{
  "$schema": "Deal Configuration - Opportunistic Multifamily Example",
  "$_description": "Distressed, high-upside opportunistic acquisition. Class C asset with significant deferred maintenance and repositioning potential from C to B- through full renovation.",

  "dealId": "DEAL-2025-003",
  "dealName": "Riverside Commons",

  "property": {
    "address": "2740 Riverside Boulevard",
    "city": "Memphis",
    "state": "TN",
    "zip": "38109",
    "county": "Shelby",
    "propertyType": "multifamily",
    "yearBuilt": 1972,
    "totalUnits": 80,
    "totalSqFt": 64000,
    "avgUnitSqFt": 800,
    "stories": 2,
    "buildings": 5,
    "parking": {
      "type": "surface",
      "spaces": 100
    },
    "amenities": [
      "laundry facility",
      "playground",
      "on-site management office"
    ],
    "unitMix": {
      "$description": "Array of unit types with count and rent",
      "types": [
        {
          "type": "1BR/1BA",
          "count": 30,
          "avgSqFt": 650,
          "marketRent": 750,
          "inPlaceRent": 625
        },
        {
          "type": "2BR/1BA",
          "count": 35,
          "avgSqFt": 850,
          "marketRent": 925,
          "inPlaceRent": 775
        },
        {
          "type": "3BR/2BA",
          "count": 15,
          "avgSqFt": 1050,
          "marketRent": 1100,
          "inPlaceRent": 900
        }
      ]
    }
  },

  "financials": {
    "askingPrice": 4800000,
    "pricePerUnit": 60000,
    "currentNOI": 312000,
    "proFormaNOI": 576000,
    "inPlaceOccupancy": 0.78,
    "marketOccupancy": 0.92,
    "trailingT12Revenue": 624000,
    "trailingT12Expenses": 312000,
    "capExBudget": 250000,
    "renovationBudget": 2000000,
    "estimatedClosingCosts": 96000
  },

  "financing": {
    "targetLTV": 0.75,
    "estimatedRate": 0.085,
    "loanTerm": 3,
    "amortization": 3,
    "loanType": "Bridge",
    "interestOnly": true,
    "ioPeriod": 3
  },

  "investmentStrategy": "opportunistic",
  "strategyOptions": ["core", "core-plus", "value-add", "opportunistic"],
  "targetHoldPeriod": 5,
  "targetIRR": 0.22,
  "targetEquityMultiple": 2.2,
  "targetCashOnCash": 0.04,

  "seller": {
    "name": "William Carter",
    "entity": "Carter Family Trust",
    "broker": "Anthony Marshall",
    "brokerFirm": "Horizon Commercial",
    "motivations": [
      "estate settlement",
      "deferred maintenance beyond owner capacity",
      "code violation remediation pressure",
      "rising insurance costs"
    ]
  },

  "buyer": {
    "entity": "Bluff City Capital Partners LLC",
    "contactName": "Marcus Thompson",
    "contactEmail": "mthompson@example.com",
    "contactPhone": "901-555-0267"
  },

  "earnestMoney": {
    "initialDeposit": 75000,
    "initialDepositTiming": "Day 1 (PSA execution)",
    "additionalDeposit": 75000,
    "additionalDepositTiming": "DD expiration (2025-05-15)",
    "totalEarnestMoney": 150000,
    "goesHardDate": "2025-05-15"
  },

  "renovation": {
    "$_description": "Detailed renovation plan for repositioning from Class C to Class B-.",
    "totalBudget": 2000000,
    "perUnitBudget": 25000,
    "scope": "full interior renovation and selective exterior upgrades",
    "interiorScope": [
      "new flooring (LVP throughout)",
      "updated kitchen cabinets and countertops",
      "new appliances (stainless steel package)",
      "updated bathroom fixtures and vanities",
      "fresh paint (modern color palette)",
      "new lighting fixtures",
      "updated electrical panels where needed"
    ],
    "exteriorScope": [
      "new roofing (Buildings 1, 3, 4)",
      "parking lot resurfacing and restriping",
      "exterior paint and siding repair",
      "landscaping refresh",
      "new signage and wayfinding",
      "security lighting upgrades",
      "fencing repair and replacement"
    ],
    "commonAreaScope": [
      "renovated laundry facility with new machines",
      "new playground equipment",
      "add dog park",
      "add package lockers",
      "management office renovation"
    ],
    "timelineMonths": 18,
    "phasingStrategy": "Rolling renovation - 10-15 units at a time, maintaining occupancy above 65% during construction",
    "targetPostRenovRent": {
      "1BR/1BA": 950,
      "2BR/1BA": 1150,
      "3BR/2BA": 1400
    }
  },

  "timeline": {
    "loiDate": "2025-03-15",
    "psaExecutionDate": "2025-04-01",
    "ddStartDate": "2025-04-01",
    "ddExpirationDate": "2025-05-15",
    "financingCommitmentDeadline": "2025-06-01",
    "closingDate": "2025-06-30",
    "extensionOptions": [
      {
        "type": "dd",
        "days": 15,
        "cost": 25000,
        "description": "Due diligence extension - 15 days for additional $25K earnest money"
      },
      {
        "type": "closing",
        "days": 30,
        "cost": 50000,
        "description": "Closing extension - 30 days for additional $50K earnest money"
      }
    ]
  },

  "keyMetrics": {
    "$_description": "Pre-calculated key metrics for quick reference.",
    "inPlaceCapRate": 0.065,
    "proFormaCapRate": 0.12,
    "stabilizedCapRate": 0.085,
    "grossRentMultiplier": 7.69,
    "expenseRatio": 0.50,
    "breakEvenOccupancy": 0.65,
    "pricePerSqFt": 75.00,
    "rentPerSqFt": 0.97,
    "lossToLease": 0.175,
    "grossPotentialRent": 816000,
    "totalProjectCost": 7146000,
    "totalProjectCostBreakdown": {
      "acquisitionPrice": 4800000,
      "renovationBudget": 2000000,
      "closingCosts": 96000,
      "capExReserves": 250000
    }
  },

  "riskFactors": [
    "Environmental contamination risk due to property age (1972) - Phase I and possible Phase II required",
    "Lead-based paint and asbestos likely present - abatement budget included in renovation",
    "Existing code violations must be remediated within 90 days of closing",
    "Flood zone proximity - verify FEMA mapping and insurance requirements",
    "Tenant relocation costs during renovation - budget $2,500/unit temporary relocation",
    "Bridge loan maturity risk - must stabilize and refinance within 3 years",
    "Crime and safety concerns in submarket - budget for security improvements",
    "Construction cost escalation risk - lock contractor pricing pre-closing"
  ],

  "notes": "Distressed Class C garden-style complex in South Memphis. Property has been family-owned since 1985 with minimal capital investment over the past 15 years. Current owner passed away and estate is liquidating. Significant deferred maintenance including 3 of 5 roofs needing replacement, aged HVAC systems, and outdated electrical in several buildings. 22% vacancy driven by poor condition, not market weakness. Memphis submarket shows strong workforce housing demand with limited new supply. Repositioning strategy: full interior renovation ($25K/unit) over 18 months with rolling unit turnover. Target rent increase of 35-50% post-renovation, repositioning from Class C to solid B-. Bridge financing with renovation holdback; plan to refinance into Agency permanent debt at month 24-30 once stabilized at 90%+ occupancy. Key risk: environmental due to age - budget includes $75K contingency for abatement. Exit strategy: Agency refinance and hold, or sell at 6.5% cap to value-add buyer at Year 5."
}
