Hi Brady,I've been investing in the Tampa Bay area for over 20 years, including Bradenton and the surrounding areas.

Others not including their management fees in returns to enhance returns, lots of questionable ways people calculate returns but many avoid to say "what did the investor actually make". 

For example we usually budget about $2,500 for kitchen appliances including dishwasher, because we rent to families and a full-size french door fridge alone will be $1200-$1400.And we usually have two bathrooms, and they take a lot of material and labor. 

I’m a real estate investor specializing in diverse strategies, including fix and flips, wholesaling, buy-and-hold rentals, vacation homes, Airbnb’s, and specialized housing such as nurses' residences and college housing.

So I will go from owning 3 properties, including my primary now, to owning 4 properties, 3 single family, and 1 4plex. 

The numbers I have are from a profit loss statement it included all expenses and vacancies.

Note that investors have costs that the OO does not have including PM and vacancy. 

I can see the value there, on the other end it may make some folks think some activities not included are not REPS activities when they might actually be.

Like any tool, you have to know how to use it correctly or you could get, "injured".We use it to quickly sift through multiple options - and that's about it.BP has a Rental Calculator that includeds everything you are asking about: mortgage P&I, property taqxes, home insurance and percentage for maintenance & vacancy.It also includes Cap-Ex percentage, but in our experience it's a waste of time to worry about this.

For my C/C+ class rentals in Detroit, I almost never include appliances.