leadcfa

as for Real Estate Property valuation....depreciation is NOT included since the maintenance is assumed to maintain the property value (offset the depreciation).


this is what i thought as well, i definitely have seen on two occasions that depreciation being included when there is a maintanence cost. e.g. question 27 in the book of alt investment. this just confused me big time, i think i am going to include it for NOI valuation but not include for the discounted cash flow valuation