{
  "dealId": "parkview-2026-001",
  "dealName": "Parkview Apartments",
  "property": {
    "address": "4200 Parkview Drive",
    "city": "Austin",
    "state": "TX",
    "zip": "78745",
    "totalUnits": 200,
    "askingPrice": 32000000
  },
  "status": "COMPLETE",
  "currentPhase": null,
  "overallProgress": 100,
  "startedAt": "2026-05-19T20:23:13.865Z",
  "lastUpdatedAt": "2026-05-19T20:23:14.266Z",
  "completedAt": "2026-05-19T20:23:14.262Z",
  "traceId": "parkview-2026-001-1779222193866",
  "scenario": "core-plus",
  "seed": 42,
  "phases": {
    "dueDiligence": {
      "status": "COMPLETE",
      "progress": 1,
      "startedAt": "2026-05-19T20:23:13.869Z",
      "completedAt": "2026-05-19T20:23:14.080Z",
      "verdict": "PASS",
      "confidence": 1,
      "riskScore": 82,
      "redFlagCount": 0,
      "dataGapCount": 0,
      "findings": 3,
      "outputs": {
        "phaseSummary": "Due Diligence completed with verdict PASS",
        "keyFindings": [
          "Occupancy 94%",
          "Loss-to-lease 9.1%",
          "0 red flags"
        ],
        "redFlags": [],
        "dataGaps": [],
        "phaseVerdict": "PASS"
      },
      "agentStatuses": {
        "rent-roll-analyst": "COMPLETE",
        "opex-analyst": "COMPLETE",
        "physical-inspection": "COMPLETE",
        "legal-title-review": "COMPLETE",
        "market-study": "COMPLETE",
        "tenant-credit": "COMPLETE",
        "environmental-review": "COMPLETE"
      },
      "dataForDownstream": {
        "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."
          }
        }
      }
    },
    "underwriting": {
      "status": "COMPLETE",
      "progress": 1,
      "startedAt": "2026-05-19T20:23:14.088Z",
      "completedAt": "2026-05-19T20:23:14.122Z",
      "verdict": "FAIL",
      "confidence": 0.97,
      "riskScore": 76,
      "redFlagCount": 2,
      "dataGapCount": 1,
      "findings": 3,
      "outputs": {
        "phaseSummary": "Underwriting completed with verdict FAIL",
        "keyFindings": [
          "Leveraged IRR 9.6%",
          "Scenario pass-rate 3.7%",
          "DSCR 0.95x"
        ],
        "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"
          }
        ],
        "phaseVerdict": "FAIL"
      },
      "agentStatuses": {
        "financial-model-builder": "COMPLETE",
        "scenario-analyst": "COMPLETE",
        "ic-memo-writer": "COMPLETE"
      },
      "dataForDownstream": {
        "baseCase": {
          "purchasePrice": 32000000,
          "totalBasis": 34960000,
          "goingInCapRate": 0.0528,
          "stabilizedCapRate": 0.0686,
          "year1NOI": 1688500,
          "stabilizedNOI": 2400000,
          "leveragedIRR": 0.0963,
          "equityMultiple": 1.547,
          "cashOnCash": -0.0086,
          "equityRequired": 10960000,
          "debtRequest": 24000000,
          "targetLTV": 0.75,
          "targetDSCR": 0.947
        },
        "scenarioSummary": {
          "baseIRR": 0.0963,
          "worstIRR": 0.0284,
          "bestIRR": 0.1584,
          "medianIRR": 0.0963,
          "passRate": 0.037,
          "dscrRange": {
            "min": 1.039,
            "max": 1.126
          }
        },
        "debtSizing": {
          "requestedLoanAmount": 24000000,
          "maxLTV": 0.75,
          "constrainingMetric": "DSCR",
          "interestRate": 0.063,
          "term": 10,
          "amortization": 30,
          "ioPeriod": 2
        },
        "capExBudget": {
          "total5Year": 2400000,
          "yearlySchedule": [
            800000,
            440000,
            320000,
            240000,
            200000
          ],
          "immediateNeeds": 680000
        },
        "proForma": [
          {
            "year": 1,
            "revenue": 3414000,
            "expenses": 1725500,
            "noi": 1688500,
            "debtService": 1560000,
            "dscr": 1.082,
            "cashFlow": 128500
          },
          {
            "year": 2,
            "revenue": 3516420,
            "expenses": 1766912,
            "noi": 2079825,
            "debtService": 1560000,
            "dscr": 1.333,
            "cashFlow": 519825
          },
          {
            "year": 3,
            "revenue": 3621913,
            "expenses": 1809318,
            "noi": 2400000,
            "debtService": 1820356,
            "dscr": 1.318,
            "cashFlow": 579644
          },
          {
            "year": 4,
            "revenue": 3730570,
            "expenses": 1852742,
            "noi": 2460000,
            "debtService": 1820356,
            "dscr": 1.351,
            "cashFlow": 639644
          },
          {
