Synthetic example: every name, party and figure in this record is fictional.
Parkview Apartments — Glendale, AZ
Deal ID: uw_2026_a3f9b1 | Scenario: Stabilized Acquisition | Status: In Progress — Full Underwrite
48 Units | 1987 Vintage | $7,200,000 Purchase | $150,000/Unit | 5.51% Cap Rate
Deal Context
Parkview is a 48-unit garden-style multifamily in the Camelback corridor of Glendale, AZ — a stable, infill westside Phoenix submarket with consistent renter demand driven by proximity to Sidewinder Stadium, Ridgeline Health campuses, and the Lariat Commons entertainment district. The property has been owner-operated for 14 years with below-market rents and deferred professional management, which is exactly the inefficiency that creates the buy opportunity here.
The thesis is straightforward: acquire at a realistic in-place yield, replace management, push rents toward market over the first 18 months through natural turnover, and hold for 5 years as the submarket continues to absorb population growth from Phoenix metro expansion. No heavy value-add capital required — this is an income play with a moderate rent-growth kicker, not a repositioning.
The owner is motivated — estate sale situation, wants a clean close. LOI accepted at $7.2M. 45-day due diligence, 30-day close. We are competing against one other buyer who is likely financing through a local bank.
json
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"_notes": "DSCR tightens once IO burns off — model at amortizing rate before committing. Check if lender will go 24mo IO.",
"deal_summary": "48-unit garden-style multifamily in Glendale AZ (westside Phoenix). Stabilized acquisition, owner-operated with below-market rents. Buy at in-place yield, professionalize management, push rents through natural turnover. 5-year hold.",
"investment_thesis": "Owner-operated asset with 6.8% loss-to-lease. Management replacement + lease-up to market rents over 18 months without capital outlay. Infill submarket with positive population growth and limited new supply at this price point.",
"acquisition_rationale": "Estate sale — motivated seller, clean title, no major deferred maintenance flagged in preliminary walk. LOI accepted at $7.2M after 3 weeks of marketing.",
"value_creation_strategy": "Replace property management (current PM charges 10% — benchmark is 5.5%). Execute lease renewals at market rents through natural turnover. No renovation capex required on units themselves — common areas recently updated by seller.",
"hold_strategy": "long_term_hold",
"exit_strategy_description": "Refinance at year 5 into agency debt if NOI supports; alternatively sell into a market with cap rate compression if Phoenix growth narrative holds. Exit cap assumption of 6.0% is 50bps wide of current market — conservative.",
"deal_goal": "Cash-flowing stabilized asset at sub-market entry with rent-growth optionality. Target 6%+ levered IRR with downside protected by infill location and functional demand.",
"special_circumstances": "Estate sale. Current owner is out-of-state heir, not a sophisticated real estate operator. Management is month-to-month with a local PM firm. Seller wants clean close — no seller financing, no contingencies beyond standard DD.",
"known_risks_user_identified": [
"DSCR compresses to ~1.11x once IO period ends — tight if NOI doesn't grow as projected",
"Loss-to-lease means current income understates potential but also means leases are stale and renewal risk exists",
"Phoenix metro supply pipeline is elevated for 2026-2027 — may pressure rent growth in year 2",
"Seller's T-12 prepared by management company, not CPA — expenses may be understated"
],
"known_opportunities_user_identified": [
"Management fee reduction from 10% to 5.5% adds ~$19k NOI immediately",
"Natural turnover at 25-30%/yr means rents can reach market within 18-24 months without buyouts",
"Submarket has <5% vacancy — strong renter demand provides cushion on lease-up timing"
],
"deal_history": "Off-market introduction through estate attorney. No formal listing. Two offers submitted — ours and one local buyer. Seller chose us on certainty of close.",
"time_constraints": {
"loi_deadline": "2026-04-10",
"due_diligence_period_days": 45,
"close_deadline": "2026-06-24",
"hard_deadline": true,
"notes": "Seller has estate court approval deadline in late June — hard close required by June 24."
},
"competitive_situation": "One competing offer from a local Phoenix buyer believed to be using a community bank bridge loan. Our conventional 70% LTV permanent financing at a known lender gives us execution certainty advantage.",
"lender_preferences": {
"preferred_lender_type": "bank",
"preferred_loan_type": "conventional",
"rate_ceiling_pct": 0.065,
"min_io_period_months": 12,
"max_recourse": "partial",
"notes": "Prefer 24mo IO if available. At 12mo IO, DSCR at amortizing is 1.11x — acceptable but tight. 24mo IO gives time for rent growth to build before full debt service kicks in."
},
"investor_context": {
"portfolio_role": "core_plus",
"target_market_fit": "Secondary Phoenix metro, B-class multifamily — fits buy box",
"buy_box_fit": "strong",
"buy_box_exception_reason": null,
"tax_considerations": "Cost segregation study planned at acquisition. Bonus depreciation on personal property components.",
"depreciation_strategy": "Cost seg year 1 to accelerate depreciation on short-life components"
},
"deal_tags": [
"multifamily",
"phoenix_metro",
"stabilized",
"estate_sale",
"below_market_rents",
"management_upside"
],
"ai_synthesis": {
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"summary": null,
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}
}Property
Parkview Apartments is a two-story, wood-frame garden-style apartment complex comprising 48 units across four buildings on a 1.8-acre parcel. Built in 1987, the property received a common area renovation in 2023 (new leasing office, resurfaced parking, landscaping refresh). Unit interiors are original but functional — no deferred maintenance flagged in the walk-through; appliances aging but operational.
