Considering Depreciation in Your Analysis

[JJ Mayer]

When evaluating the acquisition of a multi-family rental property (long-term hold), do you account for depreciation?  if so, how?

I typically only focus on cash flow exclusively, and consider depreciation and equity pay down as bonus/buffer.  Thoughts?  

Context: Currently looking at acquiring a ~$600k, 12-unit multifamily, and I wonder if I'm artificially setting the "hurdle" too high?