Which of the following does NOT contribute to cash-on-cash return calculation?

The correct choice highlights that property location does not directly factor into the cash-on-cash return calculation. Cash-on-cash return focuses specifically on the annual cash income generated by an investment property in relation to the total cash invested. This means that calculations are based on tangible financial metrics—how much cash is produced and how much cash has been allocated to the investment.

In contrast, property location is more about the qualitative aspects of the real estate market, such as desirability, demographics, and growth potential. While these factors can indirectly influence the income generated from a property, they don't enter into the cash-on-cash formula itself, which simply looks at cash flows against cash invested. The other elements mentioned—annual cash income, total cash invested, and investment period duration—are critical for determining the cash-on-cash return, as they all relate directly to the financial performance of the investment.