The Camelback/Glendale submarket sits between Loop 101 and the I-17 corridor, with strong renter demand from healthcare workers (Ridgeline Westside Medical Center 1.2 miles), sports/entertainment employees (Sidewinder Stadium 3 miles), and workforce renters priced out of Scottsdale and Tempe.
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"address": {
"street": "1234 W Palisade Wash Rd",
"city": "Glendale",
"state": "AZ",
"zip": "85301",
"county": "Maricopa",
"apn": "148-23-456",
"legal_description": "Parkview Estates Lot 7, Maricopa County, AZ",
"coordinates": {
"lat": 33.5095,
"lng": -112.1845
}
},
"asset_class": "multifamily",
"asset_subtype": "garden_style",
"year_built": 1987,
"year_renovated": 2023,
"total_units": 48,
"total_nra_sqft": 41400,
"land_area_sqft": 78408,
"land_area_acres": 1.8,
"stories": 2,
"building_class": "B",
"construction_type": "wood_frame",
"parking_spaces": 72,
"parking_ratio": 1.5,
"parking_type": "surface",
"amenities": [
"laundry_room",
"pool",
"covered_parking_partial",
"leasing_office"
],
"condition": "average_good",
"deferred_maintenance_est": 0,
"recent_capex_description": "Common area renovation 2023: new leasing office, parking resurfacing, landscaping.",
"recent_capex_amount": 185000,
"zoning": "R-3 Multi-Family Residential",
"flood_zone": "X — Minimal flood hazard",
"opportunity_zone": false,
"hud_qualified_census_tract": false,
"environmental_concerns_noted": false
}Ownership & Acquisition
Current owner is the Hartwell Family Trust, administered by an out-of-state executor following the death of the original owner in late 2025. Property has been under the same ownership since 2011. No existing debt — property is free and clear, which simplifies the transaction.
json
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"_notes": null,
"transaction_type": "acquisition",
"current_owner": "Hartwell Family Trust",
"acquisition_date": null,
"acquisition_price": null,
"current_estimated_value": 7200000,
"existing_debt": {
"outstanding_balance": 0,
"rate": null,
"maturity": null,
"lender": null,
"prepayment_penalty_est": 0
},
"borrowing_entity": {
"name": "Camelback Realty Partners LLC",
"type": "llc",
"state_of_formation": "AZ",
"year_formed": 2019,
"ein": "85-XXXXXXX"
},
"ownership_structure_notes": "Single-member LLC, managing member is the principal borrower.",
"key_man_identified": true,
"foreign_ownership_pct": 0,
"anonymous_ownership_flags": false
}Rent Roll
As of April 1, 2026. 45 of 48 units occupied (93.75% physical occupancy). Three vacancies: two 1BR units undergoing make-ready, one 2BR on notice. In-place rents are below market across both unit types — average 4.5% loss-to-lease on 1BR, 3.9% on 2BR. Seven units are month-to-month. No concessions currently offered.
| Type | Count | Avg SF | Avg In-Place | Avg Market | Loss-to-Lease | Occupancy |
|---|---|---|---|---|---|---|
| 1BR/1BA | 24 | 750 | $1,050 | $1,100 | $50 | 91.7% (22/24) |
| 2BR/2BA | 24 | 975 | $1,225 | $1,275 | $50 | 95.8% (23/24) |
| Total | 48 | 863 | $1,138 | $1,188 | $50 | 93.8% |
json
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"timestamp": "2026-04-24T10:12:00Z",
"notes": "Parsed from parkview_rent_roll_apr2026.xlsx. 48 unit records found, 0 parse errors."
