Is there a metric that is someone's net worth minus the cost to liquidate their assets?
Suppose I have a rental house valued at $300,000 with no mortgage. If I liquidate this asset, there would be transactions costs including a realtor commission and potentially a capital gains tax. To a reasonable extent, these costs are known (6% for realtor, 15% for the gains tax).
It seems odd to me that net worth doesn't factor these types of costs in, especially with investments. Regardless, does anyone track a "liquid cash" value like this?