NOI to Cash Flow Waterfall Calculator

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The full income-to-cash-flow stack, top to bottom: Gross Potential Income down through Net Operating Income (the “above the line” property-level numbers), then Capital Expenditures, debt service, and estimated taxes down to what you actually keep (the “below the line” investor-level numbers). Updates as you type.







Gross Potential Income (GPI)—
− Vacancy & collection loss—
+ Other income—
= Effective Gross Income (EGI)—
− Operating expenses—
= Net Operating Income (NOI)—
− Capital expenditures (CapEx)—
− Annual debt service—
= Cash Flow Before Tax (CFBT)—
− Estimated income tax—
= Cash Flow After Tax (CFAT)—
EGI = GPI − Vacancy + Other Income  ·  NOI = EGI − OpEx  ·  CFBT = NOI − CapEx − Debt Service  ·  CFAT = CFBT − Tax

Educational tool only. Not financial, investment, tax, or legal advice. NOI is a property-level number set by the asset itself, not by how you finance it — CapEx, debt service, and taxes are investor- and deal-structure-specific, not part of NOI. The tax estimate above is simplified (a flat rate applied to CFBT) — your actual tax liability depends on depreciation, passive-activity-loss rules, and your own bracket. Confirm with a CPA before relying on this.

Want the full picture, term by term? The CRE Glossary walks through every line in this stack — GPI, EGI, NOI, CFBT, and CFAT — with worked examples.

Read the Glossary →


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