Jisshitsu-rimawari (net yield)

This is the honest counterpart to hyomen-rimawari, and the only yield figure worth basing a decision on. It subtracts the costs the gross number ignores — vacancy, property and city-planning tax, management and building reserve fees, and a repair allowance — and ideally divides by your all-in acquisition cost (price plus acquisition tax, brokerage, registration, and judicial scrivener fees), not just the sticker price. In central Tokyo a realistic net yield often lands a few percentage points below the advertised gross, sometimes roughly half of it. Calculating this yourself is the single highest-value thing a foreign buyer can do, because nobody in the transaction is incentivized to show you the smaller, truer number.