            "year": 5,
            "revenue": 3842487,
            "expenses": 1897207,
            "noi": 2521500,
            "debtService": 1820356,
            "dscr": 1.385,
            "cashFlow": 701144
          },
          {
            "year": 6,
            "revenue": 3957762,
            "expenses": 1942740,
            "noi": 2584537,
            "debtService": 1820356,
            "dscr": 1.42,
            "cashFlow": 764182
          },
          {
            "year": 7,
            "revenue": 4076495,
            "expenses": 1989366,
            "noi": 2649151,
            "debtService": 1820356,
            "dscr": 1.455,
            "cashFlow": 828795
          },
          {
            "year": 8,
            "revenue": 4198789,
            "expenses": 2037111,
            "noi": 2715380,
            "debtService": 1820356,
            "dscr": 1.492,
            "cashFlow": 895024
          },
          {
            "year": 9,
            "revenue": 4324753,
            "expenses": 2086002,
            "noi": 2783264,
            "debtService": 1820356,
            "dscr": 1.529,
            "cashFlow": 962908
          },
          {
            "year": 10,
            "revenue": 4454496,
            "expenses": 2136066,
            "noi": 2852846,
            "debtService": 1820356,
            "dscr": 1.567,
            "cashFlow": 1032490
          }
        ],
        "proFormaAssumptions": "Revenue growth 3.2%, expense growth 2.4%, exit cap 6.50%.",
        "returnMetrics": [
          {
            "metric": "Leveraged IRR",
            "value": "9.6%",
            "target": "15%"
          },
          {
            "metric": "Equity Multiple",
            "value": "1.55x",
            "target": "1.8x"
          },
          {
            "metric": "Cash-on-Cash",
            "value": "-0.9%",
            "target": "8%"
          }
        ],
        "exitAnalysis": {
          "holdYears": 5,
          "exitCapRate": 0.065,
          "exitNOI": 2584537,
          "grossExitValue": 39762115,
          "netSaleProceeds": 17648062
        },
        "scenarioMatrix": [
          {
            "scenario": "RENT_DOWN_VACANCY_HIGH_EXIT_TIGHT",
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            "vacancyCase": "High vacancy",
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            "pass": false
          },
          {
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            "pass": false
          },
          {
            "scenario": "RENT_DOWN_VACANCY_HIGH_EXIT_WIDE",
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          {
            "scenario": "RENT_DOWN_VACANCY_BASE_EXIT_TIGHT",
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          {
            "scenario": "RENT_DOWN_VACANCY_BASE_EXIT_BASE",
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          },
          {
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          },
          {
            "scenario": "RENT_DOWN_VACANCY_LOW_EXIT_TIGHT",
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            "vacancyCase": "Low vacancy",
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          {
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          {
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          {
            "scenario": "RENT_BASE_VACANCY_HIGH_EXIT_TIGHT",
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            "vacancyCase": "High vacancy",
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          {
            "scenario": "RENT_BASE_VACANCY_HIGH_EXIT_BASE",
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          {
            "scenario": "RENT_BASE_VACANCY_HIGH_EXIT_WIDE",
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            "vacancyCase": "High vacancy",
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          {
            "scenario": "RENT_BASE_VACANCY_BASE_EXIT_TIGHT",
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            "vacancyCase": "Base vacancy",
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          },
          {
            "scenario": "RENT_BASE_VACANCY_BASE_EXIT_BASE",
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            "vacancyCase": "Base vacancy",
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          },
          {
            "scenario": "RENT_BASE_VACANCY_BASE_EXIT_WIDE",
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            "vacancyCase": "Base vacancy",
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          },
          {
            "scenario": "RENT_BASE_VACANCY_LOW_EXIT_TIGHT",