},
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"flags": [
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"_notes": null,
"rent_roll_type": "multifamily",
"as_of_date": "2026-04-01",
"total_units": 48,
"occupied_units": 45,
"vacant_units": 2,
"notice_units": 1,
"model_units": 0,
"down_units": 0,
"physical_occupancy_pct": 0.9375,
"economic_occupancy_pct": 0.9167,
"gross_potential_rent_monthly": 54600,
"gross_potential_rent_annual": 655200,
"in_place_rent_monthly": 51210,
"in_place_rent_annual": 614520,
"loss_to_lease_monthly": 2400,
"loss_to_lease_pct": 0.044,
"concessions_monthly": 0,
"concessions_annual": 0,
"net_effective_rent_monthly": 51210,
"month_to_month_units": 7,
"month_to_month_pct": 0.1458,
"units": "[ 48 unit records — see source file parkview_rent_roll_apr2026.xlsx ]",
"unit_mix_summary": [
{
"unit_type": "1BR/1BA",
"count": 24,
"avg_sqft": 750,
"avg_rent_inplace": 1050,
"avg_rent_market": 1100,
"loss_to_lease_avg": 50,
"occupancy_pct": 0.9167,
"pct_of_total": 0.5
},
{
"unit_type": "2BR/2BA",
"count": 24,
"avg_sqft": 975,
"avg_rent_inplace": 1225,
"avg_rent_market": 1275,
"loss_to_lease_avg": 50,
"occupancy_pct": 0.9583,
"pct_of_total": 0.5
}
],
"lease_expiration_schedule": [
{
"month": "2026-05",
"expiring_count": 4,
"expiring_rent_monthly": 4500,
"pct_of_total_income": 0.088
},
{
"month": "2026-06",
"expiring_count": 6,
"expiring_rent_monthly": 6900,
"pct_of_total_income": 0.135
},
{
"month": "2026-07",
"expiring_count": 5,
"expiring_rent_monthly": 5875,
"pct_of_total_income": 0.115
},
{
"month": "2026-08",
"expiring_count": 8,
"expiring_rent_monthly": 9400,
"pct_of_total_income": 0.183
},
{
"month": "2026-09",
"expiring_count": 6,
"expiring_rent_monthly": 7050,
"pct_of_total_income": 0.138
},
{
"month": "2026-10",
"expiring_count": 4,
"expiring_rent_monthly": 4800,
"pct_of_total_income": 0.094
},
{
"month": "2026-11",
"expiring_count": 3,
"expiring_rent_monthly": 3525,
"pct_of_total_income": 0.069
},
{
"month": "2026-12",
"expiring_count": 2,
"expiring_rent_monthly": 2400,
"pct_of_total_income": 0.047
}
]
}Operating Statement
T-12 through December 2025. Prepared by property management company, not CPA-certified. Expense audit recommended — management fee is stated at 10% (above market benchmark of 5-6%) and utilities appear understated vs. comparable properties. NOI of $412,000 is treated as a ceiling, not a floor, in underwriting.
| Line Item | T-12 Actual | UW | Variance | Note |
|---|---|---|---|---|
| Gross Potential Rent | $655,200 | $655,200 | — | At current asking rent |
| Vacancy / Credit Loss | ($32,760) | ($45,864) | ($13,104) | UW 7% vs. T-12 5% |
| Other Income | $18,000 | $21,600 | $3,600 | Add parking income |
| EGI | $640,440 | $630,936 | ||
| Real Estate Taxes | ($52,000) | ($58,000) | ($6,000) | Sale will trigger reassessment |
| Insurance | ($24,500) | ($28,800) | ($4,300) | Benchmarked to 0.4% |
| Management Fees | ($64,044) | ($34,701) | $29,343 | 10% → 5.5% on EGI |
| Payroll & Benefits | ($26,400) | ($28,800) | ($2,400) | Benchmarked |
| Utilities | ($21,600) | ($24,000) | ($2,400) | Slightly understated |
| Repairs & Maintenance | ($21,600) | ($24,000) | ($2,400) | Benchmarked |
| Contract Services | ($8,400) | ($9,600) | ($1,200) | Benchmarked |
| Administrative | ($6,000) | ($7,200) | ($1,200) | Benchmarked |
| Professional Fees | ($4,800) | ($4,800) | — | |
| Replacement Reserves | ($14,400) | ($14,400) | — | $300/unit |
| Total OpEx | ($228,344) | ($234,301) | ||
| NOI | $412,096 | $396,635 |
json
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"agent_version": "1.0.0",
"timestamp": "2026-04-24T10:18:00Z",
"notes": "Management company-prepared. Management fee at 10% of EGI is 450bps above market benchmark. Recommend requesting trailing 24-month statements and utility bills."
},
"quality": {
"confidence": "medium",
"human_review_required": true,
"flags": [
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},
"_notes": "CPA review or utility bill cross-check needed before credit committee.",
"period_type": "T12",
"period_start": "2025-01-01",
"period_end": "2025-12-31",
"annualized": true,
"statement_prepared_by": "management_company",
"cpa_certified": false,
"income": {
"gross_potential_rent": 655200,
"less_vacancy_credit_loss": 32760,
"vacancy_pct": 0.05,
"less_concessions": 0,
"less_loss_to_lease": 0,
"other_income": {
"laundry": 12000,
"parking": 0,
"pet_fees": 3600,
"late_fees": 2400,
"storage": 0,
"utility_reimbursements": 0,
"cable_internet": 0,
"vending": 0,
"lease_termination_fees": 0,
"insurance_proceeds": 0,
"other": 0,
"total": 18000
},
"effective_gross_income": 640440
},
"expenses": {
"real_estate_taxes": 52000,
"insurance": 24500,
"management_fees": 64044,
"management_fee_pct_egi": 0.1,
"payroll_benefits": 26400,
"utilities": {
"electric": 8400,
"gas": 4800,
"water_sewer": 7200,
"trash": 1200,
"total": 21600
},
"repairs_maintenance": 21600,
"contract_services": 8400,
"marketing_advertising": 0,
"administrative": 6000,
"professional_fees": 4800,
"capital_expenditures_actual": 0,
"replacement_reserves": 14400,
"other_expenses": 0,
"total_operating_expenses": 228344
},
"net_operating_income": 412096,
"expense_ratio": 0.3565,
"noi_margin": 0.6435,
"noi_per_unit": 8585,
"noi_per_sqft": 9.95,
"anomalies": [
"management_fee_10pct_of_egi_above_market_benchmark_5.5pct"
],
"non_recurring_items": []
}Underwritten NOI
Underwriting applies three key adjustments to the T-12: (1) vacancy normalized to 7% reflecting submarket average versus the owner's reported 5%; (2) management fee reduced from 10% to 5.5% EGI, reflecting market rate and the new management agreement in negotiation; (3) real estate taxes reassessed to reflect post-sale value using Maricopa County's transfer reassessment methodology. All other expenses benchmarked to asset class norms — utilities and payroll slightly above T-12 actuals to reflect conservative underwriting.
