COC calculation question (after cash-out REFI)

[Jaron Walling]

Hello BP peeps! 

Quick question: when you guys are calculating the COC for your investments do you change the calculation once you complete a cash-out ReFi? Say my all in costs were $25k (purchase, DP, rehab), held the property for 6 months, completed the cash-out ReFi, and left $5k in the deal. Should I adjust my new calculation to $5k instead $25k? 

It makes quite a from a numbers standpoint.