            "rentCase": "Base rent",
            "vacancyCase": "Low vacancy",
            "exitCapCase": "Exit cap tightens 50 bps",
            "rentShock": 0,
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            "exitCapRate": 0.0625,
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            "irr": 0.1463,
            "equityMultiple": 1.915,
            "dscr": 1.104,
            "exitValue": 42179652,
            "pass": false
          },
          {
            "scenario": "RENT_BASE_VACANCY_LOW_EXIT_BASE",
            "rentCase": "Base rent",
            "vacancyCase": "Low vacancy",
            "exitCapCase": "Base exit cap",
            "rentShock": 0,
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            "exitCapRate": 0.0675,
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          },
          {
            "scenario": "RENT_BASE_VACANCY_LOW_EXIT_WIDE",
            "rentCase": "Base rent",
            "vacancyCase": "Low vacancy",
            "exitCapCase": "Exit cap widens 50 bps",
            "rentShock": 0,
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            "irr": 0.0734,
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            "dscr": 1.104,
            "exitValue": 36361769,
            "pass": false
          },
          {
            "scenario": "RENT_UP_VACANCY_HIGH_EXIT_TIGHT",
            "rentCase": "Upside rent",
            "vacancyCase": "High vacancy",
            "exitCapCase": "Exit cap tightens 50 bps",
            "rentShock": 0.02,
            "vacancyShock": -0.02,
            "exitCapRate": 0.0625,
            "probability": 0.015625,
            "irr": 0.1337,
            "equityMultiple": 1.821,
            "dscr": 1.082,
            "exitValue": 41352600,
            "pass": false
          },
          {
            "scenario": "RENT_UP_VACANCY_HIGH_EXIT_BASE",
            "rentCase": "Upside rent",
            "vacancyCase": "High vacancy",
            "exitCapCase": "Base exit cap",
            "rentShock": 0.02,
            "vacancyShock": -0.02,
            "exitCapRate": 0.0675,
            "probability": 0.03125,
            "irr": 0.0963,
            "equityMultiple": 1.547,
            "dscr": 1.082,
            "exitValue": 38289444,
            "pass": false
          },
          {
            "scenario": "RENT_UP_VACANCY_HIGH_EXIT_WIDE",
            "rentCase": "Upside rent",
            "vacancyCase": "High vacancy",
            "exitCapCase": "Exit cap widens 50 bps",
            "rentShock": 0.02,
            "vacancyShock": -0.02,
            "exitCapRate": 0.07250000000000001,
            "probability": 0.015625,
            "irr": 0.0591,
            "equityMultiple": 1.311,
            "dscr": 1.082,
            "exitValue": 35648793,
            "pass": false
          },
          {
            "scenario": "RENT_UP_VACANCY_BASE_EXIT_TIGHT",
            "rentCase": "Upside rent",
            "vacancyCase": "Base vacancy",
            "exitCapCase": "Exit cap tightens 50 bps",
            "rentShock": 0.02,
            "vacancyShock": 0,
            "exitCapRate": 0.0625,
            "probability": 0.03125,
            "irr": 0.1463,
            "equityMultiple": 1.915,
            "dscr": 1.104,
            "exitValue": 42179652,
            "pass": false
          },
          {
            "scenario": "RENT_UP_VACANCY_BASE_EXIT_BASE",
            "rentCase": "Upside rent",
            "vacancyCase": "Base vacancy",
            "exitCapCase": "Base exit cap",
            "rentShock": 0.02,
            "vacancyShock": 0,
            "exitCapRate": 0.0675,
            "probability": 0.0625,
            "irr": 0.1096,
            "equityMultiple": 1.636,
            "dscr": 1.104,
            "exitValue": 39055233,
            "pass": false
          },
          {
            "scenario": "RENT_UP_VACANCY_BASE_EXIT_WIDE",
            "rentCase": "Upside rent",
            "vacancyCase": "Base vacancy",
            "exitCapCase": "Exit cap widens 50 bps",
            "rentShock": 0.02,
            "vacancyShock": 0,
            "exitCapRate": 0.07250000000000001,
            "probability": 0.03125,
            "irr": 0.0734,
            "equityMultiple": 1.395,
            "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,
            "vacancyShock": 0.02,
            "exitCapRate": 0.0675,
            "probability": 0.03125,
            "irr": 0.1225,
            "equityMultiple": 1.724,
            "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,
            "irr": 0.0872,
            "equityMultiple": 1.479,
            "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."
