Evaluate a rental property the way an investor does: not by price appreciation hopes, but by the income it produces. Gross yield, net operating income (NOI) and the cap rate treat the property as a cash-flow asset.
The vacancy sensitivity table shows how fragile the net yield is to empty months — a 10% vacancy on a thin-margin property can flip the NOI negative.
Frequently asked questions
What is a good cap rate?
It depends on the market: 4–6% is common in expensive gateway cities, 8%+ in cheaper regions. Compare against mortgage rates — cap rate below financing cost means negative leverage.
Why are mortgage payments excluded from NOI?
NOI measures the property's operating performance before financing. Two identical buildings with different loans have the same NOI and cap rate; the loan affects cash flow, not the asset itself.
中文说明
用投资者的眼光评估出租房产：不靠房价上涨的预期，而看资产本身产出的现金流。毛收益率、净营业收入 (NOI) 与资本化率 (Cap Rate) 把房产当作一只"会下蛋的资产"来定价。
空置率敏感性表格展示净收益率对空置月的脆弱程度——薄利房产遇上 10% 空置，NOI 就可能由正转负。
常见问题
资本化率多高算好？
因城市而异：一线核心城市常见 4%~6%，低房价区域可达 8% 以上。关键是与贷款利率比较——Cap Rate 低于融资成本意味着"负杠杆"，借得越多亏得越多。
为什么 NOI 不扣除房贷月供？
NOI 衡量的是资产本身在融资之前的运营表现。两栋完全相同的楼即使贷款不同，NOI 与 Cap Rate 也相同；贷款只影响现金流，不影响资产质量本身。