Quick + Official Cap Rate Calculation

[Jon Rovia]

I'm not clear on what is categorized as expenses

Let's say I purchased a property for $515,000 and put $35,000 into it.

20% down and pay 3% on a 15 yr loan.

Property Tax is around $10,500 a year.

Repairs come to $3,000/yr. 

Rental Income is $4600/month with no vacancy.

How would the cap rate be calculated. I assume the loan plays a factor due to interest paid on principle each month counting against your net income.