          }
        }
      }
    },
    "financing": {
      "status": "COMPLETE",
      "progress": 1,
      "startedAt": "2026-05-19T20:23:14.130Z",
      "completedAt": "2026-05-19T20:23:14.164Z",
      "verdict": "CONDITIONAL",
      "confidence": 0.982,
      "riskScore": 81,
      "redFlagCount": 1,
      "dataGapCount": 1,
      "findings": 3,
      "outputs": {
        "phaseSummary": "Financing completed with verdict CONDITIONAL",
        "keyFindings": [
          "Selected lender Freddie Mac",
          "Rate 6.1%",
          "5 quotes"
        ],
        "redFlags": [
          {
            "id": "fin-dscr",
            "severity": "HIGH",
            "category": "FINANCING",
            "message": "Amortizing DSCR 0.97x is tight",
            "impact": "Could reduce certainty of execution",
            "owner": "quote-comparator",
            "status": "OPEN",
            "createdAt": "2026-05-19T20:23:14.131Z"
          }
        ],
        "dataGaps": [
          {
            "id": "fin-docs",
            "severity": "MEDIUM",
            "category": "DATA_GAP",
            "message": "Final third-party report requested by lead lender",
            "impact": "Could reduce confidence in recommendation",
            "owner": "lender-outreach",
            "status": "OPEN",
            "createdAt": "2026-05-19T20:23:14.131Z"
          }
        ],
        "phaseVerdict": "CONDITIONAL"
      },
      "agentStatuses": {
        "lender-outreach": "COMPLETE",
        "quote-comparator": "COMPLETE",
        "term-sheet-builder": "COMPLETE"
      },
      "dataForDownstream": {
        "selectedLender": "Freddie Mac",
        "selectedLenderFull": "Freddie Mac (AGENCY)",
        "loanAmount": 24000000,
        "ltv": 0.75,
        "rate": 0.061,
        "rateType": "Fixed",
        "term": 10,
        "amortization": 30,
        "interestOnlyMonths": 24,
        "annualDebtServiceIO": 1464000,
        "annualDebtServiceAmort": 1745265,
        "dscrIO": 1.153,
        "dscrAmort": 0.967,
        "dscrCovenant": 1.2,
        "prepayment": "Yield maintenance",
        "recourse": "Non-recourse",
        "reserves": {
          "taxMonthly": 44575,
          "insuranceMonthly": 11503,
          "capexMonthly": 40000,
          "renovationEscrow": 700000
        },
        "lenderComparison": [
          {
            "rank": 1,
            "lender": "Freddie Mac",
            "category": "agency",
            "ltv": "73.8%",
            "ltvValue": 0.7346,
            "rate": "5.93%",
            "rateValue": 0.06082,
            "term": "10y",
            "io": "24m",
            "dscrIO": "1.23x",
            "dscrIOValue": 1.193,
            "status": "SELECTED"
          },
          {
            "rank": 2,
            "lender": "Fannie Mae",
            "category": "agency",
            "ltv": "72.4%",
            "ltvValue": 0.7523,
            "rate": "6.105%",
            "rateValue": 0.06094,
            "term": "10y",
            "io": "18m",
            "dscrIO": "1.22x",
            "dscrIOValue": 1.128,
            "status": "REVIEWED"
          },
          {
            "rank": 3,
            "lender": "Regional Bank Group",
            "category": "bank",
            "ltv": "73.7%",
            "ltvValue": 0.7332,
            "rate": "6.27%",
            "rateValue": 0.06291,
            "term": "10y",
            "io": "12m",
            "dscrIO": "1.2x",
            "dscrIOValue": 1.206,
            "status": "REVIEWED"
          },
          {
            "rank": 4,
            "lender": "Harbor CMBS",
            "category": "cmbs",
            "ltv": "74.1%",
            "ltvValue": 0.7287,
            "rate": "6.326%",
            "rateValue": 0.06345,
            "term": "10y",
            "io": "0m",
            "dscrIO": "1.2x",
            "dscrIOValue": 1.142,
