Property investment and valuation decisions have to consider the long term. The value of money changes over time, and a key technique to compare future values against current values is Discounted Cash Flow. Students use the Excel software to develop discounted cash flow models for investment and valuation decisions, and conduct all important sensitivity and scenario analyses. The students act as a consultant to value a commercial property for a given client and help that client to make investment decisions applying the theories and techniques learned in class. Students work as a group to find a real commercial property listed for sale on the market and research relevant property data. Students recommend the appropriate price to pay for the property and the associated feasibility and risks for the investment opportunity