Financials
Cash-on-cash return is annual pre-tax cash flow divided by the cash you invested, including down payment and closing costs.
Updated Sep 12, 2026
Cash-on-cash = Annual pre-tax cash flow ÷ Cash invested
Cash-on-cash return answers a simple owner question: for the cash I put in, how much cash did the property return this year?
Unlike cap rate, it subtracts debt service. A highly leveraged deal can look strong on cash-on-cash and weak if rates reset. Track both.
Unitz reports cash activity alongside operating income so owner distributions are not confused with NOI. See Financial Intelligence.
The capitalization rate is NOI divided by current market value (or purchase price), expressed as a percentage.
Debt service coverage ratio is NOI divided by annual principal and interest. Lenders use it to test whether operations can pay the loan.
Net operating income is rental revenue minus operating expenses, before debt service and capital expenditures.
See this in the product: Financial Intelligence
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