CapEx reserves included in expenses?

[Kyle Lewis]

I've used a variety of deal analysis calculators and many of them include CapEx estimates/reserves in the 'Expenses' category, like this:

Income - Expenses (including CapEx estimates) = NOI

But shouldn't CapEx estimates/reserves be factored in after NOI is calculated? Even if this money isn't being spent immediately and is being set aside as reserves for future CapEx work, they will someday go towards CapEx, so I don't think it's accurate to include this as an expense. Shouldn't the calculation be:

Income - Expenses = NOI; NOI - debt service - CapEx = Cash ROI

Is there something I'm missing? This seems like a no brainer to me, but wanted to confirm because a lot of deal analysis calculators seem to have it structured incorrectly. 

Thanks!