{
 "meta": {
  "dataset": "Larkspur Row (fictional twin)",
  "version": "2.0",
  "purpose": "Anonymized, internally consistent dataset for a ValuSignal concept article that rebuilds a narrative commercial-format appraisal as a scroll-based web experience.",
  "provenance": "Structure follows a real commercial-format narrative appraisal of a small infill residential development site. All names, places, dates, counts, comps, stories, and figures were replaced or regenerated, then recomputed so the math ties. A numeric fingerprint scan against the source found no remaining exact matches above trivial values (see $.meta.fingerprint_scan).",
  "do_not_use": [
   "any real place, street, parcel, MLS, flood panel, recording, firm, person, lender, borrower, builder, broker, title company, or survey publisher name",
   "real map tiles, satellite imagery, or geocoding",
   "any photo, rendering, plan, map, budget scan, or schedule export from the source",
   "the source's page count, fee, order number, or loan number"
  ],
  "units": "USD; areas in SF unless noted",
  "dates_note": "All dates fictional. Month 0 = effective date."
 },
 "parties": {
  "client_lender": {
   "display": "Cobalt Ridge Community Bank (fictional)",
   "role": "Client and sole intended user"
  },
  "borrower": {
   "display": "Larkspur Row LLC, managed by Wrenfield Builders (fictional)",
   "role": "Owner, developer, and general contractor"
  },
  "appraisal_firm": {
   "display": "Quillmark Valuation Partners (fictional)"
  },
  "appraisers": [
   {
    "display": "Lead appraiser, MAI",
    "inspected": true,
    "credential_id": "CG-000000 (mock)"
   },
   {
    "display": "Co-signing appraiser, MAI",
    "inspected": false,
    "credential_id": "CG-000001 (mock)"
   }
  ],
  "prior_seller": {
   "display": "Private estate"
  }
 },
 "engagement": {
  "ordered": "2025-08-25",
  "due": "2025-09-26",
  "delivered": "2025-10-01",
  "transaction": "Construction loan",
  "premises_ordered": [
   "As is (land)",
   "As complete (all improvements)",
   "As stabilized"
  ],
  "premises_delivered": [
   "As is (land)",
   "Prospective value of the finished lots, bulk",
   "Prospective as-complete value, all 12 homes in bulk",
   "Prospective aggregate retail value"
  ],
  "scope_amendment": {
   "date": "2025-08-29",
   "text": "The client confirmed in writing that an as-stabilized value does not apply to for-sale homes, and asked for the bulk value of the finished lots, the as-complete bulk value of all 12 homes, the aggregate retail value, and one-unit retail values for release pricing."
  },
  "premises_amended": [
   "As is (land)",
   "Prospective value of the finished lots, bulk",
   "Prospective as-complete value, all 12 homes in bulk",
   "Prospective aggregate retail value"
  ]
 },
 "assignment": {
  "intended_use": "Loan underwriting",
  "intended_user": "Client only",
  "report_option": "Appraisal Report (USPAP SR 2-2(a))",
  "standards": [
   "USPAP",
   "Professional society code of ethics and standards",
   "State appraisal regulations",
   "FIRREA Title XI",
   "Interagency Appraisal and Evaluation Guidelines",
   "Client appraisal guidelines"
  ],
  "interest_appraised": "Fee simple",
  "prior_services_3yr": "None",
  "competency": "Met without additional steps",
  "effective_date_as_is": "2025-09-16",
  "inspection_date": "2025-09-16",
  "report_date": "2025-10-01",
  "prospective_date": "2026-06-15",
  "exposure_time_months": [
   3,
   6
  ],
  "marketing_period_months": [
   3,
   6
  ],
  "extraordinary_assumptions": [
   "The site improvements (grading, utilities and private drive) are complete per the approved plans as of 2025-12-15.",
   "All 12 homes are complete per the plans and specifications as of 2026-06-15, under building permits issued in time for the schedule, with the homeowners association declaration recorded before the first closing."
  ],
  "hypothetical_conditions": [
   "V2 values the 12 lots as finished and vacant on 2025-12-15. The schedule has Buildings A and B under construction by then; the client asked for the lots alone, as the exit value if the homes are not built."
  ],
  "limiting_conditions_count": 24,
  "limiting_condition_themes": [
   "Title and litigation",
   "Hidden or environmental conditions",
   "Reliance on third-party data",
   "Effective-date limits",
   "Survey and dimensions",
   "Subsurface rights",
   "Accessibility (ADA)",
   "Flood determinations",
   "Forecast risk on prospective values",
   "Use and disclosure limits",
   "Liability limits"
  ],
  "prospective_date_lots": "2025-12-15",
  "approval_instrument": "Council Resolution 25-14 (fictional), approving the cluster development of 12 homes",
  "value_definition": {
   "text": "Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and acting in what they consider their own best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.",
   "source": "12 CFR 34.42(h) and 12 CFR 323.2(g), the federal banking agencies’ appraisal regulations; restated in the Interagency Appraisal and Evaluation Guidelines (2010), Appendix D",
   "prospective": "The three prospective values apply the same definition as of their future dates, with the property in the condition the extraordinary assumptions and the hypothetical condition describe."
  },
  "conditions_impact": "The use of these extraordinary assumptions and this hypothetical condition might have affected the assignment results.",
  "market_conditions_forecast": "Lot and home prices are held at effective-date levels through the prospective dates. No appreciation is forecast, although the submarket townhome index rose 4.2% a year over two years.",
  "certification": [
   "The statements of fact in this report are true and correct.",
   "The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are the appraisers’ own unbiased professional analyses, opinions and conclusions.",
   "The appraisers have no present or prospective interest in the property and no personal interest with respect to the parties involved.",
   "The appraisers performed no services regarding the property within the three years before accepting this assignment.",
   "Engagement and compensation are not contingent on developing or reporting predetermined results, a direction in value that favors the client, the amount of the value opinion, the attainment of a stipulated result, or a subsequent event.",
   "The analyses, opinions and conclusions were developed, and this report prepared, in conformity with USPAP and the professional society’s code of ethics and standards.",
   "The lead appraiser inspected the property on 2025-09-16; the co-signing appraiser did not.",
   "No one provided significant real property appraisal assistance to the appraisers signing this certification.",
   "Use of this report is subject to review by the professional society’s authorized representatives, and both appraisers have completed its continuing education program for designated members."
  ]
 },
 "values": [
  {
   "id": "V1",
   "premise": "Market Value As Is",
   "short": "Land today",
   "date": "2025-09-16",
   "value": 370000,
   "plain": "The approved land as it sits today"
  },
  {
   "id": "V2",
   "premise": "Prospective Market Value Upon Completion of Site Improvements, finished lots in bulk",
   "short": "Finished lots, bulk",
   "date": "2025-12-15",
   "value": 1130000,
   "plain": "All 12 finished lots sold to one buyer when site work is done"
  },
  {
   "id": "V3",
   "premise": "Prospective Market Value As Complete, all 12 homes in bulk",
   "short": "Homes, as complete",
   "date": "2026-06-15",
   "value": 5580000,
   "plain": "All 12 finished homes sold to one buyer on completion"
  },
  {
   "id": "V4",
   "premise": "Prospective Aggregate Retail Value, sum of the 12 retail values",
   "short": "Homes at retail",
   "date": "2026-06-15",
   "value": 6294000,
   "plain": "The sum of the 12 homes sold one at a time; not a market value of the project"
  }
 ],
 "property": {
  "name": "Larkspur Row (Parcel 7)",
  "type": "Residential development land (infill townhome and detached-home site)",
  "location_descriptor": "Built-out, pre-war inner-ring suburb of a legacy industrial metro, about 7 miles from downtown",
  "site": {
   "acres": 0.93,
   "sf": 40510,
   "shape": "L-shaped interior parcel behind existing homes (main leg about 520 ft by 62 ft, short leg about 90 ft by 95 ft)",
   "frontage": [
    {
     "street": "Alder Avenue",
     "ft": 70
    },
    {
     "street": "Birch Court",
     "ft": 84
    }
   ],
   "corner": false,
   "topography": "Level, at street grade",
   "drainage": "No problems reported or observed",
   "environmental": "No recognized environmental conditions per a Phase I environmental site assessment dated July 22, 2025",
   "flood": {
    "zone": "X",
    "description": "Outside the 500-year floodplain",
    "insurance_required": false
   },
   "easements": "10 ft utility easement along the Alder Avenue frontage per the survey and title commitment; not adverse",
   "utilities": {
    "water": "Municipal",
    "sewer": "Municipal",
    "electric": "Investor-owned utility",
    "gas": "Regional gas utility"
   },
   "adjacent": {
    "north": "Single-family rear yards",
    "south": "Rear lots of a neighborhood commercial strip",
    "east": "Residential",
    "west": "Residential"
   }
  },
  "zoning": {
   "code": "R-2",
   "description": "Single and two-family residential",
   "permitted": [
    "Single-family",
    "Two-family",
    "Cluster development",
    "Conditional and accessory uses"
   ],
   "min_lot_area_sf": 5000,
   "setbacks_ft": {
    "front": 35,
    "rear": 35,
    "side": 6
   },
   "max_height_ft": 35,
   "conforming": "Appears legally conforming",
   "change_likely": false
  },
  "taxes": "Not yet assessed; parcel created by a recent lot split.",
  "prior_sale": {
   "date": "2025-05-20",
   "price": 345000,
   "seller": "Private estate",
   "buyer": "Larkspur Row LLC",
   "arms_length": true,
   "note": "As-is value is 7.2% above the price, attributed to approvals and site planning completed after purchase."
