Yourcity-Real-Estate.com
or
YourcityReal-Estate.com
The first one reads more clearly.
If the first one wasn't available, would the second one rank as well in say MSN SEARCH for example?
I have a few with two dashes like above and they rank really well in MSN. I assume msn likes the keywords in the domain. Is that true? If so, would the second domain above have the same benefit?
That said, if you're going to take advantage of the exploit I'd make every keyword distinct. Lots of dashes.
And assume it's all short-lived.