The two cash on cash return number are for before and after you refinance. Prior to refinancing, your total initial investment is $99,300 which it looks like you said you would pay cash for. With a rent of $1,200 a month and expenses of $492 a month, your monthly cash flow is $708 a month or 8,496 a year. Your cash on cash return would be 8,496/99,300 = 0.085 or 8.5%.
Once you refinance, you are adding a large monthly expense of the debt service or mortgage payment BUT you are getting almost all of your cash back out of the property. Your cash invested in the deal with these numbers would be $99,300-$98,000 = $1,300. With the addition of the debt service, your monthly cash flow went down to $240 which is $2,880 a year. $2,880 divided by the cash left in the deal, $1,300 = 2.21 or 221%.
Let me know if you are confused at all! Moral of the story is if these numbers are accurate this would be a baller deal.