Having trouble figuring out cap rate

[Matt M.]

Hopefully I have the correct category here... so I need help (please) figuring out my cap rate of these two properties (both sides of a double)

1st one purchased dec 2015 for $23,100(cash), rehab costs $17,000 (cash). Rental income $14,400/year, taxes $2900, Ins $504, utilities $700.

BRRRR- cashed out $60,000 and bought the other half last month, $40,000. This one will be about $15k to rehab. Rental income will be $12,900/year, taxes $2600, Ins $500, utilities $700. (Purchase and rehab $

Are from the loan I took on the other house) Loan payment on the $60k is $4860/year

What confuses me is where to add in the loan payment and do I then figure out the cap rate of the 2nd property with the purchase/rehab cost, but that cost is built into the 1st property. Don’t want to add it twice..

Thanks all!

[Matt M.]

@Tchaka Owen

Ok so I don’t calculate the loan payment at all? Thanks!