What is a good NOI?

There is no good NOI in dollars, because NOI scales with the size and price of the property. A good NOI is one that produces the cap rate comparable properties sell for in its market and comes from an honest expense list, with vacancy, management and reserves all counted. Judge the ratio and the cap rate, not the dollar figure.

$18,270 of NOI is a 6.1% cap rate on a $300,000 house, which is solid in most mid-priced markets. The same $18,270 on a $450,000 house is 4.1%, which only makes sense where appreciation is expected. Divide NOI by price before deciding anything.

Then check the expense ratio. Between 30 and 45% of collected income is typical for a single-family or small multifamily rental. Under 30% on a listing usually means something was left out, and the real NOI is lower than shown.