            "status": "REVIEWED"
          },
          {
            "rank": 5,
            "lender": "Bridgeline Capital",
            "category": "bridge",
            "ltv": "76.7%",
            "ltvValue": 0.7226,
            "rate": "6.86%",
            "rateValue": 0.07012,
            "term": "10y",
            "io": "36m",
            "dscrIO": "1.15x",
            "dscrIOValue": 1.086,
            "status": "DISQUALIFIED"
          }
        ],
        "quotesReceived": 5,
        "bestQuote": {
          "lenderName": "Freddie Mac",
          "category": "agency",
          "interestRate": 0.06082,
          "ltv": 0.7346,
          "loanAmount": 23507200,
          "dscr": 1.193
        },
        "riskScore": 81,
        "redFlagCount": 1,
        "dataGapCount": 1,
        "redFlags": [
          {
            "id": "fin-dscr",
            "severity": "HIGH",
            "category": "FINANCING",
            "message": "Amortizing DSCR 0.97x is tight",
            "impact": "Could reduce certainty of execution",
            "owner": "quote-comparator",
            "status": "OPEN",
            "createdAt": "2026-05-19T20:23:14.131Z"
          }
        ],
        "dataGaps": [
          {
            "id": "fin-docs",
            "severity": "MEDIUM",
            "category": "DATA_GAP",
            "message": "Final third-party report requested by lead lender",
            "impact": "Could reduce confidence in recommendation",
            "owner": "lender-outreach",
            "status": "OPEN",
            "createdAt": "2026-05-19T20:23:14.131Z"
          }
        ],
        "agentFindings": {
          "lender-outreach": {
            "status": "COMPLETE",
            "finding": "Collected 5 lender indications."
          },
          "quote-comparator": {
            "status": "COMPLETE",
            "finding": "Selected Freddie Mac based on weighted ranking."
          },
          "term-sheet-builder": {
            "status": "COMPLETE",
            "finding": "Term sheet generated with covenant and timeline package."
          }
        }
      }
    },
    "legal": {
      "status": "COMPLETE",
      "progress": 1,
      "startedAt": "2026-05-19T20:23:14.171Z",
      "completedAt": "2026-05-19T20:23:14.230Z",
      "verdict": "PASS",
      "confidence": 1,
      "riskScore": 82,
      "redFlagCount": 0,
      "dataGapCount": 0,
      "findings": 3,
      "outputs": {
        "phaseSummary": "Legal completed with verdict PASS",
        "keyFindings": [
          "Estoppel return 85%",
          "Title status CLEAR",
          "0 red flags"
        ],
        "redFlags": [],
        "dataGaps": [],
        "phaseVerdict": "PASS"
      },
      "agentStatuses": {
        "psa-reviewer": "COMPLETE",
        "loan-doc-reviewer": "COMPLETE",
        "title-survey-reviewer": "COMPLETE",
        "estoppel-tracker": "COMPLETE",
        "insurance-coordinator": "COMPLETE",
        "transfer-doc-preparer": "COMPLETE"
      },
      "dataForDownstream": {
        "agentFindings": {
          "psa-reviewer": {
            "status": "COMPLETE",
            "finding": "PSA reviewed and deadlines calendared."
          },
          "loan-doc-reviewer": {
            "status": "COMPLETE",
            "finding": "Loan docs align with selected financing terms."
          },
          "title-survey-reviewer": {
            "status": "COMPLETE",
            "finding": "Title and survey package clear."
          },
          "estoppel-tracker": {
            "status": "COMPLETE",
            "finding": "153/180 estoppels collected.",
            "total": 180,
            "received": 153,
            "returnRate": 0.85,
            "minimumRequired": 0.8,
            "discrepancies": 9,
            "discrepancyNote": "Discrepancies concentrated in concessions and lease dates."
