Post Year 1 Cap and Cash on Cash Return

Can you help me understand this? When I see methods of evaluating rental property it always appears focused on Year 1.

Are Cap Rate and Cash on Cash return only Year 1 metrics? Is the popular 1% rule a Year 1 metric? Or are people also looking longer term? Maybe it’s okay to be CF neutral or negative for a period of time? If someone is a buy and hold investor looking for long-term cash flow (perhaps after the mortgage is paid off) in retirement it seems that looking at Year 1 metrics is not effective.

Thank you