REPE case study: should you show both unlevered and levered IRR/MoM?

Hi,

Recently did a case study where it asked to calculate the IRR and Equity multiple.

Is it necessary to show both unlevered and levered IRR/equity multiples ? If so why?

Additionally, the case study ignored things like capex and d&a - is it normal to ignore these items in a real estate case study, if so why?

Also, in your unlevered FCF schedule wouldnit be correct to show your cash outflow of purchase price, cash inflow of loan proceeds, and the cash inflow on sale items? But in the levered FCF schedule to only show the cash outflow of purchase price and cash inflow of the exit sale, (ignoring the initial loan cash inflow)? Ofc including the actual cash flows of the asset as well.

Thanks