{
  "propertyName": "Parkview Apartments",
  "yearBuilt": 1998,
  "construction": "Updated Frame",
  "currentOwner": "Texas LLC",
  "occupancy": 0.94,
  "zoningCompliant": true,
  "zoning": "MF-24",
  "unitMix": [
    {
      "type": "1BR/1BA",
      "count": 80,
      "avgSqFt": 725,
      "marketRent": 1350,
      "inPlaceRent": 1225
    },
    {
      "type": "2BR/1BA",
      "count": 40,
      "avgSqFt": 900,
      "marketRent": 1600,
      "inPlaceRent": 1450
    },
    {
      "type": "2BR/2BA",
      "count": 60,
      "avgSqFt": 1050,
      "marketRent": 1800,
      "inPlaceRent": 1650
    },
    {
      "type": "3BR/2BA",
      "count": 20,
      "avgSqFt": 1200,
      "marketRent": 2100,
      "inPlaceRent": 1900
    }
  ],
  "avgInPlaceRent": 1513,
  "avgMarketRent": 1665,
  "lossToLease": 341777,
  "lossToLeasePct": 0.091,
  "pricePerUnit": 160000,
  "marketPPU": 191365,
  "populationGrowth": 0.023,
  "supplyPipeline": "Moderate supply pipeline",
  "jurisdiction": "Favorable jurisdiction",
  "rentControl": false,
  "renovationBudget": 2000000,
  "renovationPerUnit": 10000,
  "marketVacancy": 0.0665,
  "supplyDelivered2025": 2103,
  "supplyForecast2026": "1458 units",
  "absorptionNote": "Absorption remains healthy across comparable assets.",
  "marketCycle": "Stable expansion",
  "rentGrowthTrailing": 0.031,
  "rentGrowthForecast": 0.033,
  "environmentalRisk": "Manageable",
  "floodZone": "X",
  "opexBenchmark": "50.5% expense ratio",
  "opexBreakdown": [
    {
      "category": "Taxes",
      "amount": 534905,
      "pct": 0.31
    },
    {
      "category": "Insurance",
      "amount": 138040,
      "pct": 0.08
    },
    {
      "category": "Utilities",
      "amount": 224315,
      "pct": 0.13
    },
    {
      "category": "Repairs",
      "amount": 276080,
      "pct": 0.16
    },
    {
      "category": "Payroll",
      "amount": 293335,
      "pct": 0.17
    },
    {
      "category": "Other",
      "amount": 258825,
      "pct": 0.15
    }
  ],
  "rentRoll": {
    "totalUnits": 200,
    "occupancy": 0.94,
    "avgRent": 1513,
    "avgMarketRent": 1665,
    "lossToLease": 341777,
    "lossToLeasePercent": 0.091
  },
  "expenses": {
    "totalOpEx": 1725500,
    "opExPerUnit": 8628,
    "opExRatio": 0.5054,
    "adjustedExpenses": {
      "taxes": 534905,
      "insurance": 138040,
      "utilities": 224315,
      "repairs": 276080,
      "management": 155295,
      "payroll": 293335,
      "admin": 51765,
      "marketing": 34510,
      "contractServices": 17255,
      "other": 17255
    }
  },
  "physical": {
    "condition": "GOOD",
    "conditionScore": 82,
    "capExTotal5Year": 2400000
  },
  "title": {
    "status": "CLEAR",
    "zoningCompliance": "COMPLIANT"
  },
  "market": {
    "submarket": "Austin Submarket",
    "capRateRange": {
      "low": 0.05,
      "mid": 0.056,
      "high": 0.065
    },
    "populationGrowth": 0.023,
    "rentGrowthTrailing12": 0.031,
    "rentGrowthProjected": 0.035
  },
  "tenants": {
    "creditSummary": "Stable tenant profile",
    "concentrationRisk": "LOW",
    "delinquencyRate": 0.053
  },
  "environmental": {
    "phase1Status": "CLEAN",
    "floodZone": "X",
    "regulatoryCompliance": "COMPLIANT"
  },
  "marketDetail": {
    "msaPopulation": 2156023,
    "populationGrowth": 0.023,
    "populationGrowthRank": "Top quartile growth market",
    "jobGrowth": 0.0171,
    "unemployment": 0.0364,
    "marketVacancy": 0.0665,
    "marketPPU": 191365,
    "marketCapRateRange": "5% - 6.4%",
    "supplyDelivered2025": 2103,
    "supplyForecast2026": "1458 units",
    "absorptionNote": "Absorption remains healthy across comparable assets.",
    "marketCycle": "Stable expansion",
    "concessionRate": 0.054,
    "concessionNote": "Concessions concentrated in newest competitive product.",
    "rentGrowthTrailing": 0.031,
    "rentGrowthForecast2026": "2.5% to 4.1%",
    "rentGrowthLongTerm": 0.03,
    "sb38Note": "No material permitting bottleneck."
  },
  "riskScore": 82,
  "redFlagCount": 0,
  "dataGapCount": 0,
  "redFlags": [],
  "dataGaps": [],
  "agentFindings": {
    "rent-roll-analyst": {
      "status": "COMPLETE",
      "finding": "Validated 200 units and rent strata."
    },
    "opex-analyst": {
      "status": "COMPLETE",
      "finding": "Expense ratio at 50.5%."
    },
    "physical-inspection": {
      "status": "COMPLETE",
      "finding": "Capex schedule drafted across five-year horizon."
    },
    "legal-title-review": {
      "status": "COMPLETE",
      "finding": "Title clear with standard exceptions."
    },
    "market-study": {
      "status": "COMPLETE",
      "finding": "Market cap range 0.05-0.065."
    },
    "tenant-credit": {
      "status": "COMPLETE",
      "finding": "Tenant delinquency and retention benchmarks evaluated."
    },
    "environmental-review": {
      "status": "COMPLETE",
      "finding": "No material environmental constraints."
    }
  }
}
