Depreciation and ROI calculations

[Patrick Sears]

Hello,

I was wondering how everyone here figures the tax benefits specific to real estate investing into their R.O.I. calculations.  I notice that BP excellent calculators don't include that into their calculations.  It seems like leaving it out would under-value the real estate investment opportunity, especially if you are comparing it to a different asset-class (like stocks) that don't give you that phantom expense write-off .

Thoughts?