Property Management
A net operating income (NOI) statement for a rental property subtracts from effective gross income:
AMortgage payments and income taxes
BAll operating expenses excluding debt service✓ Correct
COnly maintenance and repair costs
DDepreciation and capital expenditures only
Explanation
NOI = Effective Gross Income − Total Operating Expenses. Operating expenses include property taxes, insurance, management fees, repairs, utilities, and reserves — but NOT mortgage payments (debt service).
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