Net cash left in the project$13,000
Cash contributed before refinance$118,500
Cash returned at refinance$105,500
Additional cash needed at refinance$0
New refinance loan$262,500
Entered value less new loan$87,500
Average monthly rental cash after reserve$397
First operating-year cash after reserve$4,770
Cash return on positive cash left36.69%
NOI / entered debt service1.33×
Refinancing returns borrowed money, not sale profit. No appraisal, loan approval, lender LTV/DSCR rule, rehab draw funding, personal tax or repeat transaction is inferred. Enter carrying costs without debt service to avoid double counting. Cash return is unavailable when net cash left is zero or negative; no infinite-return sentinel is used.