Cash Flow

Trailing 12-Month (T-12)

Twelve months of actual income and expenses, used as the basis for underwriting.

Reviewed 9 August 2026 by Keiron Brown, Founder & Editor, CalculateRealEstateROI · Educational estimates only — not investment, financial, tax, or legal advice

Plain-English explanation

Real numbers, not pro forma. Compare to seller pro forma to spot inflation.

Examples

T-12 NOI of $84k vs broker pro forma of $110k — 30% inflation.

Common mistakes

Underwriting to pro forma instead of T-12.

Trailing 12-Month (T-12)

Plain-English explanation

Examples

Common mistakes

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