          },
          "insurance-coordinator": {
            "status": "COMPLETE",
            "finding": "Primary insurance coverages bound.",
            "policies": [
              {
                "type": "General Liability",
                "annual": 164136
              },
              {
                "type": "Property",
                "annual": 306651
              },
              {
                "type": "Umbrella",
                "annual": 86736
              }
            ],
            "totalAnnualPremium": 557523,
            "perUnit": 2788
          },
          "transfer-doc-preparer": {
            "status": "COMPLETE",
            "finding": "Transfer package complete for signature routing.",
            "documents": [
              "Deed",
              "Bill of Sale",
              "Assignment of Leases",
              "Tenant Notices",
              "FIRPTA Certificate"
            ]
          }
        },
        "psaStatus": {
          "reviewStatus": "REVIEWED"
        },
        "titleStatus": {
          "status": "CLEAR"
        },
        "estoppelStatus": {
          "returnRate": 0.85
        },
        "insuranceStatus": {
          "overallStatus": "ALL_BOUND"
        },
        "transferDocStatus": {
          "overallReadiness": "READY"
        },
        "closingChecklistStatus": {
          "preClosingItems": {
            "completed": 18,
            "total": 18
          },
          "closingDayItems": {
            "completed": 9,
            "total": 11
          },
          "postClosingItems": {
            "identified": 4,
            "total": 6
          },
          "criticalPathItems": [
            "Rate lock confirmation"
          ]
        },
        "riskScore": 82,
        "redFlagCount": 0,
        "dataGapCount": 0,
        "redFlags": [],
        "dataGaps": []
      }
    },
    "closing": {
      "status": "COMPLETE",
      "progress": 1,
      "startedAt": "2026-05-19T20:23:14.237Z",
      "completedAt": "2026-05-19T20:23:14.256Z",
      "verdict": "PROCEED_WITH_MITIGATIONS",
      "confidence": 1,
      "riskScore": 93,
      "redFlagCount": 0,
      "dataGapCount": 0,
      "findings": 3,
      "outputs": {
        "phaseSummary": "Closing completed with verdict PROCEED_WITH_MITIGATIONS",
        "keyFindings": [
          "Pre-close items 6/6",
          "Funds flow balanced: yes",
          "0 red flags"
        ],
        "redFlags": [],
        "dataGaps": [],
        "phaseVerdict": "PROCEED_WITH_MITIGATIONS"
      },
      "agentStatuses": {
        "closing-coordinator": "COMPLETE",
        "funds-flow-manager": "COMPLETE"
      },
      "dataForDownstream": {
        "scenarioVerdict": "PROCEED_WITH_MITIGATIONS",
        "preClosingStatus": {
          "completedCount": 6,
          "total": 6,
          "pendingItems": []
        },
        "closingAgent": "Acquisition Closing Desk",
        "purchasePrice": 32000000,
        "loanAmount": 24000000,
        "equityRequired": 8960000,
        "closingCosts": 960000,
        "prorations": [
          {
            "lineItem": "Tax Proration",
            "amount": 38227
          },
          {
            "lineItem": "Insurance Proration",
            "amount": 9902
          }
        ],
        "fundsFlow": {
          "sources": [
            {
              "item": "Senior Loan Proceeds",
              "amount": 24000000
            },
            {
              "item": "Buyer Equity",
              "amount": 8960000
            },
            {
              "item": "Security Deposit Credit",
              "amount": 98685
            }
          ],
          "uses": [
            {
              "item": "Purchase Price",
              "amount": 32000000
            },
            {
              "item": "Closing Costs",
              "amount": 960000
            },
            {
              "item": "Tax Proration",
              "amount": 38227
            },
            {
              "item": "Insurance Proration",
              "amount": 9902
            },
            {
              "item": "Buyer Return at Close",
              "amount": 50556
            }
          ],
          "totalSources": 33058685,
          "totalUses": 33058685,
          "balanced": true
        },
        "keyMerits": [
          "Funding stack reconciled and balanced",
          "Legal and financing requirements aligned",
          "Execution timeline ready for close"
        ],
        "keyRisks": [],
        "conditions": [],
        "riskScore": 93,
        "redFlagCount": 0,
        "dataGapCount": 0,
        "redFlags": [],
        "dataGaps": [],
        "agentFindings": {
          "closing-coordinator": {
            "status": "COMPLETE",
            "finding": "Closing checklist is complete."
          },
          "funds-flow-manager": {
            "status": "COMPLETE",
            "finding": "Sources and uses are balanced."