  },
  "pending": "Not listed, under contract, or optioned"
 },
 "entitlements": [
  {
   "step": "Planning commission",
   "status": "Approved"
  },
  {
   "step": "Design review",
   "status": "Approved"
  },
  {
   "step": "City council",
   "status": "Approved"
  },
  {
   "step": "Construction drawings",
   "status": "In progress"
  },
  {
   "step": "Building permits",
   "status": "Pending"
  },
  {
   "step": "Site work",
   "status": "Started about 1 month before effective date"
  }
 ],
 "product": {
  "lots": 12,
  "mix": [
   {
    "type": "Attached townhome",
    "count": 10,
    "buildings": [
     3,
     3,
     2,
     2
    ]
   },
   {
    "type": "Detached home",
    "count": 2
   }
  ],
  "visitor_parking": 5,
  "townhome": {
   "stories": 3,
   "beds": 3,
   "baths": "2.5",
   "gla_sf": 1760,
   "garage": "2-car, ground level",
   "plan": {
    "level_1": "Garage, flex room, entry",
    "level_2": "Kitchen with island, living and dining, half bath, rear deck",
    "level_3": "Three bedrooms, two full baths, laundry"
   }
  },
  "detached": {
   "stories": 2,
   "beds": 3,
   "baths": "2.5",
   "gla_sf": 1680,
   "garage": "2-car"
  },
  "saleable_sf_total": 20960,
  "features": [
   "Wide-plank vinyl flooring on main level",
   "Carpeted bedrooms",
   "Tiled walk-in primary shower",
   "Quartz kitchen counters",
   "Shaker cabinetry",
   "Stainless appliance package",
   "Laundry on bedroom level"
  ],
  "developer_list_prices": {
   "townhome": 519900,
   "detached": 579900
  },
  "developer_target_irr_pct": 17
 },
 "market": {
  "county": {
   "note": "Absolute county figures withheld; indexed to prevent identification.",
   "pop_index": {
    "2020": 100,
    "2025": 97.6,
    "2030": 96.2
   },
   "state_pop_index": {
    "2020": 100,
    "2025": 100.1,
    "2030": 101.6
   },
   "jobs_index": {
    "2014": 100,
    "2016": 100.6,
    "2018": 101.4,
    "2020": 95.2,
    "2022": 98.6,
    "2024": 99
   },
   "state_jobs_index": {
    "2014": 100,
    "2016": 101.8,
    "2018": 103.4,
    "2020": 98.9,
    "2022": 103.6,
    "2024": 105.4
   },
   "unemployment": {
    "2014": 6.1,
    "2015": 5.4,
    "2016": 5.4,
    "2017": 5.6,
    "2018": 5,
    "2019": 4.4,
    "2020": 9.8,
    "2021": 6.6,
    "2022": 4.6,
    "2023": 4.1,
    "2024": 4.3,
    "latest": 4.6
   },
   "state_unemployment_latest": 5,
   "gdp_per_capita_vs_state_pct": 36,
   "median_hh_income": 59800,
   "state_median_hh_income": 67300,
   "college_grad_pct": 35,
   "state_college_grad_pct": 30
  },
  "rings": [
   {
    "ring": "1-mile",
    "pop_2025": 22800,
    "pop_cagr_25_30": -0.5,
    "median_hh_income": 53600,
    "owner_occ_pct": 37,
    "median_home_value": 248000,
    "median_year_built": 1942,
    "avg_hh_size": 1.9
   },
   {
    "ring": "3-mile",
    "pop_2025": 109400,
    "pop_cagr_25_30": -0.4,
    "median_hh_income": 57900,
    "owner_occ_pct": 46,
    "median_home_value": 214000,
    "median_year_built": 1941,
    "avg_hh_size": 2.1
   },
   {
    "ring": "5-mile",
    "pop_2025": 228000,
    "pop_cagr_25_30": -0.2,
    "median_hh_income": 58700,
    "owner_occ_pct": 48,
    "median_home_value": 196000,
    "median_year_built": 1944,
    "avg_hh_size": 2.2
   }
  ],
  "metro_1unit_permits": {
   "2014": 2530,
   "2015": 2710,
   "2016": 2880,
   "2017": 2840,
   "2018": 2760,
   "2019": 2710,
   "2020": 2980,
   "2021": 3240,
   "2022": 2870,
   "2023": 2930
  },
  "demand_thesis": "Household counts near the site are flat to falling. New for-sale homes still absorb because much of the housing stock is near the end of its economic life (median year built in the early 1940s), so households move up a chain toward newer units while the oldest units leave the market.",
  "builder_interview": {
   "source": "National builder representative",
   "metro_new_home_need_per_year": 4600,
   "metro_new_homes_per_year": 2900,
   "sales_per_community_per_month": {
    "2020": 4.1,
    "2021": 3.6,
    "2022": 2.4,
    "2023": 3,
    "2024": 2.7,
    "2025_ytd": 3.3
   }
  },
  "competing_subdivisions": [
   {
    "id": "CS1",
    "builder": "National",
    "lot": "60 ft",
    "total": 52,
    "months": 17,
    "per_month": 3.06,
    "avg_lot_price": 98000
   },
   {
    "id": "CS2",
    "builder": "Regional",
    "lot": "100 ft",
    "total": 29,
    "months": 31,
    "per_month": 0.94,
    "avg_lot_price": 142000
   },
   {
    "id": "CS3",
    "builder": "National",
    "lot": "Townhome",
    "total": 36,
    "months": 11,
    "per_month": 3.27,
    "avg_lot_price": 82000
   },
   {
    "id": "CS4",
    "builder": "Regional",
    "lot": "70 ft",
    "total": 84,
    "months": 38,
    "per_month": 2.21,
    "avg_lot_price": 131000
   },
   {
    "id": "CS5",
    "builder": "National",
    "lot": "70 ft",
    "total": 64,
    "months": 19,
    "per_month": 3.37,
    "avg_lot_price": 71000
   },
   {
    "id": "CS6",
    "builder": "National",
    "lot": "50 ft",
    "total": 112,
    "months": 35,
    "per_month": 3.2,
    "avg_lot_price": 66000
   },
   {
    "id": "CS7",
    "builder": "National",
    "lot": "50 ft",
    "total": 44,
    "months": 13,
    "per_month": 3.38,
    "avg_lot_price": 61000
   }
  ],
  "developer_survey": {
   "label": "National developer yield survey, regional site-built residential under 100 units (pro forma), illustrative",
   "min": 17.5,
   "avg": 24.5,
   "max": 33,
   "note": "Rates include developer profit."
  },
  "competing_avg_per_month": 2.78,
  "home_bulk_survey": {
   "label": "National bulk-sale survey, finished for-sale homes, regional, illustrative",
   "min": 11,
   "avg": 13.5,
   "max": 16,
   "note": "Rates include the bulk buyer's profit."
  },
  "land_trend_pairs": [
   {
    "id": "R1",
    "name": "Infill parcel, east suburb",
    "first_date": "2021-06",
    "first_price": 240000,
    "second_date": "2024-02",
    "second_price": 258000,
    "months": 32,
    "annual_pct": 2.7
   },
   {
    "id": "R2",
    "name": "Townhome site, south",
    "first_date": "2022-03",
    "first_price": 410000,
    "second_date": "2024-09",
    "second_price": 448000,
    "months": 30,
    "annual_pct": 3.6
   },
   {
    "id": "R3",
    "name": "Cluster parcel, inner ring",
    "first_date": "2021-11",
    "first_price": 305000,
    "second_date": "2024-05",
    "second_price": 329000,
    "months": 30,
    "annual_pct": 3.1
   },
   {
    "id": "R4",
    "name": "Approved infill lot block",
    "first_date": "2022-08",
    "first_price": 188000,
    "second_date": "2025-02",
    "second_price": 204000,
    "months": 30,
    "annual_pct": 3.3
   }
  ],
  "land_trend_pct_per_year": 3.2,
  "home_price_index": {
   "label": "Median sale price per SF, townhomes 1,500 to 2,200 SF, subject submarket, new and resale",
   "unit": "$ per SF",
   "points": [
    {
     "quarter": "2023 Q3",
     "psf": 268
    },
    {
     "quarter": "2023 Q4",
     "psf": 270
    },
    {
     "quarter": "2024 Q1",
     "psf": 273
    },
    {
     "quarter": "2024 Q2",
     "psf": 276
    },
    {
     "quarter": "2024 Q3",
     "psf": 279
    },
    {
     "quarter": "2024 Q4",
     "psf": 281
    },
    {
     "quarter": "2025 Q1",
     "psf": 284
    },
    {
     "quarter": "2025 Q2",
     "psf": 288
    },
    {
     "quarter": "2025 Q3",
     "psf": 291
    }
   ],
   "annual_pct": 4.2,
   "monthly_adj_pct": 0.35
  },
  "submarket_new_construction": {
   "active_new_listings": 14,
   "closings_per_month": 6.1,
   "months_of_supply": 2.3,
   "median_days_on_market": 24,
   "sale_to_list_pct": 99.1
  },
  "subject_presales": {
   "reservations": 5,
   "townhome": 4,
   "detached": 1,
   "deposit": 5000,
   "note": "Refundable $5,000 deposits; the appraiser reviewed the deposit receipts. Reservations are not counted as sales in the cash flows behind V2 and V3; the lender’s phased view in section 10 assumes they close as their buildings finish."
  }
 },
 "neighborhood": {
  "area_type": "Suburban, mature, about 95% built out",
  "access": {
   "highways": 2,
   "transit_stop_mi": 0.3,
   "downtown_mi": 7,
   "airport_mi": 10,
   "airport_min": 22
  },
  "services_mi": {
   "fire": 0.5,
   "police": 0.9,
   "elementary": 0.4,
   "middle": 0.8,
   "high": 1.3
  },
  "land_use_pct": {
   "single_family": 66,
   "multifamily": 12,
   "retail": 7,
   "office": 4,
   "industrial": 6,
   "vacant": 5
  },
  "predominant_age_years": [
   60,
   110
  ],
  "ratings": "All location factors rated Average",
  "outlook": "Stable values",
  "recent_development": "Several mid-size apartment projects, two bank branches, a grocery store, a day-care center, and a senior-living expansion opened or started within three years."
 },
 "hbu": {
  "physically_possible": "Yes. Level, at street grade, with public utilities at the site",
  "legally_permissible": "R-2 cluster provision, approved for 12 homes by Council Resolution 25-14 (fictional), approving the cluster development of 12 homes",
  "financially_feasible": "Yes, tested at the project level",
  "maximally_productive": "A residential cluster subdivision of 10 attached townhomes and 2 detached homes, as approved",
  "as_improved": "Not applicable (vacant)",
  "most_probable_buyer": "Developer",
  "feasibility": {
   "aggregate_retail": 6294000,
   "selling_cost": 314700,
   "total_cost": 4690000,
   "profit": 1289300,
   "profit_on_cost_pct": 27.5,
   "profit_on_revenue_pct": 20.5,
   "developer_target_irr_pct": 17
  },
  "alternatives": [
   {
    "id": "H1",
    "name": "By-right detached lots on a new public street",
    "lots": 6,
    "note": "The 5,000 SF minimum, setbacks and a dedicated public street leave room for six lots",
    "retail": 900000,
    "bulk": 830000,
    "site_cost": 670000,
    "residual": 124258,
    "bulk_pv": 794258
   },
   {
    "id": "H2",
    "name": "Approved cluster plan, private drive",
    "lots": 12,
    "note": "Ten townhomes and two detached homes under Council Resolution 25-14 (fictional), approving the cluster development of 12 homes",
    "retail": 1264000,
    "bulk": 1130000,
    "site_cost": 750000,
    "residual": 331340,
    "bulk_pv": 1081340
   }
  ],
  "current_use": "Vacant land; grading and erosion control under way since August 2025"
 },
 "approaches": [
  {
   "id": "A1",
   "name": "Sales comparison: land as is",
   "used": true,
   "feeds": [
    "V1"
   ]
  },
  {
   "id": "A2",
   "name": "Sales comparison: finished lots",
   "used": true,
   "feeds": [
    "A4"
   ]
  },
  {
   "id": "A3",
   "name": "Sales comparison: finished homes",
   "used": true,
   "feeds": [
    "V4",
    "A6"
   ]
  },
  {
   "id": "A4",
   "name": "Development approach: lot sell-out DCF",
   "used": true,
   "feeds": [
    "V2",
    "A5"
   ]
  },
  {
   "id": "A5",
   "name": "As-is cross-check: bulk lots, discounted, less site cost",
   "used": true,
   "feeds": [
    "V1"
   ]
  },
  {
   "id": "A6",
   "name": "Development approach: home sell-out DCF",
   "used": true,
   "feeds": [
    "V3"
   ]
  },
  {
   "id": "A7",
   "name": "Cost approach: as complete",
   "used": true,
   "feeds": [
    "V3"
   ]
  },
  {
   "id": "A8",
   "name": "Income capitalization",
   "used": false,
   "reason": "For-sale homes; no rental income is expected. A rental fallback for the lender is shown in section 10 and is not a reported value."
