Metrics of Real Estate Investing
Unlike stocks, real estate uses heavy leverage (mortgages). This means calculating your return on investment requires looking not just at the total value of the house, but precisely how much of your own liquid cash is tied up in the deal versus the net income it generates.
Core ROI Concepts in Real Estate
Cash-on-Cash Return (CoC)
Measures the annual cash flow relative to the initial physical cash you pulled out of your bank account (down payment + closing costs + rehab). It ignores the mortage amount.
Cap Rate (Capitalization Rate)
Estimates the yield of a property over one year if you had bought the property 100% in cash (no mortgage). Used heavily to compare different deals in the same market.
Net Operating Income (NOI)
Your gross rental income minus all operating expenses (taxes, insurance, maintenance, property management)—excluding your mortgage principal/interest.