{
  "name": "value-add",
  "description": "Renovation-driven play with medium risk and higher variance.",
  "riskTilt": "elevated",
  "assumptions": {
    "occupancyShift": -0.03,
    "rentGrowthShift": 0.004,
    "expenseInflationShift": 0.01,
    "capRateShiftBps": 25,
    "lenderSpreadShiftBps": 30,
    "legalComplexity": "medium",
    "environmentalRisk": "medium"
  },
  "expectedVerdict": "CONDITIONAL"
}
