{
  "baseCase": {
    "purchasePrice": 32000000,
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    "stabilizedCapRate": 0.0686,
    "year1NOI": 1688500,
    "stabilizedNOI": 2400000,
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    "equityMultiple": 1.547,
    "cashOnCash": -0.0086,
    "equityRequired": 10960000,
    "debtRequest": 24000000,
    "targetLTV": 0.75,
    "targetDSCR": 0.947
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  "scenarioSummary": {
    "baseIRR": 0.0963,
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    "bestIRR": 0.1584,
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      "min": 1.039,
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  "debtSizing": {
    "requestedLoanAmount": 24000000,
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    "constrainingMetric": "DSCR",
    "interestRate": 0.063,
    "term": 10,
    "amortization": 30,
    "ioPeriod": 2
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  "capExBudget": {
    "total5Year": 2400000,
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      320000,
      240000,
      200000
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    "immediateNeeds": 680000
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    {
      "year": 2,
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    {
      "year": 3,
      "revenue": 3621913,
      "expenses": 1809318,
      "noi": 2400000,
      "debtService": 1820356,
      "dscr": 1.318,
      "cashFlow": 579644
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    {
      "year": 4,
      "revenue": 3730570,
      "expenses": 1852742,
      "noi": 2460000,
      "debtService": 1820356,
      "dscr": 1.351,
      "cashFlow": 639644
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    {
      "year": 5,
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      "expenses": 1897207,
      "noi": 2521500,
      "debtService": 1820356,
      "dscr": 1.385,
      "cashFlow": 701144
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    {
      "year": 6,
      "revenue": 3957762,
      "expenses": 1942740,
      "noi": 2584537,
      "debtService": 1820356,
      "dscr": 1.42,
      "cashFlow": 764182
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    {
      "year": 7,
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      "expenses": 1989366,
      "noi": 2649151,
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      "dscr": 1.455,
      "cashFlow": 828795
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    {
      "year": 8,
      "revenue": 4198789,
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      "noi": 2715380,
      "debtService": 1820356,
      "dscr": 1.492,
      "cashFlow": 895024
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    {
      "year": 9,
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      "noi": 2783264,
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      "dscr": 1.529,
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    {
      "year": 10,
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      "noi": 2852846,
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      "dscr": 1.567,
      "cashFlow": 1032490
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  "proFormaAssumptions": "Revenue growth 3.2%, expense growth 2.4%, exit cap 6.50%.",
  "returnMetrics": [
    {
      "metric": "Leveraged IRR",
      "value": "9.6%",
      "target": "15%"
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    {
      "metric": "Equity Multiple",
      "value": "1.55x",
      "target": "1.8x"
    },
    {
      "metric": "Cash-on-Cash",
      "value": "-0.9%",
      "target": "8%"
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  ],
  "exitAnalysis": {
    "holdYears": 5,
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
      "scenario": "RENT_BASE_VACANCY_HIGH_EXIT_TIGHT",
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    {
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    {
      "scenario": "RENT_BASE_VACANCY_HIGH_EXIT_WIDE",
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    {
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    {
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    {
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    {
      "scenario": "RENT_BASE_VACANCY_LOW_EXIT_TIGHT",
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      "vacancyCase": "Low vacancy",
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    {
      "scenario": "RENT_BASE_VACANCY_LOW_EXIT_BASE",
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    {
      "scenario": "RENT_BASE_VACANCY_LOW_EXIT_WIDE",
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      "vacancyCase": "Low vacancy",
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    {
      "scenario": "RENT_UP_VACANCY_HIGH_EXIT_TIGHT",
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      "vacancyCase": "High vacancy",
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    {
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    {
      "scenario": "RENT_UP_VACANCY_HIGH_EXIT_WIDE",
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    {
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    {
      "scenario": "RENT_UP_VACANCY_BASE_EXIT_BASE",
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    {
      "scenario": "RENT_UP_VACANCY_BASE_EXIT_WIDE",
      "rentCase": "Upside rent",
      "vacancyCase": "Base vacancy",
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      "dscr": 1.104,
      "exitValue": 36361769,
      "pass": false
    },
    {
      "scenario": "RENT_UP_VACANCY_LOW_EXIT_TIGHT",
      "rentCase": "Upside rent",
      "vacancyCase": "Low vacancy",
      "exitCapCase": "Exit cap tightens 50 bps",
      "rentShock": 0.02,
      "vacancyShock": 0.02,
      "exitCapRate": 0.0625,
      "probability": 0.015625,
      "irr": 0.1584,
      "equityMultiple": 2.009,
      "dscr": 1.126,
      "exitValue": 43006704,
      "pass": true
    },
    {
      "scenario": "RENT_UP_VACANCY_LOW_EXIT_BASE",
      "rentCase": "Upside rent",
      "vacancyCase": "Low vacancy",
      "exitCapCase": "Base exit cap",
      "rentShock": 0.02,
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      "dscr": 1.126,
      "exitValue": 39821022,
      "pass": false
    },
    {
      "scenario": "RENT_UP_VACANCY_LOW_EXIT_WIDE",
      "rentCase": "Upside rent",
      "vacancyCase": "Low vacancy",
      "exitCapCase": "Exit cap widens 50 bps",
      "rentShock": 0.02,
      "vacancyShock": 0.02,
      "exitCapRate": 0.07250000000000001,
      "probability": 0.015625,
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      "dscr": 1.126,
      "exitValue": 37074745,
      "pass": false
    }
  ],
  "icMemoPath": "data/reports/parkview-2026-001/ic-memo.md",
  "modelPath": "data/phase-outputs/parkview-2026-001/underwriting-output.json",
  "scenarioMatrixPath": "data/phase-outputs/parkview-2026-001/underwriting-scenarios.json",
  "verdict": "FAIL",
  "conditions": [
    "Consider lower proceeds or add reserve cushion"
  ],
  "riskScore": 76,
  "redFlagCount": 2,
  "dataGapCount": 1,
  "redFlags": [
    {
      "id": "uw-dscr",
      "severity": "HIGH",
      "category": "UNDERWRITING",
      "message": "Base DSCR 0.95x is below preferred cushion",
      "impact": "Can reduce lender proceeds and increase risk",
      "owner": "financial-model-builder",
      "status": "OPEN",
      "createdAt": "2026-05-19T20:23:14.089Z"
    },
    {
      "id": "uw-pass-rate",
      "severity": "HIGH",
      "category": "SENSITIVITY",
      "message": "Scenario pass-rate 3.7% below target",
      "impact": "Increases downside loss probability",
      "owner": "scenario-analyst",
      "status": "OPEN",
      "createdAt": "2026-05-19T20:23:14.089Z"
    }
  ],
  "dataGaps": [
    {
      "id": "uw-rent-history",
      "severity": "MEDIUM",
      "category": "DATA_GAP",
      "message": "Historical monthly rent trend missing for two periods",
      "impact": "Could reduce confidence in recommendation",
      "owner": "financial-model-builder",
      "status": "OPEN",
      "createdAt": "2026-05-19T20:23:14.089Z"
    }
  ],
  "agentFindings": {
    "financial-model-builder": {
      "status": "COMPLETE",
      "finding": "Base-case model calibrated and validated."
    },
    "scenario-analyst": {
      "status": "COMPLETE",
      "finding": "1/27 sensitivity scenarios pass constraints."
    },
    "ic-memo-writer": {
      "status": "COMPLETE",
      "finding": "Investment memo with conditions and downside protections drafted."
    }
  }
}
