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Debt Service Break-Even Calculator

Below the debt service break-even, the property can't pay its own debt. This calculator shows NOI break-even, the minimum occupancy required, and the margin of safety — how far revenue can fall before equity has to subsidize payments out of pocket.

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Current DSCR

1.35

NOI break-even (= debt service)

$400,000

NOI cushion above DS

$140,000

Minimum occupancy required

85.4%

Occupancy margin of safety

14.6%

Break-even debt service / unit

$10,000

How the math works

Debt service break-even tests what NOI, occupancy, and per-unit revenue is required to exactly cover debt payments. Below the break-even, the property can't pay its own debt and equity must subsidize out of pocket.

Margin of safety = how much occupancy can fall before default. A healthy property should carry 15-20% margin — tight structures (very leveraged deals) might only have 5-10%.

How to Use

  1. Enter EGI, opex, and annual debt service.
  2. Optionally enter unit count for per-unit view.
  3. Read current DSCR, break-even NOI, and minimum occupancy.

Frequently Asked Questions

DSCR vs break-even?

DSCR measures the cushion (e.g., 1.25x means 25% cushion). Break-even NOI is the hard floor — the number below which equity subsidizes. Both are useful: DSCR for covenant compliance, break-even for survival stress testing.

How low is too low?

Under 5% margin of safety is dangerous — any bad year can wipe out cash flow. 10-15% is marketable. Lenders usually target 20%+ for stable underwriting.

Include reserves?

Not in this calc — it isolates debt service vs NOI. If you want a full stress test including capex reserves, use the break-even expense ratio calculator.

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