          }
        }
      }
    }
  },
  "events": [
    {
      "type": "PHASE_COMPLETION",
      "dealId": "parkview-2026-001",
      "phase": "dueDiligence",
      "phaseId": "parkview-2026-001-dueDiligence-1779222194084",
      "status": "COMPLETE",
      "verdict": "PASS",
      "durationMs": 215,
      "dataGapCount": 0,
      "redFlagCount": 0,
      "criticalFlags": [],
      "metrics": {
        "riskScore": 82,
        "redFlagCount": 0,
        "dataGapCount": 0
      },
      "timestamp": "2026-05-19T20:23:14.084Z",
      "traceId": "parkview-2026-001-1779222193866"
    },
    {
      "type": "PHASE_COMPLETION",
      "dealId": "parkview-2026-001",
      "phase": "underwriting",
      "phaseId": "parkview-2026-001-underwriting-1779222194125",
      "status": "COMPLETE",
      "verdict": "FAIL",
      "durationMs": 37,
      "dataGapCount": 1,
      "redFlagCount": 2,
      "criticalFlags": [],
      "metrics": {
        "riskScore": 76,
        "redFlagCount": 2,
        "dataGapCount": 1
      },
      "timestamp": "2026-05-19T20:23:14.125Z",
      "traceId": "parkview-2026-001-1779222193866"
    },
    {
      "type": "PHASE_COMPLETION",
      "dealId": "parkview-2026-001",
      "phase": "financing",
      "phaseId": "parkview-2026-001-financing-1779222194167",
      "status": "COMPLETE",
      "verdict": "CONDITIONAL",
      "durationMs": 37,
      "dataGapCount": 1,
      "redFlagCount": 1,
      "criticalFlags": [],
      "metrics": {
        "riskScore": 81,
        "redFlagCount": 1,
        "dataGapCount": 1
      },
      "timestamp": "2026-05-19T20:23:14.167Z",
      "traceId": "parkview-2026-001-1779222193866"
    },
    {
      "type": "PHASE_COMPLETION",
      "dealId": "parkview-2026-001",
      "phase": "legal",
      "phaseId": "parkview-2026-001-legal-1779222194233",
      "status": "COMPLETE",
      "verdict": "PASS",
      "durationMs": 62,
      "dataGapCount": 0,
      "redFlagCount": 0,
      "criticalFlags": [],
      "metrics": {
        "riskScore": 82,
        "redFlagCount": 0,
        "dataGapCount": 0
      },
      "timestamp": "2026-05-19T20:23:14.233Z",
      "traceId": "parkview-2026-001-1779222193866"
    },
    {
      "type": "PHASE_COMPLETION",
      "dealId": "parkview-2026-001",
      "phase": "closing",
      "phaseId": "parkview-2026-001-closing-1779222194259",
      "status": "COMPLETE",
      "verdict": "PROCEED_WITH_MITIGATIONS",
      "durationMs": 22,
      "dataGapCount": 0,
      "redFlagCount": 0,
      "criticalFlags": [],
      "metrics": {
        "riskScore": 93,
        "redFlagCount": 0,
        "dataGapCount": 0
      },
      "timestamp": "2026-05-19T20:23:14.259Z",
      "traceId": "parkview-2026-001-1779222193866"
    }
  ],
  "resumeInstructions": "Run: node scripts/orchestrate.js --deal config/deal.json --resume --workflow full-acquisition-review --scenario core-plus --seed 42",
  "dealConfig": {
    "dealId": "parkview-2026-001",
    "dealName": "Parkview Apartments",
    "property": {
      "address": "4200 Parkview Drive",
      "city": "Austin",
      "state": "TX",
      "zip": "78745",
      "county": "Travis",
      "submarket": "South Austin",
      "msa": "Austin-Round Rock-San Marcos",
      "propertyType": "multifamily",
      "propertyClass": "B",
      "yearBuilt": 1998,
      "yearRenovated": null,
      "totalUnits": 200,
      "totalSqFt": 180000,
      "avgUnitSqFt": 900,
      "stories": 3,
      "buildings": 8,
      "construction": "wood-frame",
      "parking": {
        "type": "surface",
        "spaces": 320,
        "covered": 80,
        "ratio": 1.6
      },
      "amenities": [
        "pool",
        "fitness center",
        "clubhouse",
        "business center",
        "dog park",
        "playground",
        "laundry facility",
        "package lockers",
        "controlled access"
      ],
      "unitMix": {
        "types": [
          {
            "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
