{
  "$description": "Expected output structure from Underwriting phase on test deal",
  "phaseVerdict": "CONDITIONAL",
  "confidence": 82,
  "expectedAgentCount": 3,
  "expectedAgents": [
    "financial-model-builder",
    "scenario-analyst",
    "ic-memo-writer"
  ],
  "expectedMetrics": {
    "purchasePrice": { "value": 32000000, "unit": "dollars" },
    "pricePerUnit": { "min": 155000, "max": 165000, "unit": "dollars" },
    "goingInCapRate": { "min": 4.5, "max": 6.5, "unit": "percent" },
    "stabilizedCapRate": { "min": 5.5, "max": 7.5, "unit": "percent" },
    "year1NOI": { "min": 1600000, "max": 2200000, "unit": "dollars" },
    "stabilizedNOI": { "min": 1900000, "max": 2500000, "unit": "dollars" },
    "dscr": { "min": 1.15, "max": 1.60, "unit": "ratio" },
    "cashOnCash": { "min": 5, "max": 12, "unit": "percent" },
    "debtYield": { "min": 7, "max": 12, "unit": "percent" },
    "irr5Year": { "min": 10, "max": 22, "unit": "percent" },
    "equityMultiple": { "min": 1.4, "max": 2.2, "unit": "multiple" }
  },
  "scenarioAnalysis": {
    "totalScenarios": 27,
    "scenariosWithDSCRBelow1": { "max": 5 },
    "scenariosWithNegativeCashFlow": { "max": 3 },
    "probabilityWeightedIRR": { "min": 12, "max": 20, "unit": "percent" }
  },
  "requiredOutputKeys": [
    "phaseSummary",
    "financialModel",
    "scenarioResults",
    "icMemo",
    "phaseVerdict",
    "dataForDownstream"
  ],
  "requiredDataForDownstream": [
    "proForma5Year",
    "returnMetrics",
    "scenarioMatrix",
    "probabilityWeightedReturns",
    "riskScore"
  ]
}
