monthly cash flow and cash-on-cash return. Enter the purchase, rehab and hold, the after repair value and refinance terms, and the rent and expenses; see the cash left in the deal (or pulled out), the new payment, cash flow, cash-on-cash return and DSCR, with the working shown.
Your numbers
The contractor's bid, plus any contingency.
From purchase to refinance.
Taxes, insurance, utilities while it is empty. Not the loan.
What it should appraise for once the work is done.
75% is Freddie Mac's cash-out cap for a 1-unit rental (70% for 2 to 4 units). Change it to your lender's number.
Of the rent. A rule of thumb: set your own.
Of the rent collected. 0 if you self-manage.
Of the rent.
Roof, HVAC, water heater savings, of the rent.
Cash left in the deal
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- Total cash in
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- Cash-out loan (75% of ARV)
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- Cash back at refinance
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- New loan payment, a month
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- Cash flow, a month
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- Cash flow, a year
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- Cash-on-cash return
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- Net operating income, a month
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- DSCR (NOI ÷ payment)
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- Lender DSCR (rent ÷ PITIA)
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- Equity left after the refinance
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An estimate from the numbers you typed, for screening a deal. Not financial, tax or legal advice: the appraisal, the lender's terms and the contractor's bid decide the real numbers.
Check the seasoning rule before you buy: Fannie Mae asks for 6 months on title and a 12-month-old first mortgage before a cash-out refinance; other lenders set their own.
The calculation runs in your browser and ParrotNotes does not store your numbers. They sit in the page address so you can bookmark or share the result.
How the BRRRR numbers work
BRRRR stands for buy, rehab, rent, refinance, repeat. You buy a property that needs work, fix it up, rent it out, then refinance on the higher value to get some or all of your cash back for the next deal. The deal works when the refinance returns most of the cash and the rent still covers the bigger loan.
Worked example, bought for cash: $150,000 price, $4,500 closing, $40,000 rehab and 6 months of holding at $800 is $199,300 in. The after repair value is $260,000; at 75% the new loan is $195,000, and with $5,000 of refinance closing costs $190,000 comes back. $9,300 stays in the deal. Rent of $2,200 less 5% vacancy, 8% management on the rent collected, 5% maintenance, 5% capex, $3,000 of taxes and $1,500 of insurance a year leaves $1,327.80 of NOI. The new loan at 6.5% over 30 years is $1,232.53 a month, so the cash flow is $95.27 a month, $1,143.21 a year, a 12.3% cash-on-cash return on the $9,300 left in.
Bought with cash or with a loan
With a loan, the cash in is the down payment plus closing, rehab and holding, and the interest on the purchase loan while you rehab. The calculator counts that interest as interest-only, loan × rate ÷ 12 for each month of the hold, which is how most short-term rehab loans are paid. At refinance the new loan first pays off the purchase loan, so a deal bought with a loan gets less cash back but also needed less to start.
Same deal with 20% down and a 10% loan: $30,000 down, $4,500 closing, $40,000 rehab, $4,800 holding and $6,000 of interest for six months is $85,300 in. The $195,000 refinance pays off the $120,000 loan and $5,000 of closing, leaving $70,000 back and $15,300 in the deal.
Refinance limits to check before you buy
Loan to value: Freddie Mac caps a cash-out refinance of an investment property at 75% for one unit and 70% for two to four units. Seasoning: Fannie Mae asks for six months on title and, if a first mortgage is paid off, that loan to be 12 months old, with a delayed financing exception for buyers who paid cash. DSCR and portfolio lenders write their own rules, often with a different LTV, a minimum DSCR and their own wait. The appraisal, not your estimate, sets the value the LTV is applied to.
What this calculator leaves out
It assumes a fixed-rate refinance and the rent you type from day one. It does not count income tax, depreciation, points, prepayment penalties, reserves the lender asks for, rent growth or the time until the next deal. The percent expenses are rules of thumb you set; a real budget from the property's age and condition is better. Not financial advice.
Sources, read on 2026-10-31. Your lender's own guidelines have the final say:
- Freddie Mac, Maximum LTV/TLTV/HTLTV ratio requirements for conforming and super conforming mortgages (cash-out refinance)
- Fannie Mae Selling Guide B2-1.3-03, Cash-Out Refinance Transactions (title seasoning, 12-month lien age, delayed financing)
This page runs the whole deal. To estimate the after repair value from comps and the 70% rule offer, use the ARV calculator; to test the refinance against a lender's minimum and find the largest loan the rent supports, the DSCR calculator; and to compare the rental with other properties on NOI and price, the cap rate calculator.
More for real estate agents and investors: Property inspection notes by voice, Tips for new real estate agents, Mortgage loan officer vs mortgage broker.
The rehab number comes from the walk-through
The rehab budget is only as good as the walk-through with the contractor: what gets replaced, what gets patched and what the bid leaves out. Record the walk in ParrotNotes and the summary lists the scope room by room, so the number in this calculator matches what was said.
Get Started FreeRelated tools
- ARV CalculatorEstimate a property's after repair value from comparable sales, and the maximum offer under the 70% rule after repair costs.Open the tool
- DSCR CalculatorWork out a rental's debt service coverage ratio from rent and PITIA or from NOI, plus the largest loan the rent supports.Open the tool
- Cap Rate CalculatorWork out a property's cap rate from net operating income and price, the value at a target cap rate, cash on cash return and price per square foot.Open the tool