Interactive tool

BRRRR / Rehab ARV Calculator

Model all-in basis vs ARV refinance — see cash left in deal, % recycled, DSCR, and cash-on-cash.

Last updated: 2026-05-24

BRRRR inputs

Buy → Rehab → Rent → Refi

Model all-in basis, ARV, and cash left in deal.

Purchase price $

Rehab / CapEx $

Acquisition closing %

$17,000

Holding $/mo

6 mo = $25,200

Holding months

ARV (after-repair value) $

Refi LTV % (on ARV)

Refi rate %

Refi term (years)

Stabilized rent $/mo

Eff. $10,528 @ 6% vac

OpEx $/mo

Tax + ins + mgmt + maint

Vacancy %

Results

Cash left in deal

$24,700

98% recycled — lean-in

$24,700 left in deal. CoC -39.2%.

All-in basis (purchase+rehab+closing+holding): $1,112,200
Acquisition closing: $17,000
Holding total: $25,200
ARV: $1,450,000
Refi proceeds: $1,087,500
Equity left (ARV − loan): $362,500
Refi P&I $/mo: $7,235
Effective rent $/mo: $10,528
NOI $/mo: $6,428
Cash flow $/mo (after P&I): -$807
Cash flow $/yr: -$9,686
DSCR (rent ÷ PITIA): 0.93x
DSCR (NOI ÷ debt): 0.89x
Cap on ARV: 5.32%
Cash-on-cash (on cash left): -39.2%
% capital recycled: 97.8%
Flip vs hold spread (ARV − all-in): $337,800

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Include your ARV comps to validate appraisal.

Cash left = All-in − Refi proceeds. Refi = ARV × LTV. BRRRR recycles capital only if ARV justifies LTV proceeds. Lenders season title and verify rehab scope and rent comps — a thin ARV or weak DSCR still binds even with 75% LTV on paper.

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resources

Hand-picked next steps — go deeper, compare alternatives, or run the numbers.

Title	Type	Summary	Open
Capital Stack Design for Value-Add Multifamily	Guide	Capital stack design guide for value-add multifamily projects, covering senior debt, mezzanine, pref equity, and sponsor equity.	Read guide
Multifamily Underwriting Basics for 5+ Unit Deals	Guide	Comprehensive underwriting framework for US commercial multifamily acquisitions and refinances on 5+ unit properties.	Read guide
NOI Normalization for Real-World Underwriting	Guide	Detailed NOI normalization guide for multifamily acquisitions, refinances, and debt sizing conversations.	Read guide
Bridge Loan for Value-Add Multifamily	Loan	Execution framework for Bridge Loan for Value-Add Multifamily in US commercial multifamily financing, including fit, constraints, and risk controls.	Read guide
Fannie Mae Multifamily Loan — Agency Stabilized	Loan	Fannie Mae multifamily loan execution for stabilized US apartment buildings (5+ units)—agency underwriting, DSCR, debt yield, and fit vs bridge or CMBS.	Read guide
Bank Balance-Sheet Multifamily Loan	Loan	Execution framework for Bank Balance-Sheet Multifamily Loan in US commercial multifamily financing, including fit, constraints, and risk controls.	Read guide

How to read it

What these numbers mean.

How this BRRRR calculator models the recycle

Value-add multifamily BRRRR lives or dies on whether the refinance appraisal supports the recycle. The math:

Acquisition closing = Purchase × Closing %
Holding = Months × $/mo (debt, taxes, insurance, utilities during rehab)
All-in basis = Purchase + Rehab + Acquisition closing + Holding
Refi proceeds = ARV × Refi LTV%
Cash left = All-in − Refi proceeds (negative = cash-out)
Cash flow = Effective rent (rent × (1 − vacancy)) − OpEx − Refi P&I

Underwrite the refi with market rents, not pro forma without comps. Verify your ARV with sold caps and rent surveys before you count on 75% proceeds. See capital stack design for value-add and NOI normalization.

Worked example: 12-unit value-add → stabilized refinance

Buy $850K + rehab $220K + closing 2% ($17K) + 6 mo × $4,200 holding ($25,200) = all-in ~$1.112M. ARV $1.45M at 75% LTV → refi $1.088M.

Cash left ≈ $1.112M − $1.088M = ~$24K (98% recycled — nearly infinite CoC)
At $11,200 rent, 6% vacancy, $4,100 OpEx, 7% / 30-yr refi: P&I ≈ $7,238/mo, effective rent $10,528 → NOI $6,428 → cash flow ≈ −$810/mo (rate/OpEx sensitive — stress both)
Flip spread: $1.45M − $1.112M = ~$338K vs holding for cash flow and appreciation

Test agency takeout vs bridge-to-stabilize in agency vs bridge, and model permanent debt with the commercial DSCR and loan sizing calculators. Ready to sanity-check ARV comps? Get a free deal review.

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Frequently asked questions

What does BRRRR mean for 5+ unit multifamily?

Buy, Rehab, Rent, Refinance, Repeat. You acquire a value-add apartment, renovate to market rents, stabilize occupancy, then refinance on the new appraised value (ARV) to recycle capital into the next deal. This calculator models all-in basis vs ARV × LTV refi proceeds.

How is cash left in deal calculated?

All-in basis = Purchase + Rehab + Acquisition closing (purchase × %) + Holding (months × $/mo). Refi proceeds = ARV × Refi LTV%. Cash left = All-in − Refi proceeds. If negative, you pull that amount as cash-out above basis.

What is a good capital recycle percentage?

Many BRRRR operators target 80–100% recycled (cash left near zero or a cash-out). Below ~65% recycled, you may trap too much equity — consider a lower purchase price, tighter rehab, or a higher-conviction ARV supported by comps.

How does DSCR affect the refinance even at 75% LTV?

LTV sets the notional proceeds, but DSCR and debt yield can bind lower. A 75% LTV on a $1.45M ARV is ~$1.087M, but if stabilized NOI ÷ debt service misses 1.20–1.25x, the lender cuts proceeds. This tool shows both rent ÷ PITIA DSCR and NOI ÷ debt DSCR — stress them.

Should I compare BRRRR to a flip?

Yes. Flip profit = ARV − All-in. BRRRR keeps the asset and the cash flow, so compare retained equity and monthly cash flow against the one-time flip spread. This calculator shows flip spread alongside monthly and annual cash flow from the refinance loan.

What can cause the refinance appraised value to come in low?

Weak rent comps, concessions, optimistic rehab premiums, incomplete lease-up, or thin T12. Lenders use trailing and forward underwritten NOI and market cap rates — include your ARV comp set and lease comps when you request a deal review.