json
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"_notes": null,
"underwriting_basis": "stabilized",
"income": {
"gross_potential_rent": {
"value": 655200,
"source": "rent_roll",
"per_unit_monthly": 1138,
"per_sqft_annually": 15.82,
"rationale": "In-place rents at current market asking — not marked to full market to avoid loss-to-lease assumption risk"
},
"vacancy_credit_loss": {
"value": 45864,
"rate_applied": 0.07,
"source": "underwritten",
"vs_t12_actual": 0.05,
"vs_submarket_avg": 0.048,
"rationale": "Normalized to 7% — T-12 actual of 5% reflects owner's aggressive management; submarket avg 4.8% per Mesquite Market Data Q1 2026; underwrite to 7% to cushion for management transition turnover"
},
"concessions": {
"value": 0,
"rationale": "No concessions currently offered; none assumed"
},
"loss_to_lease": {
"value": 0,
"rationale": "Rent roll underwritten at in-place rents, not market rents — loss-to-lease is upside, not included in base case"
},
"other_income": {
"value": 21600,
"vs_t12": 3600,
"non_recurring_excluded": 0,
"breakdown": {
"laundry": 12000,
"pet_fees": 4800,
"late_fees": 2400,
"parking_add": 2400
}
},
"effective_gross_income": 630936
},
"expenses": {
"real_estate_taxes": {
"value": 58000,
"per_unit": 1208,
"source": "reassessment_estimate",
"reassessment_basis": "70% of purchase price per Maricopa County methodology = $5,040,000 AV × 1.15% = $57,960, rounded to $58,000",
"benchmark_low": 48000,
"benchmark_high": 64000,
"reassessment": {
"trigger": "sale"
}
},
"insurance": {
"value": 28800,
"pct_of_estimated_value": 0.004,
"source": "benchmark"
},
"management_fees": {
"value": 34701,
"rate_pct": 0.055,
"applied_to": "egi",
"source": "contract"
},
"payroll_benefits": {
"value": 28800,
"per_unit": 600,
"source": "benchmark"
},
"utilities": {
"value": 24000,
"per_unit": 500,
"source": "benchmark"
},
"repairs_maintenance": {
"value": 24000,
"per_unit": 500,
"source": "benchmark"
},
"contract_services": {
"value": 9600,
"per_unit": 200,
"source": "benchmark"
},
"marketing_advertising": {
"value": 7200,
"per_unit": 150,
"source": "benchmark"
},
"administrative": {
"value": 0,
"source": "benchmark"
},
"professional_fees": {
"value": 4800,
"source": "actual"
},
"replacement_reserves": {
"value": 14400,
"per_unit": 300,
"source": "benchmark"
},
"total_operating_expenses": 234301,
"expense_ratio": 0.3713,
"expense_per_unit": 4881,
"expense_per_sqft": 5.66,
"vs_benchmark_assessment": "within_range"
},
"net_operating_income": 396635,
"noi_per_unit": 8263,
"noi_per_sqft": 9.58,
"noi_margin": 0.6287,
"vs_t12_noi": 412096,
"vs_t12_variance_pct": -0.0374,
"variance_explanation": "UW NOI is 3.7% below T-12 due to higher vacancy assumption (+200bps) and higher tax estimate post-reassessment, partially offset by management fee reduction.",
"projections": {
"year_1": {
"revenue_growth_rate": 0.03,
"expense_growth_rate": 0.025,
"projected_egi": 649864,
"projected_opex": 240159,
"projected_noi": 409705
},
"year_2": {
"projected_noi": 423197
}
}
}Valuation
Income approach produces a value of $7,198,000 at the underwritten NOI and a 5.51% market cap rate — essentially at purchase price, confirming the deal is priced at market. No appraisal in hand yet; ordered, expected within 20 days of contract execution.
