What part of rental income do lenders consider?

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I'm planning on purchasing rental properties in the near future. Once I've gained rental income, I would like to finance a Condo and even more rental properties with my income from rentals. However, I'm a bit confused on what underwriters consider income when calculating DTI. Do they look at your total rental income (top line, before expenses)? An example: If I have 80k from total rents, but my NOI is 47k (no debt), would I qualify for a 350k loan on a condo?