I was surprised, however, to find that the "cashflow" it presents is a simple Net Operating Income (NOI) minus mortgage payments-  an incomplete and wholly inadequate formula.So I've just taken to subtracting the other expenses, which are on the same page, in order to come to a more accurate result.

Go to Airbnb and search for 1, 2, 3, 4, 5 bedrooms and run a little spreadsheet subtracting to find out how many of each there are. 

If that’s not possible, I’d suggest looking at similar properties in the area that needed similar repairs and using that as a guide.Once you have an idea of the costs, subtract them from the property’s after-repair value (ARV) to come up with a fair offer.

For example if you bought a property in a nice location with great tenants, but after monthly expenses are subtracted you still owe $600 for the mortgage and this kept up for 2 years (even after maybe some upgrades etc) would you look to sell?

Subtract B from A at that should be your total booked  Why didnt I think that, Im feeling a little stupid lol

I'm also assuming you're subtracting the loan payment from the cash flow (which is not the way most investors do it, but I know BP does it that way), is that accurate?

Selling and cash out refinance have different costs and different net $ in my pocket Ok well its your spreadsheet you  can do it anyway you want.. when we do ours.. we takeARV subtract 10% of gross for sales costs  and then deduct basis which is all cost associated with the property from PP  rehab and loan fees escrow etc.. and that gives us equity or at least a realistic equity instead of a feel good equity :)..

2 - What will be the new exact CF on the first property when you add (subtract) the loan from the added loan on the first property?

What should be done is the expected remaining life of all replacement systems taken and divided into the replacement cost and that number used as a “reserve” expense item to be subtracted from revenue.  

Overall, we made money by holding it, even after subtracting the damage repair costs.