Agree. If it’s an asset you’ll know it. It’s called net income.
Just because you read it in an airport be-a-rich-daddy book does not make it the correct use of language.
Your 1st, 2nd, 3rd or 100th "domicile" - if you bought it as opposed to renting it from someone else - is YOUR asset, regardless of "net income." You could have net income of 0 or -450,000 a month, and if a form asks you to list your assets, you will list your "domicile" if you care about filling out the form correctly.
Net income has nothing to do with assets. Fixed assets, in general, produce no net income until they are sold - at which point - ironically, they are no longer your asset but now have produced net income... Oh. My. God!
So don't be like Bruddah. Don't pretend to be an economicalish jeanius by using actually financial and accounting words the way some guy who is becoming a rich-dad on your nickel uses them. Use them the correct way. That way you won't have to revise your federal forms 100 times like Crooked Jared.
I helped a business partner fill out her FAFSA today. Tip: From what we read, your principal "domicile" does not need to be listed as an asset to be considered in your Fafsa, but any other "domiciles" you own, including vacation house and perhaps rentals, depending on how you hold them, have to be listed. If you hold rental property in an LLC or CA corp, and report it on a schedule E you can probably call it a "business" but if you only air BnB it a few times, use it yourself, pay upkeep out of commingled personal funds, you probably should list it as a personal asset.
Another friendly PSA from your friend Friesland