I've been playing fantasy league real estate investing as a way of understanding a market that I may enter soon.  I've assembled a worksheet to analyze deals. (I think some of this came from another BP user several years ago, but I don't recall as I started putting this together a long time ago and only recently came back to it, so if this looks familiar let me know and I'll give you credit).  

Right now, I've been putting in data from Zillow and Trulia based on recent sales and current listings.  Obviously when it comes time to jump in, I'll have to update with actual numbers, particularly as some of these would require commercial loans.

I'd be grateful for any feedback on how I've assembled the spreadsheet in terms of things I may be missing, over or under estimating, etc.  From what I've put together here, this looks like a really good market.  It's a small city near a large city and I am primarily looking in a student neighborhood by a medium sized public university, which I like for knowing that there will always be renters.  If this analysis sheet works, I'll consider some other areas before settling on one to jump in to.

Worksheet Template Here