  }
 ],
 "land_sales": [
  {
   "id": "L1",
   "name": "Subject purchase (Parcel 7)",
   "story": "Arm's-length cash purchase from a private estate four months before the effective date, before the council approval.",
   "type": "Townhome / detached infill",
   "date": "2025-05",
   "status": "Closed",
   "price": 345000,
   "exp": 0,
   "acres": 0.93,
   "units": 12,
   "zoning": "R-2",
   "mc": 0.01,
   "ent": 0.06,
   "loc": 0,
   "size": 0,
   "dist_mi": 0,
   "verified": "Buyer and seller",
   "sf": 40511,
   "effective_price": 345000,
   "price_per_unit": 28750,
   "price_per_sf": 8.52,
   "density_upa": 12.9,
   "after_mc": 29038,
   "net_property_adj": 0.06,
   "adjusted_per_unit": 30780,
   "gross_adj_pct": 7,
   "bearing_deg": 0,
   "loc_category": "similar",
   "loc_note": "Subject"
  },
  {
   "id": "L2",
   "name": "Approved infill townhome site",
   "story": "Fully approved for 14 townhomes; closed with utilities at the street.",
   "type": "Townhome",
   "date": "2025-02",
   "status": "Closed",
   "price": 434000,
   "exp": 0,
   "acres": 1.05,
   "units": 14,
   "zoning": "R-2",
   "mc": 0.02,
   "ent": 0,
   "loc": 0,
   "size": 0,
   "dist_mi": 0.8,
   "verified": "Buyer",
   "sf": 45738,
   "effective_price": 434000,
   "price_per_unit": 31000,
   "price_per_sf": 9.49,
   "density_upa": 13.3,
   "after_mc": 31620,
   "net_property_adj": 0,
   "adjusted_per_unit": 31620,
   "gross_adj_pct": 2,
   "bearing_deg": 120,
   "loc_category": "similar",
   "loc_note": "Same submarket"
  },
  {
   "id": "L3",
   "name": "Cluster site behind a school",
   "story": "Approved cluster plan for 10 homes; weaker street exposure than the subject.",
   "type": "Cluster",
   "date": "2024-09",
   "status": "Closed",
   "price": 296000,
   "exp": 0,
   "acres": 0.88,
   "units": 10,
   "zoning": "R-2",
   "mc": 0.03,
   "ent": 0,
   "loc": 0.05,
   "size": 0,
   "dist_mi": 2.1,
   "verified": "Broker",
   "sf": 38333,
   "effective_price": 296000,
   "price_per_unit": 29600,
   "price_per_sf": 7.72,
   "density_upa": 11.4,
   "after_mc": 30488,
   "net_property_adj": 0.05,
   "adjusted_per_unit": 32012,
   "gross_adj_pct": 8,
   "bearing_deg": 250,
   "loc_category": "slight_inf",
   "loc_note": "Older area, lower home prices"
  },
  {
   "id": "L4",
   "name": "Two-family infill parcel",
   "story": "Approved for four two-family buildings in a stronger school district.",
   "type": "Two-family",
   "date": "2025-07",
   "status": "Closed",
   "price": 268000,
   "exp": 0,
   "acres": 0.61,
   "units": 8,
   "zoning": "R-2",
   "mc": 0,
   "ent": 0,
   "loc": -0.06,
   "size": -0.03,
   "dist_mi": 1.4,
   "verified": "Buyer",
   "sf": 26572,
   "effective_price": 268000,
   "price_per_unit": 33500,
   "price_per_sf": 10.09,
   "density_upa": 13.1,
   "after_mc": 33500,
   "net_property_adj": -0.09,
   "adjusted_per_unit": 30485,
   "gross_adj_pct": 9,
   "bearing_deg": 320,
   "loc_category": "slight_sup",
   "loc_note": "Near the lake district"
  },
  {
   "id": "L5",
   "name": "Entitled townhome site",
   "story": "Seller delivered approvals for 20 townhomes; larger project, slightly weaker location.",
   "type": "Townhome",
   "date": "2024-03",
   "status": "Closed",
   "price": 560000,
   "exp": 0,
   "acres": 1.6,
   "units": 20,
   "zoning": "R-3",
   "mc": 0.05,
   "ent": 0,
   "loc": 0.05,
   "size": 0,
   "dist_mi": 4.6,
   "verified": "Seller",
   "sf": 69696,
   "effective_price": 560000,
   "price_per_unit": 28000,
   "price_per_sf": 8.03,
   "density_upa": 12.5,
   "after_mc": 29400,
   "net_property_adj": 0.05,
   "adjusted_per_unit": 30870,
   "gross_adj_pct": 10,
   "bearing_deg": 190,
   "loc_category": "slight_inf",
   "loc_note": "Outer area, weaker new-home pricing"
  },
  {
   "id": "L6",
   "name": "Former church parcel",
   "story": "Sold before rezoning; the buyer carried the approval risk for 16 homes.",
   "type": "Townhome / cluster",
   "date": "2023-11",
   "status": "Closed",
   "price": 448000,
   "exp": 0,
   "acres": 1.3,
   "units": 16,
   "zoning": "R-2",
   "mc": 0.06,
   "ent": 0.07,
   "loc": 0,
   "size": 0.02,
   "dist_mi": 3.3,
   "verified": "Buyer",
   "sf": 56628,
   "effective_price": 448000,
   "price_per_unit": 28000,
   "price_per_sf": 7.91,
   "density_upa": 12.3,
   "after_mc": 29680,
   "net_property_adj": 0.09,
   "adjusted_per_unit": 32351,
   "gross_adj_pct": 15,
   "bearing_deg": 30,
   "loc_category": "similar",
   "loc_note": "Same submarket"
  },
  {
   "id": "L7",
   "name": "Two-takedown townhome site",
   "story": "One negotiated price closed in two takedowns; superior lake-district location.",
   "type": "Townhome",
   "date": "2024-06",
   "status": "Closed",
   "price": 396000,
   "exp": 0,
   "acres": 0.98,
   "units": 12,
   "zoning": "R-3",
   "mc": 0.04,
   "ent": 0,
   "loc": -0.12,
   "size": 0,
   "dist_mi": 2.7,
   "verified": "Buyer",
   "sf": 42689,
   "effective_price": 396000,
   "price_per_unit": 33000,
   "price_per_sf": 9.28,
   "density_upa": 12.2,
   "after_mc": 34320,
   "net_property_adj": -0.12,
   "adjusted_per_unit": 30202,
   "gross_adj_pct": 16,
   "bearing_deg": 300,
   "loc_category": "lake",
   "loc_note": "Lake district, stronger resale prices"
  },
  {
   "id": "L8",
   "name": "Inner-ring cluster site",
   "story": "Approved cluster plan for 18 homes in an older, weaker submarket.",
   "type": "Cluster",
   "date": "2023-08",
   "status": "Closed",
   "price": 477000,
   "exp": 0,
   "acres": 1.4,
   "units": 18,
   "zoning": "R-2",
   "mc": 0.065,
   "ent": 0,
   "loc": 0.05,
   "size": 0.02,
   "dist_mi": 5.2,
   "verified": "Broker",
   "sf": 60984,
   "effective_price": 477000,
   "price_per_unit": 26500,
   "price_per_sf": 7.82,
   "density_upa": 12.9,
   "after_mc": 28222,
   "net_property_adj": 0.07,
   "adjusted_per_unit": 30198,
   "gross_adj_pct": 13.5,
   "bearing_deg": 160,
   "loc_category": "slight_inf",
   "loc_note": "Older area, lower home prices"
  }
 ],
 "as_is_analysis": {
  "raw_range": [
   26500,
   33500
  ],
  "adj_range": [
   30198,
   32351
  ],
  "adj_mean": 31065,
  "adj_median": 30825,
  "primary": [
   "L1",
   "L2",
   "L4"
  ],
  "primary_mean": 30962,
  "concluded_per_unit": 31000,
  "units": 12,
  "indicated": 372000,
  "rounded": 370000,
  "weighting": "Most weight on L1, L2 and L4: the subject's own purchase adjusted for the approvals obtained since, and the two nearest approved infill sales. The other five support the range.",
  "market_trend_pct_per_year": 3.2
 },
 "lot_analysis": {
  "townhome_lot": 96000,
  "detached_lot": 152000,
  "aggregate_retail": 1264000,
  "avg_per_lot": 105333.33333333333,
  "th_lot_comps": [
   {
    "id": "TH-A",
    "name": "Infill townhomes, east suburb",
    "typical_price": 92000,
    "adj": 0.05,
    "indication": 96600,
    "home_price": 532000,
    "lot_to_price_pct": 17.3,
    "dist_mi": 6.5,
    "bearing_deg": 95
   },
   {
    "id": "TH-B",
    "name": "Inner-ring townhomes, south",
    "typical_price": 99000,
    "adj": -0.05,
    "indication": 94050,
    "home_price": 505000,
    "lot_to_price_pct": 19.6,
    "dist_mi": 3.2,
    "bearing_deg": 185
   },
   {
    "id": "TH-C",
    "name": "Mill-site townhomes",
    "typical_price": 85000,
    "adj": 0.08,
    "indication": 91800,
    "home_price": 470000,
    "lot_to_price_pct": 18.1,
    "dist_mi": 4.8,
    "bearing_deg": 235
   },
   {
    "id": "TH-D",
    "name": "North-suburb townhomes",
    "typical_price": 104000,
    "adj": -0.03,
    "indication": 100880,
    "home_price": 589000,
    "lot_to_price_pct": 17.7,
    "dist_mi": 8.9,
    "bearing_deg": 10
   },
   {
    "id": "TH-E",
    "name": "Transit-area townhomes",
    "typical_price": 94500,
    "adj": 0,
    "indication": 94500,
    "home_price": 498000,
    "lot_to_price_pct": 19,
    "dist_mi": 2.4,
    "bearing_deg": 140
   },
   {
    "id": "TH-F",
    "name": "Valley-suburb townhomes",
    "typical_price": 86000,
    "adj": 0.1,
    "indication": 94600,
    "home_price": 462000,
    "lot_to_price_pct": 18.6,
    "dist_mi": 10.6,
    "bearing_deg": 205
   },
   {
    "id": "TH-G",
    "name": "Premium-school townhomes",
    "typical_price": 108000,
    "adj": -0.07,
    "indication": 100440,
    "home_price": 610000,
    "lot_to_price_pct": 17.7,
    "dist_mi": 7.4,
    "bearing_deg": 330
   },
   {
    "id": "TH-H",
    "name": "Cluster townhomes, west",
    "typical_price": 95500,
    "adj": 0.02,
    "indication": 97410,
    "home_price": 515000,
    "lot_to_price_pct": 18.5,
    "dist_mi": 5.6,
    "bearing_deg": 275
   }
  ],
  "sf_lot_comps": [
   {
    "id": "SF-A",
    "name": "45 ft lots, west suburb",
    "typical_price": 148000,
    "adj": 0,
    "indication": 148000,
    "home_price": 575000,
    "lot_to_price_pct": 25.7,
    "lot_width_ft": 45,
    "per_front_ft": 3289,
    "dist_mi": 9.8,
    "bearing_deg": 260
   },
   {
    "id": "SF-B",
    "name": "50 ft infill lots, south",
    "typical_price": 141000,
    "adj": 0.05,
    "indication": 148050,
    "home_price": 560000,
    "lot_to_price_pct": 25.2,
    "lot_width_ft": 50,
    "per_front_ft": 2820,
    "dist_mi": 3.9,
    "bearing_deg": 170
   },
   {
    "id": "SF-C",
    "name": "55 ft lots, west suburb",
    "typical_price": 162000,
    "adj": -0.03,
    "indication": 157140,
    "home_price": 615000,
    "lot_to_price_pct": 26.3,
    "lot_width_ft": 55,
    "per_front_ft": 2945,
    "dist_mi": 11.2,
    "bearing_deg": 250
   },
   {
    "id": "SF-D",
    "name": "50 ft lots, inner ring",
    "typical_price": 155000,
    "adj": 0,
    "indication": 155000,
    "home_price": 588000,
    "lot_to_price_pct": 26.4,
    "lot_width_ft": 50,
    "per_front_ft": 3100,
    "dist_mi": 2.8,
    "bearing_deg": 45
   },
   {
    "id": "SF-E",
    "name": "60 ft lots, south county",
    "typical_price": 136000,
    "adj": 0.08,
    "indication": 146880,
    "home_price": 512000,
    "lot_to_price_pct": 26.6,
    "lot_width_ft": 60,
    "per_front_ft": 2267,
    "dist_mi": 11.8,
    "bearing_deg": 175
   },
   {
    "id": "SF-F",
    "name": "60 ft lots, east suburb",
    "typical_price": 158000,
    "adj": -0.02,
    "indication": 154840,
    "home_price": 640000,
    "lot_to_price_pct": 24.7,
    "lot_width_ft": 60,
    "per_front_ft": 2633,
    "dist_mi": 7.1,
    "bearing_deg": 80
   },
   {
    "id": "SF-G",
    "name": "70 ft lots, premium suburb",
    "typical_price": 178000,
