Run a voucher rental the way an operator does: gross rent minus every real expense, then debt service. The calculator below gives you monthly cash flow, net operating income, cap rate and cash-on-cash return.
Nothing is stored or sent anywhere — it runs in your browser.
Estimates only, based on the figures you entered. Verify taxes, insurance, rent and program rules for the specific property and housing authority.
Use the contract rent on an occupied unit — the housing authority portion plus the tenant portion — not a pro-forma number.
From the county parcel record, and check whether the rate resets after a sale.
A real quote on the actual address, not a national average.
A percentage of collected rent, plus budget separately for leasing fees at turnover.
On older housing stock, a low single-digit percentage is optimistic. Roofs and furnaces are not maintenance, they are capital.
Voucher tenancies are often long, but turnover on an old house is expensive. Do not model zero.
Net operating income is rent minus operating expenses, before your loan. Cap rate is that NOI divided by your all-in cost, which lets you compare properties regardless of financing. Cash flow is what lands in your account after debt service, and cash-on-cash is that annual cash flow against the cash you actually put in.
A property can show a healthy cap rate and still be a bad buy if the repair list, tenancy or street is wrong. Treat the calculator as a filter, not a verdict — and note it is a general tool, not tax, legal or investment advice.
Add the housing authority payment and the tenant portion to get gross monthly rent. Subtract taxes, insurance, management, maintenance, capital reserves, vacancy and any owner-paid utilities to get net operating income, then subtract your monthly loan payment. What is left is cash flow.
For underwriting purposes it is rent — the difference is that a portion arrives from the housing authority on a contract rather than from the tenant. Lenders generally want the lease and the housing authority documentation to support it.
There is no single number. It depends on the market's risk, the age and condition of the property, and your exit. Compare properties within the same market and condition class rather than chasing a headline cap rate.
Join the network with your buy box and matching off-market Section 8 and affordable-housing properties come to you by email, with the numbers you need to model them.