The kev to meaningful valuations in real estate is to use defensible cash flow estimates. All of the following statements are true in regards to generating accurate cash flow estimates except Irvestars should oniy consider recent everits, rather than lons term trends when evaluating tevenive and expense items. investor should include only those sources of inceme and expenses that rebate directly to the income producing abilty of the pecperty investors should obtain infoeration about comparable properties whenever pesvible investors should take into consideration local zoning land use, and environmental controls that may inpact the future flow of funds