    "adj": -0.12,
    "indication": 156640,
    "home_price": 689000,
    "lot_to_price_pct": 25.8,
    "lot_width_ft": 70,
    "per_front_ft": 2543,
    "dist_mi": 9.4,
    "bearing_deg": 345
   },
   {
    "id": "SF-H",
    "name": "50 ft cluster lots",
    "typical_price": 150000,
    "adj": 0.03,
    "indication": 154500,
    "home_price": 545000,
    "lot_to_price_pct": 27.5,
    "lot_width_ft": 50,
    "per_front_ft": 3000,
    "dist_mi": 4.4,
    "bearing_deg": 300
   }
  ],
  "th_indication_mean": 96285,
  "th_indication_range": [
   91800,
   100880
  ],
  "sf_indication_mean": 152631,
  "sf_indication_range": [
   146880,
   157140
  ],
  "th_ratio_range": [
   17.3,
   19.6
  ],
  "sf_ratio_range": [
   24.7,
   27.5
  ]
 },
 "dcf": {
  "yield_rate": 0.18,
  "period": "quarter",
  "lots_per_quarter": 4,
  "selling_cost_pct": 2.5,
  "carry_per_lot_per_year": 600,
  "schedule": [
   {
    "quarter": 1,
    "begin_inventory": 12,
    "lots_closed": 4,
    "gross": 421333,
    "expenses": 12333,
    "net": 409000,
    "pv_factor": 0.95694,
    "pv": 391388
   },
   {
    "quarter": 2,
    "begin_inventory": 8,
    "lots_closed": 4,
    "gross": 421333,
    "expenses": 11733,
    "net": 409600,
    "pv_factor": 0.91573,
    "pv": 375083
   },
   {
    "quarter": 3,
    "begin_inventory": 4,
    "lots_closed": 4,
    "gross": 421333,
    "expenses": 11133,
    "net": 410200,
    "pv_factor": 0.8763,
    "pv": 359457
   }
  ],
  "bulk_pv": 1125927,
  "bulk_rounded": 1130000,
  "bulk_discount": 134000,
  "bulk_discount_pct": 10.6,
  "rate_sensitivity": {
   "12%": 1158566,
   "14%": 1147512,
   "17.5%": 1128588,
   "18%": 1125927,
   "20%": 1115389,
   "24.5%": 1092275,
   "28%": 1074849
  },
  "absorption_sensitivity": {
   "4 per quarter (base)": 1125927,
   "3 per quarter": 1101192,
   "2 per quarter": 1053813
  },
  "tornado": [
   {
    "driver": "Lot prices +/-10%",
    "low": 1013000,
    "high": 1238855,
    "spread": 225855
   },
   {
    "driver": "Absorption 2 / 6 per quarter",
    "low": 1053813,
    "high": 1151391,
    "spread": 97578
   },
   {
    "driver": "Yield rate 24.5% / 12%",
    "low": 1092275,
    "high": 1158566,
    "spread": 66291
   },
   {
    "driver": "Selling cost 4% / 1%",
    "low": 1108554,
    "high": 1143301,
    "spread": 34747
   }
  ],
  "bulk_lot_sales": [
   {
    "id": "B1",
    "name": "Townhome lots, east suburb",
    "date": "2024-11",
    "lots": 24,
    "retail_lot_price": 88000,
    "lots_per_quarter": 6,
    "bulk_price": 1843000,
    "discount_pct": 12.7,
    "extracted_yield_pct": 17.6,
    "buyer": "National builder"
   },
   {
    "id": "B2",
    "name": "Detached lots, south county",
    "date": "2025-03",
    "lots": 16,
    "retail_lot_price": 138000,
    "lots_per_quarter": 4,
    "bulk_price": 1910000,
    "discount_pct": 13.5,
    "extracted_yield_pct": 19.4,
    "buyer": "Regional builder"
   },
   {
    "id": "B3",
    "name": "Mixed lots, north suburb",
    "date": "2024-06",
    "lots": 30,
    "retail_lot_price": 104000,
    "lots_per_quarter": 6,
    "bulk_price": 2604000,
    "discount_pct": 16.5,
    "extracted_yield_pct": 21,
    "buyer": "National builder"
   }
  ],
  "extracted_yield_range": [
   17.6,
   21
  ],
  "carry_detail": [
   {
    "item": "Property taxes",
    "amount": 420,
    "source": "County treasurer estimate for a vacant platted lot (fictional)"
   },
   {
    "item": "Mowing, erosion control and upkeep",
    "amount": 120,
    "source": "Site contractor quote"
   },
   {
    "item": "Liability insurance",
    "amount": 60,
    "source": "Builder policy, allocated per lot"
   }
  ]
 },
 "completion_cost": {
  "site_development": 680000,
  "contingency_and_profit_10pct": 68000,
  "total": 748000,
  "rounded": 750000,
  "as_is_via_development": 331340,
  "bulk_pv": 1081340
 },
 "retail_analysis": {
  "townhome": {
   "value": 515000,
   "gla_sf": 1760,
   "beds": 3,
   "baths": "2.5",
   "year_built": 2026,
   "price_per_sf": 292.61
  },
  "detached": {
   "value": 572000,
   "gla_sf": 1680,
   "beds": 3,
   "baths": "2.5",
   "year_built": 2026,
   "price_per_sf": 340.48
  },
  "aggregate_retail_homes": 6294000,
  "th_resales": [
   {
    "id": "TR-01",
    "gla_sf": 1690,
    "year_built": 2025,
    "sale_month": "2025-06",
    "price": 505000,
    "price_per_sf": 298.82,
    "new_construction": true,
    "location_note": "Newer suburb, same school district",
    "time_adj": 5302,
    "gla_adj": 6650,
    "age_adj": 0,
    "location_adj": -2525,
    "location_pct": -0.005,
    "adjusted": 514427,
    "net_adj": 0.0187,
    "gross_adj_pct": 2.9,
    "dist_mi": 2.4,
    "bearing_deg": 60,
    "location_category": "newer_th"
   },
   {
    "id": "TR-02",
    "gla_sf": 1820,
    "year_built": 2024,
    "sale_month": "2025-03",
    "price": 512000,
    "price_per_sf": 281.32,
    "new_construction": true,
    "location_note": "Newer suburb",
    "time_adj": 10752,
    "gla_adj": -5700,
    "age_adj": 0,
    "location_adj": -2560,
    "location_pct": -0.005,
    "adjusted": 514492,
    "net_adj": 0.0049,
    "gross_adj_pct": 3.7,
    "dist_mi": 2.9,
    "bearing_deg": 75,
    "location_category": "newer_th"
   },
   {
    "id": "TR-03",
    "gla_sf": 1740,
    "year_built": 2025,
    "sale_month": "2025-08",
    "price": 514900,
    "price_per_sf": 295.92,
    "new_construction": true,
    "location_note": "Newer suburb",
    "time_adj": 1802,
    "gla_adj": 1900,
    "age_adj": 0,
    "location_adj": -2574,
    "location_pct": -0.005,
    "adjusted": 516028,
    "net_adj": 0.0022,
    "gross_adj_pct": 1.2,
    "dist_mi": 2.6,
    "bearing_deg": 95,
    "location_category": "newer_th"
   },
   {
    "id": "TR-04",
    "gla_sf": 1880,
    "year_built": 2019,
    "sale_month": "2025-01",
    "price": 512000,
    "price_per_sf": 272.34,
    "new_construction": false,
    "location_note": "Superior school district",
    "time_adj": 14336,
    "gla_adj": -11400,
    "age_adj": 15360,
    "location_adj": -15360,
    "location_pct": -0.03,
    "adjusted": 514936,
    "net_adj": 0.0057,
    "gross_adj_pct": 11,
    "dist_mi": 3.1,
    "bearing_deg": 330,
    "location_category": "school"
   },
   {
    "id": "TR-05",
    "gla_sf": 1650,
    "year_built": 2018,
    "sale_month": "2024-11",
    "price": 468000,
    "price_per_sf": 283.64,
    "new_construction": false,
    "location_note": "Slightly superior",
    "time_adj": 16380,
    "gla_adj": 10450,
    "age_adj": 16380,
    "location_adj": -4680,
    "location_pct": -0.01,
    "adjusted": 506530,
    "net_adj": 0.0823,
    "gross_adj_pct": 10.2,
    "dist_mi": 1.6,
    "bearing_deg": 200,
    "location_category": "slight_sup"
   },
   {
    "id": "TR-06",
    "gla_sf": 2050,
    "year_built": 2021,
    "sale_month": "2025-05",
    "price": 556000,
    "price_per_sf": 271.22,
    "new_construction": false,
    "location_note": "Superior lake district",
    "time_adj": 7784,
    "gla_adj": -27550,
    "age_adj": 11120,
    "location_adj": -27800,
    "location_pct": -0.05,
    "adjusted": 519554,
    "net_adj": -0.0656,
    "gross_adj_pct": 13.4,
    "dist_mi": 3.8,
    "bearing_deg": 285,
    "location_category": "lake"
   },
   {
    "id": "TR-07",
    "gla_sf": 1600,
    "year_built": 2016,
    "sale_month": "2024-10",
    "price": 452000,
    "price_per_sf": 282.5,
    "new_construction": false,
    "location_note": "Similar inner-ring location",
    "time_adj": 17402,
    "gla_adj": 15200,
    "age_adj": 20340,
    "location_adj": 0,
    "location_pct": 0,
    "adjusted": 504942,
    "net_adj": 0.1171,
    "gross_adj_pct": 11.7,
    "dist_mi": 0.7,
    "bearing_deg": 140,
    "location_category": "similar"
   },
   {
    "id": "TR-08",
    "gla_sf": 1960,
    "year_built": 2022,
    "sale_month": "2025-07",
    "price": 548000,
    "price_per_sf": 279.59,
    "new_construction": false,
    "location_note": "Superior lake district",
    "time_adj": 3836,
    "gla_adj": -19000,
    "age_adj": 8220,
    "location_adj": -27400,
    "location_pct": -0.05,
    "adjusted": 513656,
    "net_adj": -0.0627,
    "gross_adj_pct": 10.7,
    "dist_mi": 3.6,
    "bearing_deg": 300,
    "location_category": "lake"
   },
   {
    "id": "TR-09",
    "gla_sf": 1710,
    "year_built": 2020,
    "sale_month": "2025-04",
    "price": 495000,
    "price_per_sf": 289.47,
    "new_construction": false,
    "location_note": "Slightly superior",
    "time_adj": 8662,
    "gla_adj": 4750,
    "age_adj": 12375,
    "location_adj": -9900,
    "location_pct": -0.02,
    "adjusted": 510887,
    "net_adj": 0.0321,
    "gross_adj_pct": 7.2,
    "dist_mi": 1.9,
    "bearing_deg": 230,
    "location_category": "slight_sup"
   }
  ],
  "sf_resales": [
   {
    "id": "SR-01",
    "gla_sf": 1720,
    "year_built": 2025,
    "sale_month": "2025-05",
    "price": 579900,
    "price_per_sf": 337.15,
    "new_construction": true,
    "location_note": "Newer suburb",
    "time_adj": 8119,
    "gla_adj": -4400,
    "age_adj": 0,
    "location_adj": -11598,
    "location_pct": -0.02,
    "adjusted": 572021,
    "net_adj": -0.0136,
    "gross_adj_pct": 4.2,
    "dist_mi": 2.7,
    "bearing_deg": 70,
    "location_category": "newer_sf"
   },
   {
    "id": "SR-02",
    "gla_sf": 1640,
    "year_built": 2024,
    "sale_month": "2025-02",
    "price": 562000,
    "price_per_sf": 342.68,
    "new_construction": true,
    "location_note": "Newer suburb",
    "time_adj": 13769,
    "gla_adj": 4400,
    "age_adj": 0,
    "location_adj": -11240,
    "location_pct": -0.02,
    "adjusted": 568929,
    "net_adj": 0.0123,
    "gross_adj_pct": 5.2,
    "dist_mi": 3,
    "bearing_deg": 85,
    "location_category": "newer_sf"
   },
   {
    "id": "SR-03",
    "gla_sf": 1810,
    "year_built": 2021,
    "sale_month": "2025-06",
    "price": 598000,
    "price_per_sf": 330.39,
    "new_construction": false,
    "location_note": "Superior school district",
    "time_adj": 6279,
    "gla_adj": -14300,
    "age_adj": 11960,
    "location_adj": -23920,
    "location_pct": -0.04,
    "adjusted": 578019,
    "net_adj": -0.0334,
    "gross_adj_pct": 9.4,
    "dist_mi": 3.3,
    "bearing_deg": 340,
    "location_category": "school"
   },
   {
    "id": "SR-04",
    "gla_sf": 1590,
    "year_built": 2017,
    "sale_month": "2024-12",
    "price": 528000,
    "price_per_sf": 332.08,
    "new_construction": false,
    "location_note": "Similar inner-ring location",
