Tools - Rental Property calculator NOI calculation

[Gastón Silva]

I replicated the rental property calculator using a spreadsheet. I get the same results given the same inputs :)

Something I noticed is that the Bigger Pockets calculator adds CapEx to the NOI calculation. But when understanding the formula (Investopedia), what I learned was that you don't include CapEx as part of the expenses you subtract from the total revenue. Does anyone know the reasoning behind the discrepancy?

I'm guessing Bigger Pockets, in general, takes a more practical approach to things. So, CapEx is still money coming out of revenues (saved), and you can't count on it. Whereas the Investopedia approach is more academic?