If you are trying to compare various methods of passive REI, I wrote an article on BP awhile back that takes a look at Three Key Routes for Passive Real Estate Investing

We will pay a $3,500 upfront fee to get started with F&G which is cheap compared to the 10% fee that MCC would charge on the total amount of business credit that they obtained for you.

Parts of it have been, such as the Leonidas area on the West side of Carrollton and also the East side of Carrollton. 70118 also includes the Black Pearl neighborhood and the areas around Audubon Park which are vastly different neighborhoods compared to around Eagle and Palm. 

Third you get better interest rates on a primary residence compared to an investment property.

But is it reasonable to account for paydown when calculating return to compare to a stock market investment?

This allows me to compare a property that I'm looking at to similar properties (location, quality of finishes, size) in the area.

It helps that the units have luxury finishes compared to the others offered in the area and rent is only $200-250 above the average price.

If debt was included in the NOI, cap rates would be different for everyone (except cash buyers) depending on terms and DP.NOI doesn't include debt service or cap ex so we have a universal base to compare other properties to.

Does running the numbers mean looking at the potential sale price, and comparing that to Monthly expensesWhat class of home it isWhat class of environment is the dealPotential cash flow Running those numbers, and seeing if it is a potentially good deal, or am I completely misunderstanding this concept?

Find as many comparable homes in your market.Many - myself included - recommend a 5-5-5 strategy:5 homes currently listed on the market5 homes pending (under contract)5 homes recently soldIf you're not an agent, you may not have the ability to find homes currently under contract but you can at least look at what sold recently and what's currently active.