Effects of depreciation and interest expense.

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Anyone able to shed some light on how you personally figure in the savings of interest expense and depreciation on your investment?  I have heard a ton about cash flow, but there is the other great tax benefits, although I don't know how to go about guesstimating or calculating what these might be.  Anyone with more knowledge care to share on either a specific method, or broad based thoughts on whether you would even take that into consideration when looking at an investment?

Thanks in advance.