So if I am calculating my cash flow:  $1250 x 80% = $1000 - $792 = $208 of cash flow.  

Helocs (as opposed to heloans) are interest-only for a period of time, usually 10 years, so during that time the monthly payment is lower on a DTI calculation than a first position mortgage with the same balance.  

My wife and I are going  to look at one of those properties this week but don't know exactly how we should calculate the properties value as its unique to the area so there are no comps.

Especially with cost segregation and bonus depreciation, it can make a HUGE difference in your calculations.

When I first started my real estate journey in 2018 and started listening to BiggerPockets Real Estate podcasts, I was only familiar with Cash on Cash return.Once I actually entered the game in 2020, I quickly realized that there were many more calculations to take into consideration:ROI - Return on InvestmentROE - Return on EquityIRR - Internal Rate of ReturnEM - Equity MultipleCap Rate - Capitalization RateCoC - Cash on Cash ReturnAAR - Average Annual Return(I’m sure I'm missing some)I still struggle to juggle all of these calculations today.Developers, syndicators, flippers, etc., will all have different preferences.Which key calculations do you prioritize on when analyzing your deals?

Closing costs vary but are usually at least a few grand in addition to the origination fee which tends to vary between 1-3% of the loan amount.We have a simple yet detailed fix and flip calculator (cash flow tool) that clearly accounts for all of the relevant costs and gives you a sense of net profit, ROI and total cost associated with each project.

With utilities you could create a spreadsheet calculator.

When you guys calculate ROI on a rental property do you typically include the equity gain from paying down your mortgage?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

A 1031 would allow you to use the taxable gain on the property you would have to pay, to purchase another or multiple investment properties.