    "time_adj": 16632,
    "gla_adj": 9900,
    "age_adj": 21120,
    "location_adj": 0,
    "location_pct": 0,
    "adjusted": 575652,
    "net_adj": 0.0902,
    "gross_adj_pct": 9,
    "dist_mi": 0.9,
    "bearing_deg": 160,
    "location_category": "similar"
   },
   {
    "id": "SR-05",
    "gla_sf": 1900,
    "year_built": 2022,
    "sale_month": "2025-04",
    "price": 624000,
    "price_per_sf": 328.42,
    "new_construction": false,
    "location_note": "Superior lake district",
    "time_adj": 10920,
    "gla_adj": -24200,
    "age_adj": 9360,
    "location_adj": -31200,
    "location_pct": -0.05,
    "adjusted": 588880,
    "net_adj": -0.0563,
    "gross_adj_pct": 12.1,
    "dist_mi": 3.9,
    "bearing_deg": 290,
    "location_category": "lake"
   },
   {
    "id": "SR-06",
    "gla_sf": 1700,
    "year_built": 2019,
    "sale_month": "2025-07",
    "price": 555000,
    "price_per_sf": 326.47,
    "new_construction": false,
    "location_note": "Slightly superior",
    "time_adj": 3885,
    "gla_adj": -2200,
    "age_adj": 16650,
    "location_adj": -11100,
    "location_pct": -0.02,
    "adjusted": 562235,
    "net_adj": 0.013,
    "gross_adj_pct": 6.1,
    "dist_mi": 1.8,
    "bearing_deg": 215,
    "location_category": "slight_sup"
   },
   {
    "id": "SR-07",
    "gla_sf": 2010,
    "year_built": 2023,
    "sale_month": "2024-11",
    "price": 655000,
    "price_per_sf": 325.87,
    "new_construction": false,
    "location_note": "Premium suburb",
    "time_adj": 22925,
    "gla_adj": -36300,
    "age_adj": 6550,
    "location_adj": -52400,
    "location_pct": -0.08,
    "adjusted": 595775,
    "net_adj": -0.0904,
    "gross_adj_pct": 18,
    "dist_mi": 4.4,
    "bearing_deg": 15,
    "location_category": "premium"
   }
  ],
  "th_summary": {
   "price_range": [
    452000,
    556000
   ],
   "median_price": 512000,
   "median_psf": 282.5,
   "psf_range": [
    271.22,
    298.82
   ],
   "median_year_built": 2021,
   "adjusted_range": [
    504942,
    519554
   ],
   "adjusted_mean": 512828,
   "new_construction_mean": 514982,
   "new_construction_count": 3,
   "median_months": 5,
   "max_gross_pct": 13.4
  },
  "sf_summary": {
   "price_range": [
    528000,
    655000
   ],
   "median_price": 579900,
   "median_psf": 330.39,
   "psf_range": [
    325.87,
    342.68
   ],
   "median_year_built": 2022,
   "adjusted_range": [
    562235,
    595775
   ],
   "adjusted_mean": 577359,
   "new_construction_mean": 570475,
   "new_construction_count": 2,
   "median_months": 5,
   "max_gross_pct": 18
  },
  "adjustment_rates": {
   "time_pct_per_month": 0.35,
   "gla_per_sf_townhome": 95,
   "gla_per_sf_detached": 110,
   "age_pct_per_year": 0.5,
   "gla_source": "Regression of 46 submarket townhome and detached sales, 2024 to 2025 (r² 0.81), checked against three paired sales",
   "age_source": "New-construction sales against resales of 3 to 9 year old homes in the same communities",
   "time_source": "Quarterly price index for the submarket, 4.2% a year",
   "concessions_source": "Closing statements and MLS records show no seller-paid concessions or rate buydowns on the 16 sales, so none are adjusted",
   "age_basis": "Counted to 2025, with the subject as new"
  }
 },
 "developer_budget": {
  "lines": {
   "acquisition": 371000,
   "financing": 86000,
   "hard_costs_and_AE": 3815000,
   "construction_mgmt_fee": 121000,
   "soft_costs": 124000,
   "operating_shortfall": 29000,
   "interest_shortfall": 101000,
   "contingency": 43000
  },
  "total": 4690000,
  "capital": {
   "equity": 940000,
   "debt": 3750000,
   "equity_detail": "Land contributed at its $371,000 acquisition cost plus $569,000 cash, spent before the first loan draw"
  },
  "ltc_pct": 80,
  "debt_to_aggregate_retail_pct": 59.6,
  "developer_gross_sales": 6358800,
  "illustrative_draw_curve": [
   {
    "month": -2,
    "cost_in_place": 371000,
    "cumulative_debt": 0
   },
   {
    "month": -1,
    "cost_in_place": 488000,
    "cumulative_debt": 0
   },
   {
    "month": 0,
    "cost_in_place": 692000,
    "cumulative_debt": 0
   },
   {
    "month": 1,
    "cost_in_place": 1026000,
    "cumulative_debt": 86000
   },
   {
    "month": 2,
    "cost_in_place": 1524000,
    "cumulative_debt": 584000
   },
   {
    "month": 3,
    "cost_in_place": 2173000,
    "cumulative_debt": 1233000
   },
   {
    "month": 4,
    "cost_in_place": 2888000,
    "cumulative_debt": 1948000
   },
   {
    "month": 5,
    "cost_in_place": 3537000,
    "cumulative_debt": 2597000
   },
   {
    "month": 6,
    "cost_in_place": 4035000,
    "cumulative_debt": 3095000
   },
   {
    "month": 7,
    "cost_in_place": 4369000,
    "cumulative_debt": 3429000
   },
   {
    "month": 8,
    "cost_in_place": 4573000,
    "cumulative_debt": 3633000
   },
   {
    "month": 9,
    "cost_in_place": 4690000,
    "cumulative_debt": 3750000
   }
  ],
  "collateral_by_stage": [
   {
    "stage": "Land as is",
    "month": 0,
    "value": 370000
   },
   {
    "stage": "Finished lots, bulk",
    "month": 3,
    "value": 1130000
   },
   {
    "stage": "Homes as complete, bulk",
    "month": 9,
    "value": 5580000
   }
  ],
  "draw_note": "Illustrative equity-first draw curve built from the budget and schedule. Equity is spent first; the loan funds the remaining cost.",
  "debt_to_as_complete_pct": 67.2,
  "supervisory_ltv": {
   "limit_pct": 85,
   "label": "Interagency supervisory loan-to-value limit for 1-to-4 family residential construction loans"
  }
 },
 "ratios": {
  "land_sf_per_lot": 3376,
  "asis_vs_prior_sale_pct": 7.2,
  "th_lot_to_price_pct": 18.6,
  "sf_lot_to_price_pct": 26.6
 },
 "construction_schedule": {
  "total_duration_days": 303,
  "month_zero": "2025-09 (effective date)",
  "completion": "2026-06-15",
  "phases": [
   {
    "phase": "Preconstruction and permits",
    "start": -10,
    "end": -1
   },
   {
    "phase": "Mobilization, erosion control, grading",
    "start": -1,
    "end": 0.5
   },
   {
    "phase": "Site utilities and drive",
    "start": 0,
    "end": 2
   },
   {
    "phase": "Building A (TH 1-3)",
    "start": 1,
    "end": 4.5
   },
   {
    "phase": "Building B (TH 4-6)",
    "start": 2,
    "end": 5.5
   },
   {
    "phase": "Building C (TH 7-8)",
    "start": 3,
    "end": 6.5
   },
   {
    "phase": "Building D (TH 9-10)",
    "start": 4,
    "end": 7.5
   },
   {
    "phase": "Detached homes D1-D2",
    "start": 4.5,
    "end": 8.5
   },
   {
    "phase": "Interior finishes",
    "start": 3.5,
    "end": 8.5
   },
   {
    "phase": "Final paving, landscape, punch",
    "start": 8,
    "end": 9
   }
  ],
  "deliveries": [
   {
    "building": "Building A",
    "homes": 3,
    "kind": "th",
    "month": 4.5,
    "quarter": 2
   },
   {
    "building": "Building B",
    "homes": 3,
    "kind": "th",
    "month": 5.5,
    "quarter": 2
   },
   {
    "building": "Building C",
    "homes": 2,
    "kind": "th",
    "month": 6.5,
    "quarter": 3
   },
   {
    "building": "Building D",
    "homes": 2,
    "kind": "th",
    "month": 7.5,
    "quarter": 3
   },
   {
    "building": "Detached homes",
    "homes": 2,
    "kind": "sf",
    "month": 8.5,
    "quarter": 3
   }
  ],
  "duration_basis": "Mobilization on 2025-08-16 to completion on 2026-06-15"
 },
 "integrity_checks": [
  {
   "id": "C01",
   "severity": "pass",
   "from_source": false,
   "title": "Approach table matches the narrative",
   "detail": "Sales comparison, two development approaches and the cost approach are marked used in both the table and the text; income capitalization is excluded in both, with the reason stated.",
   "targets": [
    "A7",
    "A8"
   ]
  },
  {
   "id": "C02",
   "severity": "pass",
   "from_source": false,
   "title": "Highest and best use matches the plan",
   "detail": "The conclusion, a cluster subdivision of 10 attached townhomes and 2 detached homes, is worded the same in the summary and the narrative and matches the approved plan.",
   "targets": [
    "HBU"
   ]
  },
  {
   "id": "C03",
   "severity": "pass",
   "from_source": false,
   "title": "Lot yield rate inside the survey range",
   "detail": "The 18% yield sits between the survey’s 17.5% minimum and 24.5% average; the survey runs to 33%. It sits toward the low end because the lots are approved and finished on the value date and all 12 sell out in three quarters. At 24.5% the bulk lot value would be $1,092,275. Three bulk lot sales worked back to yields of 17.6% to 21.0%, and the closest in product, the townhome lots in B1, to 17.6%.",
   "targets": [
    "DCF",
    "SRV"
   ]
  },
  {
   "id": "C04",
   "severity": "pass",
   "from_source": false,
   "title": "Feasible at the project level",
   "detail": "Aggregate retail $6,294,000 less 5% selling cost and the $4,690,000 budget leaves $1,289,300, 27.5% on cost. That margin is earned over about 16 months from purchase to sell-out, an annual return well above the developer’s 17% IRR target.",
   "targets": [
    "HBU",
    "CMP"
   ]
  },
  {
   "id": "C05",
   "severity": "pass",
   "from_source": false,
   "title": "Density approval cited",
   "detail": "Land per home is 3,376 SF against a 5,000 SF minimum lot; the report cites Council Resolution 25-14 (fictional), approving the cluster development of 12 homes.",
   "targets": [
    "ZON",
    "PRD"
   ]
  },
  {
   "id": "C06",
   "severity": "pass",
   "from_source": false,
   "title": "Subject purchase weighted with independent sales",
   "detail": "L1 is adjusted for the approvals obtained after purchase and weighted with L2 and L4; the three average $30,962 per home against the $31,000 conclusion. The 6% entitlement adjustment sits near the 6.4% mean of four before-and-after approval sales.",
   "targets": [
    "L1",
    "A1"
   ]
  },
  {
   "id": "C07",
   "severity": "pass",
   "from_source": false,
   "title": "Townhome lot value at the indication mean",
   "detail": "Concluded $96,000 against an indication mean of $96,285 (range $91,800 to $100,880).",
   "targets": [
    "LCT",
    "A2"
   ]
  },
  {
   "id": "C08",
   "severity": "pass",
   "from_source": false,
   "title": "Lot-to-price ratios inside the comparables' own range",
   "detail": "Townhome 18.6% against 17.3% to 19.6% in the comparables; detached 26.6% against 24.7% to 27.5%.",
   "targets": [
    "A2"
   ]
  },
  {
   "id": "C09",
   "severity": "pass",
   "from_source": false,
   "title": "Narrative and grid agree",
