I do echo your question about whether other folks here have a more formulaic approach to determining the class of the neighborhood. 

The devil is in the details...if you can't operate it for 40% or less and can't get rents to be $1,100-1,300 then you will obviously have different returns.Cash on cash return formula = NOI / Cash Invested

The math still is the same formula...whether you have to refi or not, whether it's after 1 year, 3 years, 5 or 30 years. 

He came up with some stupid formula HE likes where it's calculated off the ASSESSMENT*** value--- how ignorant and stupid is this?!     

Usually I hear it from people who want you to spend money on their "secret" formula for tapping into the track to millionaire status.RE has the advantage in that the land has been around for 10 billion years or so.

That's only one number in the formula. 

Same thing, sometimes I asked myself if the multi family investors are even using the formulas right now.

Is there a formula to figure this out?

Currently located in the South Bay.I've read up on some literature, and I know the basic formulas - I know what NOI, CAP, COCR, etc is, and am aware that average expenses are 45% of gross rents.

My conviction is that the base formulae, the rent plus utilities (from the worksheet, you are correct!)