Analyzing a deal and factoring in taxes

Hi all, 

I am pretty new to this so this might be a silly question... When analysing a deal and trying to come up with an accurate cash on cash return for a buy and hold multi unit, how do you account for the expenses you eventually get back? Meaning, and I might be wrong here, but for example property management or repairs are a business expense and are tax deductable correct? So how do you factor that "refund" in when looking at a potential deal or looking back say at the past year to see how well the property you own performed? 

Thank you in advance!