> Do I need to assume a 15% fed reserve interest rate + the 2-4% the bank piles on? Heck, 15% might be low, you never know. If you do make this assumption, the

> Do I need to assume a 15% fed reserve interest rate + the 2-4% the bank piles on? Heck, 15% might be low, you never know. If you do make this assumption, then your present value of the real estate will ensure you always get outbid by someone with looser expectations. The conservatism of the market is set at the ability to leverage by the lunatics at the margin.