   "detail": "Prices, dates, unit counts and adjustments match between the comparable narratives, the grid and the data sheets.",
   "targets": [
    "L1",
    "L8"
   ]
  },
  {
   "id": "C10",
   "severity": "pass",
   "from_source": false,
   "title": "Premise definitions fit a for-sale project",
   "detail": "Each premise is defined for for-sale homes and lots; no definition refers to leasing or stabilized occupancy.",
   "targets": [
    "V2",
    "V3"
   ]
  },
  {
   "id": "C11",
   "severity": "pass",
   "from_source": false,
   "title": "Loan basis against reported values",
   "detail": "Debt of $3,750,000 is 80.0% of cost, 67.2% of the as-complete bulk value and 59.6% of aggregate retail.",
   "targets": [
    "CAP",
    "V3",
    "V4"
   ]
  },
  {
   "id": "C12",
   "severity": "pass",
   "from_source": false,
   "title": "Absorption assumption",
   "detail": "4 lots or homes per quarter (1.33 per month) against a 2.78 per month average in seven competing subdivisions.",
   "targets": [
    "DCF",
    "ABS"
   ]
  },
  {
   "id": "C13",
   "severity": "pass",
   "from_source": false,
   "title": "Townhome value supported by new construction",
   "detail": "Three new-construction sales adjust to a mean of $514,982; all nine adjust to $504,942 to $519,554, with gross adjustments at or below 13.4%.",
   "targets": [
    "A3",
    "RCT"
   ]
  },
  {
   "id": "C14",
   "severity": "pass",
   "from_source": false,
   "title": "Flood and prior sale disclosures",
   "detail": "Zone X documented; the three-year sale history is disclosed and the purchase is used as a comparable.",
   "targets": [
    "SIT",
    "PSL"
   ]
  },
  {
   "id": "C15",
   "severity": "pass",
   "from_source": false,
   "title": "Delivered premises match the amended order",
   "detail": "The client amended the order in writing on Aug 29, 2025; the four delivered premises match the amendment.",
   "targets": [
    "ENG",
    "V1",
    "V2",
    "V3",
    "V4"
   ]
  },
  {
   "id": "C16",
   "severity": "low",
   "from_source": false,
   "title": "As-is cross-check below the land sales value",
   "detail": "Discounted one quarter at the 18% lot yield, the $1,130,000 bulk lot value less the $750,000 site cost leaves $331,340, 10.4% below the $370,000 land sales value. The residual is leveraged: a 3.6% change in the bulk lot value closes the gap. The land sales carry the conclusion.",
   "targets": [
    "A5",
    "V1"
   ]
  },
  {
   "id": "C17",
   "severity": "low",
   "from_source": false,
   "title": "Two land sales more than 18 months old",
   "detail": "L6 (22 months) and L8 (25 months) closed in 2023; their market-conditions adjustments rest on a 3.2% annual trend from four repeat land sales. Neither carries primary weight.",
   "targets": [
    "L6",
    "L8"
   ]
  },
  {
   "id": "C18",
   "severity": "low",
   "from_source": false,
   "title": "Detached value rests on two new-construction sales",
   "detail": "Two new detached sales adjust to a mean of $570,475; five resales of 2017 to 2023 homes support the range.",
   "targets": [
    "A3",
    "RCS"
   ]
  },
  {
   "id": "C19",
   "severity": "pass",
   "from_source": false,
   "title": "Site reports support the site description",
   "detail": "The Phase I, geotechnical report, survey, title commitment and flood determination are in the workfile and agree with the site description. Building permits and the association declaration were pending and are covered by the completion assumptions.",
   "targets": [
    "SIT"
   ]
  },
  {
   "id": "C20",
   "severity": "medium",
   "from_source": false,
   "title": "Thin owner contingency on an affiliated contract",
   "detail": "The budget carries $43,000 of owner contingency, 1.1% of the $3,815,000 hard cost and design budget. The fixed-price contract is with Wrenfield Builders, which manages the borrower, so the borrower’s equity and then the lender would absorb a cost overrun. Vertical cost of $142.89 per SF sits inside the $135 to $158 cost-service range.",
   "targets": [
    "BUD",
    "CMP"
   ]
  },
  {
   "id": "C21",
   "severity": "low",
   "from_source": false,
   "title": "Finished-lot prices are current builder prices",
   "detail": "The 16 lot comparables are current prices in each community, confirmed with builders and brokers, and each carries one net adjustment. Lot-to-price ratios against the appraised home values support the levels: 17.3% to 19.6% for townhome lots and 24.7% to 27.5% for detached lots.",
   "targets": [
    "A2",
    "LCT"
   ]
  }
 ],
 "integrity_summary": {
  "high": 0,
  "medium": 1,
  "low": 4,
  "pass": 16
 },
 "value_ranges": [
  {
   "value": "V1",
   "concluded": 370000,
   "bars": [
    {
     "label": "Land sales, adjusted range x 12",
     "low": 362376,
     "high": 388212
    },
    {
     "label": "Development residual",
     "point": 331340
    },
    {
     "label": "Subject purchase, before approvals",
     "point": 345000
    }
   ]
  },
  {
   "value": "V2",
   "concluded": 1130000,
   "bars": [
    {
     "label": "Yield 12% to 28%",
     "low": 1074849,
     "high": 1158566
    },
    {
     "label": "Survey minimum to average, 17.5% to 24.5%",
     "low": 1092275,
     "high": 1128588
    },
    {
     "label": "Aggregate lot retail (no discount)",
     "point": 1264000
    }
   ]
  },
  {
   "value": "V3",
   "concluded": 5580000,
   "bars": [
    {
     "label": "Survey band 11% to 16%",
     "low": 5497298,
     "high": 5630497
    },
    {
     "label": "Cost approach",
     "point": 5530000
    },
    {
     "label": "Aggregate retail (no discount)",
     "point": 6294000
    }
   ]
  },
  {
   "value": "V4",
   "concluded": 6294000,
   "bars": [
    {
     "label": "Adjusted resale ranges x units",
     "low": 6173890,
     "high": 6387090
    },
    {
     "label": "New-construction sales x units",
     "point": 6290770
    },
    {
     "label": "Developer list prices",
     "point": 6358800
    }
   ]
  }
 ],
 "legacy_report_anatomy": {
  "share_pct": {
   "addenda": 65,
   "valuation": 11,
   "market_and_area": 8,
   "property_and_hbu": 6,
   "front_matter_identification_scope": 7,
   "certification_and_conditions": 3
  },
  "repeated_blocks": {
   "value_table_repeats": 3,
   "extraordinary_assumption_repeats": 4
  },
  "addenda_contents": [
   "Appraiser qualifications",
   "Firm QA notice",
   "Deed and legal description",
   "Developer pitch deck (site plan, elevations, floor plans, budget, timeline)",
   "Contractor estimate and construction schedule",
   "Settlement statement",
   "Land comp data sheets",
   "MLS printouts for home resales",
   "Engagement letter"
  ]
 },
 "compliance_map": {
  "note": "Report-content elements per USPAP Standards Rule 2-2(a). Verify element wording against the edition in force.",
  "elements": [
   {
    "element": "Client identity",
    "scene": "S03"
   },
   {
    "element": "Intended users",
    "scene": "S03"
   },
   {
    "element": "Intended use",
    "scene": "S03"
   },
   {
    "element": "Information identifying the real estate",
    "scene": "S04"
   },
   {
    "element": "Real property interest appraised",
    "scene": "S03"
   },
   {
    "element": "Type and definition of value, with source",
    "scene": "S01"
   },
   {
    "element": "Effective date and report date",
    "scene": "S02"
   },
   {
    "element": "Scope of work",
    "scene": "S03"
   },
   {
    "element": "Information analyzed, methods, and reasoning",
    "scene": "S11-S16"
   },
   {
    "element": "Exclusion of approaches explained",
    "scene": "S03"
   },
   {
    "element": "Current use and use reflected in the appraisal",
    "scene": "S10"
   },
   {
    "element": "Highest and best use opinion",
    "scene": "S10"
   },
   {
    "element": "Extraordinary assumptions and hypothetical conditions, with impact statement",
    "scene": "S22"
   },
   {
    "element": "Signed certification",
    "scene": "S25"
   },
   {
    "element": "Prior services disclosure",
    "scene": "S03"
   }
  ]
 },
 "glossary": {
  "Fee simple": "Full ownership, subject only to government powers such as taxation and zoning.",
  "As is": "Value of the property in its condition on the effective date.",
  "Prospective value": "A value opinion as of a future date, based on conditions expected then.",
  "Bulk value": "The price for all lots or units sold together to one buyer, usually lower than the sum of individual prices.",
  "Extraordinary assumption": "Something assumed true for this assignment that, if false, could change the value.",
  "Hypothetical condition": "Something known to be false that is assumed true for analysis.",
  "Absorption": "The pace at which lots or homes sell.",
  "Yield rate": "The annual return a developer requires, including profit, used to discount future sales.",
  "Highest and best use": "The reasonably probable use that is legal, physically possible and financially feasible, and that produces the highest value.",
  "Exposure time": "How long the property would have been on the market before selling at the value on the effective date.",
  "Loan-to-cost": "Loan amount divided by total project cost.",
  "Gross adjustment": "Sum of the absolute values of all adjustments to a comparable, as a share of its price."
 },
 "as_complete_dcf": {
  "yield_rate": 0.13,
  "period": "quarter",
  "homes_per_quarter": 4,
  "selling_cost_pct": 5,
  "carry_per_home_per_year": 6000,
  "average_price": 524500,
  "schedule": [
   {
    "quarter": 1,
    "begin_inventory": 12,
    "lots_closed": 4,
    "gross": 2098000,
    "expenses": 122900,
    "net": 1975100,
    "pv_factor": 0.96852,
    "pv": 1912930
   },
   {
    "quarter": 2,
    "begin_inventory": 8,
    "lots_closed": 4,
    "gross": 2098000,
    "expenses": 116900,
    "net": 1981100,
    "pv_factor": 0.93804,
    "pv": 1858345
   },
   {
    "quarter": 3,
    "begin_inventory": 4,
    "lots_closed": 4,
    "gross": 2098000,
    "expenses": 110900,
    "net": 1987100,
    "pv_factor": 0.90851,
    "pv": 1805301
   }
  ],
  "pv": 5576575,
  "rounded": 5580000,
  "discount": 714000,
  "discount_pct": 11.34,
  "rate_sensitivity": {
   "11%": 5630497,
   "13%": 5576575,
   "13.5%": 5563230,
   "16%": 5497298
  },
  "survey": {
   "label": "National bulk-sale survey, finished for-sale homes, regional, illustrative",
   "min": 11,
   "avg": 13.5,
   "max": 16,
   "note": "Rates include the bulk buyer's profit."
