Do you include your occupancy to calculate returns?

[Frankie Woods]

My real estate investment strategy over the last 10+ years has been to purchase a property everytime I move.  As a military member, I move every three years or so; hence, I have several rentals that were, at one time, my personal residence.

I've been struggling with whether or not to include my occupancy in the returns numbers. For example, if I purchase a SFR in an area, should I include the average rent I would have paid into my calculations. Additionally, which expenses should I include, if any.

Another strategy would be to only include the principal paydown and initial investment, but not include any other expenses in the calculation [unless of course I house-hacked, which to me is a no-brainer to include in the calc].  

I think the latter is the better strategy, but would love to hear feedback from the community.

Thanks for your time.

Frankie