Cash on Cash: Primary Residence to Rental

[Kathryn Houk]

I’m working through an analysis for turning my current primary residence (a 1400 sq ft condo) into my first rental property. I currently have a 15 year mortgage and significant equity. My plan is to refinance into a 30 year mortgage and get some of that equity out so I can use it to help fund a house hack. But I’m struggling to calculate cash on cash return for the condo. Do I factor in everything I put into it over the last 5 years? (Down payment, mortgage payments, renovations, maintenance, monthly HOA fee) It seems like this is incorrect... any help would be appreciated!