  },
  "tax_rate_pct": 0.686,
  "carry_detail": [
   {
    "item": "Property taxes",
    "amount": 3600,
    "source": "0.686% effective county rate on the average retail price, rounded"
   },
   {
    "item": "Homeowners association dues",
    "amount": 1200,
    "source": "Draft association budget, $100 a month per unsold home"
   },
   {
    "item": "Vacant-dwelling insurance",
    "amount": 700,
    "source": "Insurer quote in the workfile"
   },
   {
    "item": "Utilities, lawn care and cleaning",
    "amount": 500,
    "source": "Builder records from its last two communities"
   }
  ]
 },
 "cost_approach": {
  "land": 370000,
  "development_cost": 4319000,
  "incentive_pct": 18,
  "incentive": 844020,
  "indicated": 5533020,
  "rounded": 5530000,
  "note": "Land as is plus the budgeted hard and soft costs, plus an 18% entrepreneurial incentive on land and costs, below the 27.5% margin the project is expected to earn at retail."
 },
 "unit_values": [
  {
   "id": "U1",
   "label": "One townhome",
   "value": 515000,
   "date": "2026-06-15"
  },
  {
   "id": "U2",
   "label": "One detached home",
   "value": 572000,
   "date": "2026-06-15"
  }
 ],
 "entitlement_pairs": {
  "pairs": [
   {
    "id": "E1",
    "name": "Infill parcel, 10 units",
    "approvals": "Council approval only",
    "unapproved_date": "2023-04",
    "unapproved_price": 250000,
    "approved_date": "2024-07",
    "approved_price": 275600,
    "months": 15,
    "time_adjusted_unapproved": 260000,
    "premium_pct": 6
   },
   {
    "id": "E2",
    "name": "Townhome site, 14 units",
    "approvals": "Rezoning and site plan",
    "unapproved_date": "2022-10",
    "unapproved_price": 318000,
    "approved_date": "2024-02",
    "approved_price": 356000,
    "months": 16,
    "time_adjusted_unapproved": 331568,
    "premium_pct": 7.4
   },
   {
    "id": "E3",
    "name": "Cluster parcel, 16 units",
    "approvals": "Council approval only",
    "unapproved_date": "2023-09",
    "unapproved_price": 410000,
    "approved_date": "2025-01",
    "approved_price": 451000,
    "months": 16,
    "time_adjusted_unapproved": 427493,
    "premium_pct": 5.5
   },
   {
    "id": "E4",
    "name": "Two-family parcel, 8 units",
    "approvals": "Site plan and council approval",
    "unapproved_date": "2024-03",
    "unapproved_price": 198000,
    "approved_date": "2025-04",
    "approved_price": 218500,
    "months": 13,
    "time_adjusted_unapproved": 204864,
    "premium_pct": 6.7
   }
  ],
  "mean_pct": 6.4,
  "note": "Each unapproved price is moved to the approved sale date at the 3.2% annual land trend before the premium is measured."
 },
 "cost_benchmark": {
  "hard_costs_and_AE": 3815000,
  "site_work": 680000,
  "architecture_engineering": 140000,
  "vertical_cost": 2995000,
  "saleable_sf": 20960,
  "per_sf": 142.89,
  "service_low": 135,
  "service_high": 158,
  "service_label": "National cost service, average-to-good townhomes, regional multiplier applied",
  "contract": "Fixed-price contract with Wrenfield Builders, the borrower’s manager, with the builder’s 5% contingency inside the price; the budget adds a $43,000 owner contingency"
 },
 "rental_analysis": {
  "purpose": "Lender downside test if the homes are held as rentals. It is not one of the four reported values.",
  "rent_comps": [
   {
    "id": "RC1",
    "kind": "th",
    "name": "Townhome rental, newer suburb",
    "gla_sf": 1720,
    "year_built": 2023,
    "rent": 2895,
    "adj_pct": -1,
    "adjusted": 2866
   },
   {
    "id": "RC2",
    "kind": "th",
    "name": "Townhome rental, inner ring",
    "gla_sf": 1680,
    "year_built": 2021,
    "rent": 2750,
    "adj_pct": 3,
    "adjusted": 2832
   },
   {
    "id": "RC3",
    "kind": "th",
    "name": "Townhome rental, school district",
    "gla_sf": 1800,
    "year_built": 2024,
    "rent": 2980,
    "adj_pct": -4,
    "adjusted": 2861
   },
   {
    "id": "RC4",
    "kind": "th",
    "name": "Townhome rental, older complex",
    "gla_sf": 1650,
    "year_built": 2019,
    "rent": 2650,
    "adj_pct": 7,
    "adjusted": 2836
   },
   {
    "id": "RC5",
    "kind": "sf",
    "name": "Detached rental, newer suburb",
    "gla_sf": 1700,
    "year_built": 2022,
    "rent": 3350,
    "adj_pct": -2,
    "adjusted": 3283
   },
   {
    "id": "RC6",
    "kind": "sf",
    "name": "Detached rental, inner ring",
    "gla_sf": 1640,
    "year_built": 2018,
    "rent": 3150,
    "adj_pct": 4,
    "adjusted": 3276
   },
   {
    "id": "RC7",
    "kind": "sf",
    "name": "Detached rental, build-to-rent community",
    "gla_sf": 1760,
    "year_built": 2024,
    "rent": 3420,
    "adj_pct": -3,
    "adjusted": 3317
   }
  ],
  "concluded_rent": {
   "th": 2850,
   "sf": 3300
  },
  "gross_potential_rent": 421200,
  "vacancy_pct": 5,
  "vacancy": 21060,
  "effective_gross_income": 400140,
  "expenses": [
   {
    "item": "Property taxes",
    "amount": 43200,
    "basis": "Same projection as the holding cost"
   },
   {
    "item": "Homeowners association dues",
    "amount": 14400,
    "basis": "$100 a month per home"
   },
   {
    "item": "Landlord insurance",
    "amount": 10800,
    "basis": "$900 per home per year"
   },
   {
    "item": "Repairs and maintenance",
    "amount": 9000,
    "basis": "$750 per home per year, new construction"
   },
   {
    "item": "Management",
    "amount": 32011,
    "basis": "8% of effective gross income"
   },
   {
    "item": "Turnover and leasing",
    "amount": 3600,
    "basis": "$300 per home per year"
   },
   {
    "item": "Replacement reserves",
    "amount": 3600,
    "basis": "$300 per home per year"
   }
  ],
  "total_expenses": 116611,
  "expense_ratio_pct": 29.1,
  "noi": 283529,
  "cap_rate_sales": [
   {
    "id": "P1",
    "name": "New build-to-rent community",
    "homes": 24,
    "date": "2025-06",
    "price": 7920000,
    "noi": 463320,
    "cap_pct": 5.85
   },
   {
    "id": "P2",
    "name": "New townhome rental portfolio",
    "homes": 16,
    "date": "2025-03",
    "price": 5100000,
    "noi": 308550,
    "cap_pct": 6.05
   },
   {
    "id": "P3",
    "name": "Scattered-site homes built in the 2010s",
    "homes": 38,
    "date": "2024-11",
    "price": 10450000,
    "noi": 668800,
    "cap_pct": 6.4
   },
   {
    "id": "P4",
    "name": "Older scattered-site portfolio",
    "homes": 55,
    "date": "2024-08",
    "price": 12600000,
    "noi": 850500,
    "cap_pct": 6.75
   }
  ],
  "cap_rate_pct": 6,
  "capitalized": 4725483,
  "lease_up": {
   "rent_loss_months": 2,
   "leasing_fee_months": 0.5,
   "deduction": 87750
  },
  "indicated": 4637733,
  "rounded": 4640000,
  "debt_to_rental_pct": 80.8,
  "debt_yield_pct": 7.56
 },
 "location_pairs": {
  "pairs": [
   {
    "id": "LP01",
    "category": "slight_inf",
    "plan": "Builder A, 1,700 SF townhome plan",
    "subject_area_month": "2024-10",
    "subject_area_price": 486000,
    "other_month": "2025-01",
    "other_price": 487700,
    "months": 3,
    "time_adjusted_subject_area": 491103,
    "premium_pct": -0.7
   },
   {
    "id": "LP02",
    "category": "slight_inf",
    "plan": "Builder C, 1,640 SF townhome plan",
    "subject_area_month": "2024-12",
    "subject_area_price": 472000,
    "other_month": "2025-04",
    "other_price": 472900,
    "months": 4,
    "time_adjusted_subject_area": 478608,
    "premium_pct": -1.2
   },
   {
    "id": "LP03",
    "category": "newer_th",
    "plan": "Builder B, 1,760 SF townhome plan",
    "subject_area_month": "2025-01",
    "subject_area_price": 508000,
    "other_month": "2025-04",
    "other_price": 514900,
    "months": 3,
    "time_adjusted_subject_area": 513334,
    "premium_pct": 0.3
   },
   {
    "id": "LP04",
    "category": "newer_th",
    "plan": "Builder A, 1,720 SF townhome plan",
    "subject_area_month": "2024-11",
    "subject_area_price": 497000,
    "other_month": "2025-03",
    "other_price": 508000,
    "months": 4,
    "time_adjusted_subject_area": 503958,
    "premium_pct": 0.8
   },
   {
    "id": "LP05",
    "category": "newer_sf",
    "plan": "Builder D, 1,680 SF detached plan",
    "subject_area_month": "2024-12",
    "subject_area_price": 551000,
    "other_month": "2025-03",
    "other_price": 566300,
    "months": 3,
    "time_adjusted_subject_area": 556786,
    "premium_pct": 1.7
   },
   {
    "id": "LP06",
    "category": "newer_sf",
    "plan": "Builder B, 1,720 SF detached plan",
    "subject_area_month": "2025-02",
    "subject_area_price": 566000,
    "other_month": "2025-06",
    "other_price": 587700,
    "months": 4,
    "time_adjusted_subject_area": 573924,
    "premium_pct": 2.4
   },
   {
    "id": "LP07",
    "category": "slight_sup",
    "plan": "Builder C, 1,700 SF townhome plan",
    "subject_area_month": "2024-09",
    "subject_area_price": 479000,
    "other_month": "2024-12",
    "other_price": 488400,
    "months": 3,
    "time_adjusted_subject_area": 484030,
    "premium_pct": 0.9
   },
   {
    "id": "LP08",
    "category": "slight_sup",
    "plan": "Builder A, 1,740 SF townhome plan",
    "subject_area_month": "2025-02",
    "subject_area_price": 503000,
    "other_month": "2025-05",
    "other_price": 516400,
    "months": 3,
    "time_adjusted_subject_area": 508282,
    "premium_pct": 1.6
   },
   {
    "id": "LP09",
    "category": "slight_sup",
    "plan": "Builder D, 1,650 SF detached plan",
    "subject_area_month": "2024-11",
    "subject_area_price": 546000,
    "other_month": "2025-03",
    "other_price": 566900,
    "months": 4,
    "time_adjusted_subject_area": 553644,
    "premium_pct": 2.4
   },
   {
    "id": "LP10",
    "category": "school",
    "plan": "Builder B, 1,780 SF townhome plan",
    "subject_area_month": "2024-10",
    "subject_area_price": 494000,
    "other_month": "2025-01",
    "other_price": 513200,
    "months": 3,
    "time_adjusted_subject_area": 499187,
    "premium_pct": 2.8
   },
   {
    "id": "LP11",
    "category": "school",
    "plan": "Builder A, 1,800 SF townhome plan",
    "subject_area_month": "2025-01",
    "subject_area_price": 511000,
    "other_month": "2025-05",
    "other_price": 536300,
    "months": 4,
    "time_adjusted_subject_area": 518154,
    "premium_pct": 3.5
   },
   {
    "id": "LP12",
    "category": "school",
    "plan": "Builder D, 1,760 SF detached plan",
    "subject_area_month": "2024-12",
    "subject_area_price": 558000,
    "other_month": "2025-04",
    "other_price": 590100,
    "months": 4,
    "time_adjusted_subject_area": 565812,
    "premium_pct": 4.3
   },
   {
    "id": "LP13",
    "category": "lake",
    "plan": "Builder C, 1,820 SF townhome plan",
    "subject_area_month": "2024-11",
    "subject_area_price": 506000,
    "other_month": "2025-02",
    "other_price": 534800,
    "months": 3,
    "time_adjusted_subject_area": 511313,
    "premium_pct": 4.6
   },
   {
    "id": "LP14",
    "category": "lake",
    "plan": "Builder D, 1,800 SF detached plan",
    "subject_area_month": "2025-01",
    "subject_area_price": 571000,
    "other_month": "2025-05",
    "other_price": 611400,
    "months": 4,
    "time_adjusted_subject_area": 578994,
    "premium_pct": 5.6
   },
   {
    "id": "LP15",
    "category": "premium",
    "plan": "Builder E, 1,900 SF detached plan",
    "subject_area_month": "2024-09",
    "subject_area_price": 584000,
    "other_month": "2024-12",
    "other_price": 633200,
    "months": 3,
    "time_adjusted_subject_area": 590132,
    "premium_pct": 7.3
   },
   {
    "id": "LP16",
    "category": "premium",
    "plan": "Builder E, 1,950 SF detached plan",
    "subject_area_month": "2025-02",
    "subject_area_price": 597000,
    "other_month": "2025-06",
    "other_price": 658600,
    "months": 4,
    "time_adjusted_subject_area": 605358,
    "premium_pct": 8.8
   }
  ],
  "categories": [
   {
    "key": "slight_inf",
    "label": "Slightly inferior area",
    "low": -1.2,
    "high": -0.7,
    "mean": -0.9
   },
   {
    "key": "newer_th",
    "label": "Newer suburb, townhomes",
    "low": 0.3,
    "high": 0.8,
    "mean": 0.6
   },
   {
    "key": "newer_sf",
    "label": "Newer suburb, detached homes",
    "low": 1.7,
    "high": 2.4,
    "mean": 2
   },
   {
    "key": "slight_sup",
    "label": "Slightly superior area",
    "low": 0.9,
    "high": 2.4,
    "mean": 1.6
   },
   {
    "key": "school",
    "label": "Superior school district",
    "low": 2.8,
    "high": 4.3,
    "mean": 3.5
   },
   {
    "key": "lake",
    "label": "Superior lake district",
    "low": 4.6,
    "high": 5.6,
    "mean": 5.1
   },
   {
    "key": "premium",
    "label": "Premium suburb",
    "low": 7.3,
    "high": 8.8,
    "mean": 8.1
   }
  ],
  "note": "The same builder plan sold in the subject submarket and in another area within six months; the first price is moved forward at the 0.35% monthly time rate before comparing."
