The way I’m doing this is taking the net income and determining a possible sales price using the cap rate.Normally to determine net income I start with the gross income and subtract taxes, insurance, and maintenance.

Start with the projected income, then determine the value of the property based on the projections, subtract the development cost, subtract 25-30% for developer profit and that will leave you with land costs.There are some general rules of thumb.

ACV takes the replacement cost and subtracts depreciation.

Are you subtracting out vacancy, maint, and ongoing CAPEX?

They subtract the condition. 

Until then, all you're doing is getting your own money back in small (very small) pieces.If you put 20% down instead, subtracting the mortgage payments, you could be getting $7k/year in cash flow. 

NOI is of course After subtracting all operating expenses.

Then subtract a discount (10-20%), and make your starting offer.

Then take $150k and subtract what you think will be your renovations... say $30k.

Let’s say an $800,000 house, needs $80,000 of work, a wholesaling offer of 70% of ARV,  subtracting repairs of 80,000, that’s not a great offer for the sellerInstead use SellerFinancing Offer a joint venture agreement with the seller, you buy the property with a note in first position. you take possession of the property  and do the work, and then resell it,  and you pay off the note within 120 150 days  The seller gets more money and you buy a property on SellerFinancing with no money down.