Refinancing deal analysis

[James Barry]

Hello everyone,

I was hoping to get some specific answer involving refinancing for multi family units.

I'm aware of the basic concept that a properties NOI determines the value of a commercial property as apposed to comps for single family.

I was wondering what specifically is used to evaluate NOI for refinancing purposes.

Which expenses are/are not included when deducting from gross rent?

Taxes? Insurance? Mortgage payment?

Repairs and maintenance?

Thank you all!