We got a great deal on this property, it's positively cashed flowed over the past few years, we would actually profit on a refinance, and it'll carry an INF% return once refinanced according to the BRRRR calculator. 

There are calculators on this website, and more information on the website about how to do this mathematically.This is not a charity game .

And does your calculation take into consideration the fact that an entire town can burn down, and the only assistance the government will give you is a $700 gift card? 

Then I calculate that replacing the roof, HVAC, and remodeling bathrooms/kitchens would cost $400,000.  

If you don't have trusted professionals in the area you are looking at I think you should do some serious ROI calculations on the trips out there, the time developing the relationships, the time marketing and managing, etc.

I’m trying to value the property and believe its calculated by NOI/cap rate.

This is located in oak harbor WA on Whidbey Island if that is pertinent for calculating a deduction just a general idea would give me a huge help at least would be a starting point the rent is higher than a lot of similar apartments however as I stated it's on property but the lack of kitchen almost cancels out the benefit of the setting.

Be familiar with calculating ROI, prospective cash flow, and other important measures.

Also, in our experience, 95+% of agents have no clue how to calculate ROI, Cash-on-Cash, Cap Rate, etc., so what are they really going to help an investor with?

The NC return is correct as is in my opinion.Remember that states often piggyback off Federal amounts, often AGI or taxable income (then make upward or downward adjustments for things like 179 or depletion).Since the passive loss did not enter the taxable income calculation at the Federal level, it won't flow to the state return when NC piggybacks.