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Spreadsheet attached if you want to do the numbers. Not my work and I can't take any credit - it was originally posted here a number of years ago.

Positive cashflow generally refers to after-tax cashflow. So you'll need the tax benefits in most cases to make the deal put cash in your pocket. Positively geared (puts cash in your pocket before tax) will need about 9-10% yield, more if interest rates rise. On a 90% lend any less than this...

That's the problem. If your strategy is to continually refinance to access more equity to purchase more property, it's likely the portfolio overall will be negative before tax until this strategy is changed.