Property Management software

[Allyssa McCleery]

I have searched around in the forums and bit and haven't found quite what I am looking for. I am managing my own rental so I am needing suggestions on property management software. I have just started becoming comfortable with True Rent but I am wondering if there is something out there that will also calculate the return on investment? I want to have all of the costs worked into this analysis. What software have you fellow investors found most appealing in managing your own units? I would love to find something that I can input all the day to day costs and be able to pull up a report of how the asset is performing with an easy to read report like the ones we enjoy here at bigger pockets! 

[Immanuel Sibero]

@Christopher Rankin

Not sure what business level vs. asset level you're referring to but I'm sure it's useful for you. The definition of NOI for purposes of calculating cap rate is pretty settled - it's revenues minus all operating expenses. You should search BP and Google on this so you don't have to agree or disagree with me :-) This consensus on the definition of NOI or any other acronyms for that matter is critical because it puts all of us (i.e. all market participants - brokers, lenders, sellers, etc) on the same page when we communicate. With your explanation, if you were to tell me the cap rate of your rental house is 8%, I would have ask you back - did you just give me your business level cap rate? or did you just give me your asset level cap rate? I wouldn't know, would I? The reality is there is only one cap rate. It's the one based on operating items, not on some "level".

What I meant by "a lot of work" is the you use of current value of the rental property as the denominator in the cap rate formula (you made a point that this is preferable). Current value of a house can change on a weekly or monthly basis. To get the value you would have to run "comps" or get it from your realtor. Is that not a hassle? The reality is the definition of property cap rate is also pretty settled. It's NOI/Cost or Purchase Price so it's NOT NOI/Current Value. But again, you should search BP and Google on this.

Cheers... Immanuel