Posted by Andy on August 11, 2003 at 17:19:16:
Typically, when one speaks of a property’s “cash flow”, they are NOT including tax benefits from depreciation.
However, they may or may not be including financial costs (PITI)… you should ask for clarification on a case-by-case basis. As a general rule, I think most people use the generic term “cash flow” to mean AFTER financial costs.
Hope this helps. I also have a free real estate financial analysis and valuation model at www.slatefinancial.com if you are interested.