json
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},
"_notes": "Appraisal ordered 2026-04-22, expected 2026-05-12. UW value essentially at purchase price — deal is priced at market, not below.",
"purchase_price": 7200000,
"purchase_price_per_unit": 150000,
"purchase_price_per_sqft": 174,
"gross_rent_multiplier": 11.75,
"income_approach": {
"cap_rate_applied": 0.0551,
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"cap_rate_range": {
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"mid": 0.0551,
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},
"noi_used": 396635,
"noi_source": "underwritten",
"indicated_value": 7198000,
"value_per_unit": 149958,
"value_per_sqft": 174
},
"appraised_value": null,
"appraised_as_of": null,
"appraiser_name": null,
"appraisal_report_date": null,
"appraisal_approach": null,
"appraisal_cap_rate": null,
"sales_comparison": {
"indicated_value": null,
"price_per_unit_range_low": 135000,
"price_per_unit_range_high": 165000,
"comp_count": null
},
"uw_value_vs_purchase_price_pct": -0.0003,
"uw_value_vs_appraised_pct": null,
"appraisal_inflation_flag": false,
"value_used_for_ltv": 7200000,
"value_used_for_ltv_basis": "purchase_price"
}Debt Structure
Conventional permanent loan at 70% LTV. Rate locked at 5.875% fixed for 5-year term with 30-year amortization and 12 months interest-only. Key flag: DSCR at amortizing debt service is 1.109x — below the 1.20x warning threshold. Deal passes the 1.0x error threshold with cushion, but lender conversations should explore 24-month IO as a primary ask.
json
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},
"_notes": "Ask Javelina Commercial Bank about 24mo IO — their current sheet shows 24mo IO available on multifamily <$7.5M. Would push amortizing DSCR risk past year 2 rent growth.",
"loan_amount": 5040000,
"loan_purpose": "acquisition",
"loan_type": "conventional",
"rate_type": "fixed",
"interest_rate": 0.05875,
"rate_index": "fixed",
"rate_spread_bps": null,
"rate_floor_pct": null,
"note_rate_at_close": 0.05875,
"amortization_years": 30,
"loan_term_years": 5,
"io_period_months": 12,
"balloon_year": 5,
"balloon_payment_est": 4762000,
"recourse": "partial",
"prepayment_type": "stepdown",
"prepayment_schedule": "5-4-3-2-1",
"origination_fee_pct": 0.01,
"exit_fee_pct": null,
"lender_name": "Javelina Commercial Bank",
"lender_type": "bank",
"annual_debt_service": 357612,
"monthly_debt_service": 29801,
"sizing_metrics": {
"ltv": 0.7,
"dscr_underwritten": 1.109,
"dscr_inplace": 1.153,
"debt_yield": 0.0787,
"debt_yield_inplace": 0.0818,
"binding_constraint": "ltv",
"max_loan_at_ltv": 5040000,
"max_loan_at_dscr": 4620000,
"max_loan_at_debt_yield": 4420000,
"headroom_ltv_bps": 0,
"headroom_dscr": 0.109,
"headroom_debt_yield_bps": 187
},
"stress_dscr": {
"plus_100bps": null,
"plus_200bps": null,
"plus_300bps": null
},
"covenants": [
{
"type": "min_dscr",
"threshold": "1.10x (tested annually against trailing 12-month NOI)",
"test_frequency": "annual",
"cure_period_days": 90,
"remedy_cascade": "Notice → 90-day cure → cash trap if uncured → default at 1.00x"
},
{
"type": "min_occupancy",
"threshold": "85% physical occupancy",
"test_frequency": "quarterly",
"cure_period_days": 60,
"remedy_cascade": "Notice → 60-day cure period"
}
]
}Sources & Uses
json
{
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},
"_notes": null,
"total_project_cost": 7440000,
"sources": {
"senior_loan": 5040000,
"mezzanine_debt": null,
"preferred_equity": null,
"equity_sponsor": 2400000,
"equity_lp": null,
"seller_financing": null,
"government_grant": null,
"tax_credit_equity": null,
"other": null,
"total": 7440000
},
"uses": {
"purchase_price": 7200000,
"closing_costs": {
"broker_commission": 0,
"title_insurance": 28000,
"transfer_taxes": 21600,
"legal_fees": 15000,
"due_diligence": 12000,
"loan_origination_fee": 50400,
"appraisal": 4500,
"environmental": 2800,
"survey": 2500,
"inspection": 2200,
"other": 0,
"total": 139000
},
"other_reserves": 5000,
"total": 7440000,
"escrows": [
{
"name": "operating",
"upfront": 96000
}
]
},
"equity_metrics": {
"equity_total": 2400000,
"equity_pct_of_cost": 0.3226,
"equity_per_unit": 50000,
"equity_per_sqft": 58,
"loan_to_cost": 0.6774
},
"sources_uses_balanced": true
}DCF & Hold Period
5-year hold. Revenue growth 3%/yr, expenses 2.5%/yr. Exit at 6.0% cap rate (50bps above going-in) applied to year-6 NOI. Levered IRR of ~6.3% reflects the stabilized, income-oriented nature of this investment — this is not a value-add play.
| Year | EGI | OpEx | NOI | Debt Service | Levered CF | CoC |
|---|---|---|---|---|---|---|
| 1 (IO) | $630,936 | $234,301 | $396,635 | $296,100 | $100,535 | 4.19% |
| 2 | $649,864 | $240,159 | $409,705 | $357,612 | $52,093 | 2.17% |
| 3 | $669,360 | $246,163 | $423,197 | $357,612 | $65,585 | 2.73% |
| 4 | $689,441 | $252,317 | $437,124 | $357,612 | $79,512 | 3.31% |
| 5 | $710,124 | $258,625 | $451,499 | $357,612 | $93,887 | 3.91% |
Exit: Year-6 NOI $465,044 ÷ 6.0% = $7,750,733 gross. Net proceeds to equity ~$2,845,000.
