Rental Property Calculator

Purchase Price

Closing Costs

Cost of Renovation

Monthly Rental Income

Mortgage Loan Amount

Interest Rate (%)

Loan Term (months)

Property Taxes

Homeowner Insurance Premium

Common Charges or HoA Fees

Maintenance and Repairs

Property Management Fee (%)

Vacancy Rate (%)

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Purchase Price
Closing Costs
Cost of Renovation
Monthly Rental Income

Financing Expenses

Mortgage Loan Amount
Interest Rate (%)
Loan Term (months)
Monthly Payment (P&I)

Annual Expenses

Property Taxes
Homeowner Insurance Premium
Common Charges or HoA Fees
Maintenance and Repairs
Property Management Fee (%)
Vacancy Rate (%)

Rental Property Calculator Returns

Monthly Cash Flow
Annual Cash Flow
Cap Rate (%)
Upfront Cash Investment
Cash on Cash Return (%)
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Thinking of buying? Estimate your buyer closing costs using Hauseit’s Interactive Closing Cost Calculator for Buyers in NYC.

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Glossary

Renovation Costs

Renovation costs can range anywhere from $50 to $200 per square foot depending on the scope of work and the quality of both your contractor and the materials/finishings being used. In NYC, the renovation of a bathroom (also known as a wet area) can range from $20k to $40k or more. Your typical ‘design and build’ firm will charge the highest prices (upwards of $30k) because of the convenience and speed they offer. Condo and co-op buildings in NYC will require you to complete an alteration agreement, submit your renovation plans for approval to the building’s Board of Managers and follow specific renovation rules.

Homeowner Insurance Premium

A typical home insurance premium for a standard condo or co-op apartment in NYC is $1,000 to $2,000 per year. Premiums may be higher if you’re buying a large apartment, a townhouse, a multifamily property or a property which is mixed use (both residential and commercial).  There are a number of insurance providers with free and interactive quote generators online.

Vacancy Rate (%)

The vacancy rate is the annual percentage loss on rental income resulting from vacancies. Here’s an example: if on average one unit in a 5 family multifamily property is vacant, the vacancy rate is 20%. Here’s another example: if your condominium is vacant for one month on average each year, the vacancy rate is 8.33%.

Closing Costs

Buyer closing costs in NYC are approximately ~4% for condos and houses. Co-op buyer closing costs are closer to 2%. Your buyer costs will be higher if you are financing the purchase of a condo or a house because of the Mortgage Recording Tax. As a result, all-cash buyers have the lowest buyer closing costs. The MRT (Mortgage Recording Tax) only applies to ‘real property’ which means it does not apply to co-op apartments.

Property Taxes

Monthly property taxes are customarily listed on condo and single or multifamily property listings online. The input to this field is $0 for a co-op since co-op corporations pay property taxes directly to the municipality on behalf of all unit owners. Co-op owners make one single, monthly ‘co-op maintenance payment’ which essentially includes common charges and property taxes. You can also search for property tax bills in NYC using this tool.

Common Charges or HoA Fees

Both condos and co-ops have an operating budget which is paid for collectively by all the owners through a monthly fee charged to each unit owner. This maintenance fee will usually be split proportionally and fairly among the condo owners and coop shareholders, typically dependent on the amount of square footage their apartment has and other factors such as floor and outdoor space.

Condo common charges are different from co-op maintenance charges in that property taxes are not included. Because condominium owners are holders of real property, they are taxed individually by the NYC Department of Finance. As a result, they receive a property tax bill by mail and pay directly or via their mortgage lender. Co-ops make property tax payments on behalf of the entire building, and this means individual co-op owners do not pay property taxes directly.

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