Calculating Cash-on-Cash for BRRRRs

[Jason Kenney]

Can anyone provide any guidance on calculating the cash-on-cash for a BRRRR?

If the property generates no cash flow until after the refinance, is it correct to use the 'Cash-out-Refi Amount' as essentially the cash inflow?

Based on the example below, is the cash-on-cash calculation correct?

Thank you!

ARV = $200,000
Cash-out-Refi Amount (75% LTV) = $150,000
Purchase Price = $90,000
Rehab Costs = $30,000
Closing Costs (4%) = $4,000
Carrying Costs (3 months) = $5,000

$150,000 - $129,000 / $129,000 = 16%