Levered IRR: ~6.3% | Equity Multiple: ~1.35x
json
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"hold_period_years": 5,
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"assumptions": {
"revenue_growth_rate": 0.03,
"expense_growth_rate": 0.025,
"exit_cap_rate": 0.06,
"exit_cap_rate_source": "going_in_plus_50bps_expansion",
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"disposition_costs_pct": 0.02,
"discount_rate": 0.07,
"going_in_cap_rate": 0.0551
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"annual_cash_flows": [
{
"year": 1,
"gross_potential_rent": 655200,
"effective_gross_income": 630936,
"total_expenses": 234301,
"net_operating_income": 396635,
"annual_debt_service": 296100,
"net_cash_flow_levered": 100535,
"net_cash_flow_unlevered": 396635,
"cash_on_cash_return": 0.0419,
"cumulative_equity_invested": 2400000,
"loan_balance_eoy": 5040000
},
{
"year": 2,
"gross_potential_rent": 674856,
"effective_gross_income": 649864,
"total_expenses": 240159,
"net_operating_income": 409705,
"annual_debt_service": 357612,
"net_cash_flow_levered": 52093,
"net_cash_flow_unlevered": 409705,
"cash_on_cash_return": 0.0217,
"cumulative_equity_invested": 2400000,
"loan_balance_eoy": 4985000
},
{
"year": 3,
"gross_potential_rent": 695101,
"effective_gross_income": 669360,
"total_expenses": 246163,
"net_operating_income": 423197,
"annual_debt_service": 357612,
"net_cash_flow_levered": 65585,
"net_cash_flow_unlevered": 423197,
"cash_on_cash_return": 0.0273,
"cumulative_equity_invested": 2400000,
"loan_balance_eoy": 4927000
},
{
"year": 4,
"gross_potential_rent": 715954,
"effective_gross_income": 689441,
"total_expenses": 252317,
"net_operating_income": 437124,
"annual_debt_service": 357612,
"net_cash_flow_levered": 79512,
"net_cash_flow_unlevered": 437124,
"cash_on_cash_return": 0.0331,
"cumulative_equity_invested": 2400000,
"loan_balance_eoy": 4865000
},
{
"year": 5,
"gross_potential_rent": 737432,
"effective_gross_income": 710124,
"total_expenses": 258625,
"net_operating_income": 451499,
"annual_debt_service": 357612,
"net_cash_flow_levered": 93887,
"net_cash_flow_unlevered": 451499,
"cash_on_cash_return": 0.0391,
"cumulative_equity_invested": 2400000,
"loan_balance_eoy": 4800000
}
],
"exit_analysis": {
"exit_year": 5,
"exit_noi": 451499,
"cap_rate": 0.06,
"exit_value_gross": 7750733,
"disposition_costs": 155015,
"exit_value_net": 7595718,
"loan_balance_at_exit": 4800000,
"net_proceeds_to_equity": 2795718,
"exit_value_per_unit": 161474,
"exit_value_per_sqft": 183
},
"returns": {
"levered_irr": 0.063,
"unlevered_irr": 0.057,
"equity_multiple": 1.35,
"avg_cash_on_cash": 0.0326,
"total_equity_distributions": 391612,
"npv": 76400,
"discount_rate_used": 0.07,
"payback_period_years": null
},
"sensitivity_matrix": {
"exit_cap_rate_axis": [
0.05,
0.055,
0.06,
0.065,
0.07
],
"rent_growth_axis": [
0.01,
0.02,
0.03,
0.04,
0.05
],
"irr_grid": [
[
0.094,
0.101,
0.108,
0.115,
0.122
],
[
0.079,
0.086,
0.093,
0.1,
0.107
],
[
0.063,
0.07,
0.077,
0.084,
0.091
],
[
0.047,
0.054,
0.061,
0.068,
0.075
],
[
0.031,
0.038,
0.045,
0.052,
0.059
]
]
}
}Stress Tests
json
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"_notes": "Moderate and severe stress scenarios fail minimum DSCR. This is consistent with the tight base case DSCR. Discuss with lender.",
"base_dscr": 1.109,
"base_debt_yield": 0.0787,
"base_noi": 396635,
"scenarios": [
{
"name": "base_case",
"label": "Base Case",
"revenue_shock_pct": 0,
"expense_shock_pct": 0,
"rate_shock_bps": 0,
"cap_rate_expansion_bps": null,
"resulting_egi": 630936,
"resulting_opex": 234301,
"resulting_noi": 396635,
"resulting_debt_service": 357612,
"resulting_dscr": 1.109,
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"resulting_ltv": 0.7,
"resulting_exit_value": null,
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"passes_debt_yield_minimum": true,
"minimum_debt_yield_threshold": 0.07
},
{
"name": "mild_stress",
"label": "Mild Stress (-10% Rev, +5% Exp)",
"revenue_shock_pct": -0.1,
"expense_shock_pct": 0.05,
"rate_shock_bps": 0,
"cap_rate_expansion_bps": null,
"resulting_egi": 567842,
"resulting_opex": 246016,
"resulting_noi": 321826,
"resulting_debt_service": 357612,
"resulting_dscr": 0.9,
"resulting_debt_yield": 0.0639,
"resulting_ltv": null,
"resulting_exit_value": null,
"passes_dscr_minimum": false,
"minimum_dscr_threshold": 1,
"passes_debt_yield_minimum": false,
