Subtract that total from Income (which is $4600, not $5000) and what's left goes to cover your mortgage payment - which is at 4% minimum.

Also, if the property is currently being rented you’ll need rental agreements as well.Rental Income CalculationLenders will take 75% of the gross monthly income, known as “Monthly Market Rent” on Form 1007, and subtract PITIA.

the lender will take 75% of your rent, then subtract expenses to determine your final profit/loss. 

The report says we would have infinite cash return but when I subtract the amount from the refinance against the amount owed on the loan, the is $16,000.

Should expenses and taxes be subtracted from the NPV?

If they aren't you need to subtract that from the income to figure out your 2% number.  

You will add or subtract things to the list as events happen.

Take 75% your years rent THEN subtract your expenses including your depreciation.

When analyzing deals I like to start with the rent then subtract 25% for the vacancy, maintenance, CapEx and management.

Subtract out debt, which gives the NAV.