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The whole strategy is one question: how much of your money comes back out?
BRRRR works when the refinance returns most or all of your invested cash while the property still cash-flows on the new, bigger loan. This calculator runs the full chain — all-in cost, refi proceeds at your LTV, cash recovered, and then the honest part: whether the rent actually covers the new payment at current rates.
Investors use it before tying up cash: the refi proceeds math decides whether the deal recycles capital or traps it, and the new-payment cash flow is the honest check most BRRRR hype skips. Hard-money lenders point borrowers at it to pre-screen deals.
The textbook win is leaving under 25% of your all-in cost in the deal while cash-flowing positive — recovering 75%+ of your capital while owning an asset with equity. Infinite returns (all cash out) are rare at current rates; the default example here is deliberately realistic: a solid equity capture with slightly negative cash flow at 7.5% money.
Most lenders require 6–12 months of "seasoning" before a cash-out refinance, and the appraisal must support your ARV. Delayed-financing programs (Fannie Mae) allow cash-out immediately after a cash purchase, up to the original purchase price — beyond that needs seasoning.
The same three things every time: rehab overruns (budget +20% contingency), an ARV the appraiser does not support (use sold comps, not listings), and refinancing into a payment the rent cannot carry at current rates. Run the downside case — ARV 10% lower, rate 1% higher — before committing.