Underwrite
BRRRR calculator: see cash left in the deal after refinance
BRRRR only works if the refinance actually recycles capital. This page walks Buy → Rehab → Rent → Refinance → Repeat with numbers you control: all-in cost, ARV, LTV, refi costs, rent, expenses, and the new loan — then cash left in and CoC on what’s stuck in the deal.
Assumptions
Returns stack
- All-in
- —
- Refi loan
- —
- Cash left in
- —
- Monthly CF
- —
- CoC on cash left
- —
Does not clear hurdle
When to use
Before you bid a distressed property, before you believe a wholesaler’s “infinite return” slide, or when other tools ask you to pay to see results.
When not to
Your spreadsheet is not the loan committee — lenders may season or haircut ARV. Don’t skip holding costs during rehab.
Assumptions: Simplified refi: loan ≈ ARV × LTV minus refi costs (adjustable). Stabilized rent must match the after-repair product.
Worked examples
Input
All-in $210k ARV $280k 75% LTV refi
Output
Loan ≈ $210k · cash left near $0
Illustrative — when numbers work, most capital can recycle.
Input
Optimistic ARV cut
Output
Cash-out shrinks · CoC collapses
ARV fantasy is the usual BRRRR killer.
Common traps
- Lenders may season or haircut ARV — your spreadsheet is not the loan committee.
- Holding costs during rehab kill “infinite return” stories.
- Stabilized rent must be believable for the after-repair product.