Investment Summary Net Operating Income (NOI) minus mortgage payments. Calculation: NOI - Mortgage Payments Monthly Cash Flow -$1,024 Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value. Calculation: NOI / Market Value Cap Rate 3.0% Annual Cash Flow / Cash Invested Calculation: Annual cash flow divided by initial cash invested. Cash-on-Cash Return -13.9% Net Operating Income (NOI) divided by total debt payments.