          }
        ]
      }
    },
    "financials": {
      "askingPrice": 32000000,
      "pricePerUnit": 160000,
      "pricePerSqFt": 178,
      "currentNOI": 1688500,
      "proFormaNOI": 2400000,
      "goingInCapRate": 0.0528,
      "inPlaceOccupancy": 0.93,
      "marketOccupancy": 0.95,
      "trailingT12Revenue": 3414000,
      "trailingT12Expenses": 1725500,
      "grossPotentialRent": 3600000,
      "vacancyLoss": 180000,
      "lossToLease": 84000,
      "concessions": 30000,
      "badDebt": 12000,
      "otherIncome": 120000,
      "expenseBreakdown": {
        "taxes": 608000,
        "insurance": 80000,
        "utilities": 175500,
        "repairs": 202000,
        "management": 150000,
        "payroll": 280000,
        "admin": 45000,
        "marketing": 35000,
        "contractServices": 90000,
        "reserves": 60000
      },
      "expenseRatio": 0.5055,
      "expensePerUnit": 8628,
      "capExBudget": 500000,
      "renovationBudget": 2000000,
      "renovationPerUnit": 10000,
      "estimatedClosingCosts": 960000
    },
    "financing": {
      "targetLTV": 0.75,
      "estimatedRate": 0.065,
      "loanTerm": 10,
      "amortization": 30,
      "loanType": "Agency",
      "interestOnly": true,
      "ioPeriod": 2
    },
    "investmentStrategy": "value-add",
    "targetHoldPeriod": 5,
    "targetIRR": 0.15,
    "targetEquityMultiple": 1.8,
    "targetCashOnCash": 0.08,
    "seller": {
      "name": "Parkview Holdings LLC",
      "entity": "Texas LLC",
      "ownershipDuration": "8 years",
      "broker": "Jane Smith",
      "brokerFirm": "Apex Capital Markets",
      "brokerEmail": "jane.smith@example.com",
      "brokerPhone": "512-555-1234",
      "motivations": [
        "portfolio rebalancing",
        "capital recycling"
      ]
    },
    "timeline": {
      "callForOffers": "2026-01-10",
      "bestAndFinal": "2026-01-20",
      "sellerSelection": "2026-01-25",
      "psaExecutionDate": "2026-01-30",
      "ddStartDate": "2026-01-31",
      "ddExpirationDate": "2026-03-01",
      "financingCommitmentDeadline": "2026-03-15",
      "closingDate": "2026-03-31",
      "extensionOptions": [
        {
          "type": "dd",
          "days": 15,
          "cost": 50000,
          "description": "Due diligence extension - 15 days for additional $50K hard deposit"
        }
      ]
    },
    "valueAddPlan": {
      "interiorRenovation": {
        "totalBudget": 2000000,
        "perUnit": 10000,
        "components": [
          "flooring",
          "countertops",
          "cabinets",
          "fixtures",
          "appliances",
          "lighting",
          "paint"
        ],
        "expectedRentPremium": 250,
        "timeline": "18-24 months"
      },
      "exteriorImprovements": {
        "totalBudget": 500000,
        "components": [
          "clubhouse refresh",
          "pool upgrade",
          "fitness equipment",
          "signage",
          "landscaping",
          "exterior paint"
        ]
      }
    },
    "dataSourceFiles": [
      "rent-roll-sample.csv",
      "t12-financials-sample.csv",
      "offering-memo-sample.md"
    ],
    "extractionMetadata": {
      "extractedAt": "2026-02-01T12:00:00Z",
      "confidence": 0.92,
      "conflicts": [],
      "dataGaps": [
        "No Phase I ESA document",
        "No PCA/inspection report",
        "No title commitment",
        "Rent roll is sample (36 of 200 units)"
      ]
    },
    "notes": "Value-add opportunity in South Austin. Units have not been renovated since 2010. Interior renovations estimated at $10,000/unit for upgraded finishes, appliances, and flooring. Expected rent premium of $200-300/unit post-renovation. Strong submarket fundamentals with proximity to major employers."
  },
  "runId": "local-1779222193863",
  "workflowId": "full-acquisition-review",
  "workflowName": "Full Acquisition Review",
  "runtimeProvider": "simulation"
}
