Net yield (pre-mortgage)
2.88%
Annual P&L (USD)
Gross rent$12,000
Vacancy (4w)-$923
Effective rent$11,077
Management (10%)-$1,108
Maintenance-$2,000
DASK + insurance-$200
Property tax (emlak vergisi)-$400
TRY→USD conversion (1.5%)-$166
Net before mortgage & tax$7,203
Income tax (20%)-$1,441
Annual mortgage-$11,817
Net cash flow-$6,054
Upfront Cash (USD)
Deposit$100,000
Tapu tax buyer (2%)$4,000
Legal, appraisal, translation, DASK yr-1$2,500
Total cash in$106,500
Turkish landlord context: TRY rent is indexed to CPI (TÜFE) at annual renewal — so your USD-denominated yield improves slowly as lira devalues only if you reprice aggressively. The conversion spread line models the bank cost of converting monthly rent to hard currency.