 },
 "phased_sellout": {
  "closings": [
   {
    "quarter": 2,
    "th": 4,
    "sf": 0
   },
   {
    "quarter": 3,
    "th": 3,
    "sf": 1
   },
   {
    "quarter": 4,
    "th": 3,
    "sf": 1
   }
  ],
  "schedule": [
   {
    "quarter": 1,
    "delivered": 0,
    "available": 0,
    "closed": 0,
    "gross": 0,
    "expenses": 0,
    "net": 0
   },
   {
    "quarter": 2,
    "delivered": 6,
    "available": 6,
    "closed": 4,
    "gross": 2060000,
    "expenses": 112000,
    "net": 1948000
   },
   {
    "quarter": 3,
    "delivered": 12,
    "available": 8,
    "closed": 4,
    "gross": 2117000,
    "expenses": 117850,
    "net": 1999150
   },
   {
    "quarter": 4,
    "delivered": 12,
    "available": 4,
    "closed": 4,
    "gross": 2117000,
    "expenses": 111850,
    "net": 2005150
   }
  ],
  "pv_effective_date": 5407902,
  "single_date_pv_effective_date": 5066376,
  "pv_at_completion": 5952494,
  "gain_pct": 6.7,
  "release_pct_of_allocated_loan": 115,
  "release_price": {
   "th": 352866,
   "sf": 391921
  },
  "milestones": [
   {
    "month": 6,
    "label": "Buildings A and B complete",
    "complete": 6,
    "closed": 4,
    "drawn": 3095000,
    "released": 1411464,
    "balance": 1683536,
    "unsold_retail": 4234000,
    "balance_to_unsold_pct": 39.8
   },
   {
    "month": 9,
    "label": "All 12 homes complete",
    "complete": 12,
    "closed": 8,
    "drawn": 3750000,
    "released": 2861983,
    "balance": 888017,
    "unsold_retail": 2117000,
    "balance_to_unsold_pct": 41.9
   },
   {
    "month": 12,
    "label": "Sell-out",
    "complete": 12,
    "closed": 12,
    "drawn": 3750000,
    "released": 4312502,
    "balance": 0,
    "unsold_retail": 0,
    "balance_to_unsold_pct": 0
   }
  ],
  "note": "Four townhome reservations close as Buildings A and B finish; the detached reservation closes on completion."
 },
 "due_diligence": [
  {
   "report": "Phase I environmental site assessment",
   "by": "Hollin Reed Environmental (fictional)",
   "date": "2025-07-22",
   "finding": "No recognized environmental conditions; no further investigation recommended",
   "status": "clear"
  },
  {
   "report": "Geotechnical report",
   "by": "Ashgrove Geotechnical (fictional)",
   "date": "2025-06-30",
   "finding": "Native clay with 2,500 psf allowable bearing for spread footings; no fill in six borings; groundwater below 14 ft",
   "status": "clear"
  },
  {
   "report": "ALTA/NSPS land title survey",
   "by": "Fenwick Land Surveying (fictional)",
   "date": "2025-06-12",
   "finding": "40,510 SF, matching the deed; no encroachments; 10 ft utility easement along the Alder Avenue frontage",
   "status": "clear"
  },
  {
   "report": "Title commitment",
   "by": "Larch Title Agency (fictional)",
   "date": "2025-08-18",
   "finding": "Standard exceptions and the recorded 10 ft utility easement, which the plan keeps clear; no liens",
   "status": "exception"
  },
  {
   "report": "Flood hazard determination",
   "by": "Standard determination form",
   "date": "2025-08-20",
   "finding": "Zone X, outside the 500-year floodplain; flood insurance not required",
   "status": "clear"
  },
  {
   "report": "Water and sewer will-serve letter",
   "by": "Municipal utility authority",
   "date": "2025-07-08",
   "finding": "Capacity confirmed for 12 connections",
   "status": "clear"
  },
  {
   "report": "Grading and stormwater permit",
   "by": "City engineering department",
   "date": "2025-07-30",
   "finding": "Issued with the approved site plan; site work under way",
   "status": "clear"
  },
  {
   "report": "Building permits",
   "by": "City building department",
   "date": "2025-08",
   "finding": "Applications filed in August 2025 and pending on the effective date; the prospective values assume issuance in time for the schedule",
   "status": "pending"
  },
  {
   "report": "Homeowners association declaration",
   "by": "Developer counsel",
   "date": "2025-09-05",
   "finding": "Draft declaration and a $100 a month budget; records before the first closing",
   "status": "pending"
  }
 ],
 "review_trail": {
  "versions": [
   {
    "version": "0.9",
    "date": "2025-09-26",
    "status": "Draft sent to the bank review appraiser",
    "hash": "9c41e07ab2d5"
   },
   {
    "version": "1.0",
    "date": "2025-10-01",
    "status": "Final, signed"
   }
  ],
  "comments": [
   {
    "id": "R1",
    "chapter": "land",
    "check": "C06",
    "comment": "The subject purchase is used without an adjustment for the approvals obtained after it closed.",
    "response": "Added a +6% entitlement adjustment to L1, supported by four before-and-after sales.",
    "changes": [
     {
      "label": "Land value per planned home",
      "from": 30500,
      "to": 31000
     }
    ],
    "outcome": "V1 unchanged at $370,000 after rounding"
   },
   {
    "id": "R2",
    "chapter": "development",
    "check": "C03",
    "comment": "Support the 18% lot yield with market extractions as well as the survey.",
    "response": "Added three bulk lot sales with yields worked back at 17.6% to 21.0%.",
    "changes": [],
    "outcome": "No change to any value"
   },
   {
    "id": "R3",
    "chapter": "property",
    "check": "C05",
    "comment": "Cite the instrument that approves 12 homes on land that holds about 8 lots at the minimum size.",
    "response": "Cited Council Resolution 25-14 (fictional) in the zoning section.",
    "changes": [],
    "outcome": "No change to any value"
   },
   {
    "id": "R4",
    "chapter": "homes",
    "check": "C18",
    "comment": "The detached value leans on resales in superior locations. Explain why the two new-construction sales do not carry more weight.",
    "response": "Reweighted to the two new-construction sales, which need the smallest adjustments, and disclosed the small sample as check C18.",
    "changes": [
     {
      "label": "Detached retail value",
      "from": 580000,
      "to": 572000
     },
     {
      "label": "Aggregate retail (V4)",
      "from": 6310000,
      "to": 6294000
     },
     {
      "label": "As complete, bulk (V3)",
      "from": 5590000,
      "to": 5580000
     }
    ],
    "outcome": "V3 and V4 lowered"
   },
   {
    "id": "R5",
    "chapter": "lending",
    "check": "C11",
    "comment": "Report the debt against the as-complete value, the basis the loan is sized on.",
    "response": "Added debt to as-complete value to the lending section and the summary.",
    "changes": [],
    "outcome": "No change to any value"
   },
   {
    "id": "R6",
    "chapter": "homes",
    "check": "C13",
    "comment": "A 0.25% monthly time adjustment understates the submarket price index.",
    "response": "Raised the time adjustment to 0.35% a month, from the quarterly index at 4.2% a year.",
    "changes": [
     {
      "label": "Townhome adjusted mean",
      "from": 510090,
      "to": 512828
     }
    ],
    "outcome": "Townhome value unchanged at $515,000"
   }
  ]
 },
 "technology_use": {
  "tasks": [
   {
    "task": "Reading closing statements and MLS exports into the comparable tables",
    "tool": "Document-extraction model (generative AI)",
    "check": "The appraiser checked every extracted price, date and size against the source document; three corrections are logged",
    "workfile": "Extraction log with the source files"
   },
   {
    "task": "Size adjustment rates",
    "tool": "Regression in statistical software",
    "check": "Rates compared with three paired sales; r² 0.81",
    "workfile": "Regression output and the 46-sale data set"
   },
   {
    "task": "First draft of the neighborhood and site description",
    "tool": "Generative AI drafting assistant, working from the inspection notes",
    "check": "Rewritten by the appraiser; each statement confirmed against the inspection notes, survey and maps",
    "workfile": "Draft and edited text"
   },
   {
    "task": "Consistency checks C01 to C21",
    "tool": "Rule-based checks on the report data, no AI",
    "check": "Each flag reviewed; one medium and four low items disclosed",
    "workfile": "Check log"
   },
   {
    "task": "Comparable selection, adjustments, reconciliation and the opinions of value",
    "tool": "None; appraiser judgment",
    "check": "Not applicable",
    "workfile": "Workfile analysis"
   }
  ],
  "confidentiality": "Assignment files were processed in a business account with training on customer data turned off, and borrower names were removed before upload."
 }
}