To me it is everything that comes out of pocket. Regardless of whether it is the down payment, closing costs or other fees. Cash out of pocket vs the cash you are left with.
@Nick Keesee - I've seen it done both ways. Sometimes you will see turnkey companies only use the downpayment amount in calculating CoC return.
I include everything ... even down to the $200 on inspections.
It should include all cash out of your pocket, so yes on closing costs.
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