Pro forma cap rate calculation

[Daan Van Straeten]

Hello,

When i was watching the analysis video on the BP Youtube channel i was wondering how they did calculate the Pro Forma Cap Rate.

As far i know it is calculate like this:
Pro Forma Capa Rate = ((Monthly Income - Total Operating Expenses)*12)/After Repair Value
Purchase Cap Rate = ((Monthly Income - Total Operating Expenses)*12)/Purchase Price

In the BiggerPockets video (https://www.youtube.com/watch?v=hrOR9mYk0Vs&t=731s) they use the same after repair value as the purchase price. So the Pro forma en Purchase cap rate should be the same, but that isnt the case.

Can someone help me? Thanks alot in advance!

Daan.