"minimum_debt_yield_threshold": 0.07
},
{
"name": "moderate_stress",
"label": "Moderate Stress (-20% Rev, +10% Exp)",
"revenue_shock_pct": -0.2,
"expense_shock_pct": 0.1,
"rate_shock_bps": 0,
"cap_rate_expansion_bps": 100,
"resulting_egi": 504749,
"resulting_opex": 257731,
"resulting_noi": 247018,
"resulting_debt_service": 357612,
"resulting_dscr": 0.691,
"resulting_debt_yield": 0.049,
"resulting_ltv": null,
"resulting_exit_value": null,
"passes_dscr_minimum": false,
"minimum_dscr_threshold": 1,
"passes_debt_yield_minimum": false,
"minimum_debt_yield_threshold": 0.07
},
{
"name": "severe_stress",
"label": "Severe Stress (-30% Rev, +15% Exp)",
"revenue_shock_pct": -0.3,
"expense_shock_pct": 0.15,
"rate_shock_bps": 0,
"cap_rate_expansion_bps": 200,
"resulting_egi": 441655,
"resulting_opex": 269446,
"resulting_noi": 172209,
"resulting_debt_service": 357612,
"resulting_dscr": 0.482,
"resulting_debt_yield": 0.0342,
"resulting_ltv": null,
"resulting_exit_value": null,
"passes_dscr_minimum": false,
"minimum_dscr_threshold": 1,
"passes_debt_yield_minimum": false,
"minimum_debt_yield_threshold": 0.07
}
],
"break_even": {
"break_even_occupancy_pct": 0.857,
"break_even_rent_per_unit_monthly": 1031,
"break_even_rent_per_sqft_annually": null,
"current_vs_breakeven_occupancy_cushion": 0.08,
"current_vs_breakeven_rent_cushion_pct": 0.01
},
"rate_sensitivity": null
}Market Analysis
The Glendale/West Phoenix submarket is a supply-constrained, workforce-renter market with vacancy below the Phoenix metro average. Rent growth has moderated from 2021–2022 peaks but remains positive at ~3% annually. New supply pipeline is concentrated in the Scottsdale and Tempe corridors — not meaningful competition at this price point. Cap rates for B-class multifamily in this submarket have stabilized in the 5.25–5.75% range after the 2023–2024 correction.
json
{
"_meta": {
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"source": "agent/market-analyst",
"actor": "system",
"agent_id": "market-analyst",
"agent_version": "1.0.0",
"timestamp": "2026-04-24T12:30:00Z",
"notes": "Market data from web search; Mesquite Market Data feed not connected. Recommend Mesquite Market Data validation before credit committee."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
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},
"_notes": null,
"market": "Phoenix Metro",
"submarket": "Glendale / West Phoenix",
"market_tier": "2",
"data_as_of": "2026-04-01",
"data_sources": [
"Mesquite Market Data Q1 2026 Phoenix Market Report (secondary)",
"Saguaro Capital Advisors Phoenix Multifamily Outlook 2026",
"Palo Verde Brokerage Phoenix Multifamily 2026"
],
"vacancy": {
"current_rate": 0.048,
"prior_year_rate": 0.051,
"yoy_change_bps": -30,
"trend": "improving",
"source": "Mesquite Market Data Q1 2026"
},
"rents": {
"avg_asking_per_unit": 1195,
"avg_asking_per_sqft": 1.44,
"yoy_rent_growth_pct": 0.029,
"trend": "moderate",
"by_unit_type": [
{
"unit_type": "1BR/1BA",
"avg_asking_rent": 1095,
"vs_subject_rent": 45
},
{
"unit_type": "2BR/2BA",
"avg_asking_rent": 1295,
"vs_subject_rent": 70
}
]
},
"supply": {
"units_under_construction": 420,
"units_planned_12mo": 180,
"units_planned_24mo": 320,
"pct_of_existing_stock": 0.018,
"major_projects": [
"Camelback Commons (148 units, est. delivery Q3 2026)",
"Stadium View Apts (272 units, est. Q1 2027)"
],
"supply_assessment": "moderate"
},
"demand": {
"net_absorption_trailing_12mo": 680,
"employment_growth_pct": 0.024,
"population_growth_pct": 0.019,
"major_employers": [
"Ridgeline Westside Medical Center",
"Copperleaf Mutual Insurance",
"Lodestar Financial Services",
"Bluesage Health"
],
"demand_drivers": [
"healthcare employment growth",
"westside Phoenix population expansion",
"affordability relative to Scottsdale/Tempe"
],
"outlook": "positive"
},
"cap_rates": {
"range_low": 0.0525,
"range_mid": 0.0551,
"range_high": 0.06,
"trend": "stable",
"source": "Saguaro Capital Advisors / Palo Verde Brokerage Q1 2026"
},
"comparable_sales": [
{
"address": "4820 N Brittlebush Mesa Ave, Glendale AZ",
"property_name": "Desert View Apts",
"sale_date": "2026-01",
"units_or_sqft": 52,
"year_built": 1984,
"sale_price": 7540000,
"price_per_unit": 145000,
"price_per_sqft": 168,
"cap_rate": 0.0558,
"distance_miles": 1.8,
"notes": "B-class garden, similar vintage, 94% occupancy at sale"
},
{
"address": "2250 W Coyote Bend Rd, Phoenix AZ",
