Follow the default numbers.
With purchase price of $350,000, monthly rent of $2,400, the model gives cash left in the deal: $26,500.
The formula is cash left = cash invested − net refinance cash-out. Open the breakdown to trace expenses and assumptions. Change one input at a time to see how your decision changes. This example uses scenario inputs; it is not an offer, tax bill, appraisal or legal determination.
Separate the two financings
Acquisition debt is based on purchase price; refinance debt is based on the entered after-repair value and refinance LTV. The initial investment includes the down payment, purchase costs, rehab and acquisition points. At refinance, the new loan repays the old acquisition principal and refinance costs. The remaining net cash-out is compared with that initial investment.
Cash left can be negative
Positive cash left means some original equity remains tied up in the property. Zero means the modeled refinance returns the initial cash. A negative amount means proceeds exceed that investment; it is shown as excess cash returned rather than an infinite or negative-denominator cash-on-cash percentage. Cash returned is borrowed money secured by the property, not operating profit.
Refinance terms can change the result
Seasoning requirements, lender cost-basis rules, appraiser value, reserves and cash-out limits can reduce the eligible loan below a simple ARV percentage. The model assumes the acquisition balance remains outstanding through rehab and does not add undocumented refinance proceeds. Include interest and holding expenses in your acquisition costs if they are part of your funded cash budget.
The rental still has to work
The post-refinance payment uses the new rate and the amortization term entered in the financing section. Operating NOI and capital reserves use the same rental model as the other investment tools. A successful cash-out event does not guarantee recurring positive cash flow. Test a lower appraisal and higher refinance rate before treating returned equity as money available for the next purchase.
Keep your assumptions with the result
Save the calculation to your deal file to reuse compatible inputs in another tool. The file stays in this browser on this device. Download the CSV to open the complete inputs, results and schedule in Excel or Google Sheets. Use PDF to print the report or save it as a PDF. A share link includes entered financial figures in its URL, so use it only with people you intend to share those numbers with.