Calculating ROI, COC, cap rate on owned property

[Roger Kleiner]

Newbe question - I am discussing a potential, first time, proper deal with a family member. I am having trouble estimating the following; ROI, COC, cap rate. The family member bought the prospective rental home 12 years ago and refinanced it two years ago at a very good rate. He is buying another home and is thinking of renting this one. I am trying to apply the basic analysis techniques I have learned about on BP, but I don't know what to use as the investment basis and property price. Would the current market value less selling expenses, be correct.