Do you use depreciation savings in your pro forma?

[Chase Gochnauer]

Hey guys,

I have about 55 rentals but most are smaller units. Typically on my pro formas I don't figure in depreciation tax savings. I am pulling the trigger on a much larger complex, though, and the depreciation expense is substantial. I am in a very high tax bracket so taxes are costly. The annual tax savings would make a full 1+% cap rate difference.

Do you guys typically factor in depreciation tax savings when running the numbers on a large complex?