"property_name": "Bethany Gardens",
"sale_date": "2025-11",
"units_or_sqft": 64,
"year_built": 1991,
"sale_price": 9600000,
"price_per_unit": 150000,
"price_per_sqft": 171,
"cap_rate": 0.0541,
"distance_miles": 2.4,
"notes": "Larger but similar quality and vintage"
},
{
"address": "5540 N Tumbleweed Flats Ave, Glendale AZ",
"property_name": "Westwood Place",
"sale_date": "2025-08",
"units_or_sqft": 36,
"year_built": 1979,
"sale_price": 4680000,
"price_per_unit": 130000,
"price_per_sqft": 155,
"cap_rate": 0.0612,
"distance_miles": 0.9,
"notes": "Older vintage, lower quality — represents floor"
}
],
"comparable_rentals": [
{
"property_name": "Camelback Village Apts",
"address": "4200 W Palisade Wash Rd",
"units": 60,
"unit_type": "1BR/1BA",
"asking_rent_per_unit": 1095,
"asking_rent_per_sqft": 1.46,
"occupancy_pct": 0.95,
"year_built": 1989,
"distance_miles": 0.6,
"concessions": "None"
},
{
"property_name": "Glendale Palms",
"address": "6700 N Desert Lark Ave",
"units": 80,
"unit_type": "2BR/2BA",
"asking_rent_per_unit": 1310,
"asking_rent_per_sqft": 1.4,
"occupancy_pct": 0.938,
"year_built": 1993,
"distance_miles": 1.1,
"concessions": "None"
}
],
"market_risk_rating": "moderate",
"market_narrative": "The Glendale/West Phoenix multifamily submarket is a functionally stable, supply-constrained workforce housing corridor. Vacancy at 4.8% is 80bps below the broader Phoenix metro average of 5.6%, supported by strong healthcare and services employment anchors. Rent growth has normalized to 2.9% annually following the post-pandemic correction, with forward projections of 2.5-3.5% annually through 2028. New supply is below 2% of existing stock annually, concentrated in luxury product at higher price points that competes minimally with this asset. Cap rates have stabilized in the 5.25-6.00% range following the 2023-2024 correction from compressed levels. The primary risk is elevated Phoenix metro-wide supply deliveries in 2026-2027 creating headline noise, but the specific Glendale workforce segment is insulated by its price point."
}Borrower & Sponsor
Single-principal LLC, 14 years of CRE experience, 6 assets under management. Financial strength is adequate — NW-to-loan ratio above policy minimum, liquidity slightly below preferred threshold but within range given 0 existing loan exposure on the subject entity.
json
{
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"resolution": "user_input",
"actor": "analyst",
"agent_id": "wizard",
"agent_version": "4.0.0",
"timestamp": "2026-04-24T09:30:00Z",
"notes": "Figures are PFS-stated. CPA letter requested, expected before end of DD period."
},
"quality": {
"confidence": "medium",
"human_review_required": true,
"flags": [
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"liquidity_to_loan_ratio_below_preferred"
],
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},
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}
},
"_notes": "Liquidity ratio is 9.5% vs 10% preferred minimum — marginal. CPA verification will either clear or flag.",
"principals": [
{
"name": "James Camelback",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 8400000,
"liquid_assets_stated": 480000,
"contingent_liabilities_stated": 0,
"years_cre_experience": 14,
"pfs_received": true,
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"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"financial_summary": {
"global_net_worth": 8400000,
"global_liquidity": 480000,
"nw_to_loan_ratio": 1.667,
"nw_to_loan_policy_min": 1,
"liquidity_to_loan_ratio": 0.095,
"liquidity_to_loan_policy_min": 0.1,
"global_debt_service_annual": 312000,
"global_dscr": 2.14,
"all_figures_verified": false,
"unverified_flag": true
},
"real_estate_portfolio": {
"total_properties": 6,
"total_value_stated": 12600000,
"total_debt_stated": 7200000,
"implied_equity": 5400000,
"portfolio_ltv": 0.571,
"asset_classes_managed": [
"multifamily",
"single_family_rental"
],
"markets_active_in": [
"Phoenix Metro",
"Tucson"
]
},
"track_record": {
"deals_completed": 8,
"total_deal_volume": 18000000,
"avg_hold_period_years": 5,
"similar_asset_class_experience": true,
"similar_market_experience": true,
"deals_in_default_or_loss": 0,
"summary_narrative": "14 years acquiring and managing B-class multifamily in Phoenix and Tucson metro. 8 completed acquisitions with no defaults or losses. Currently managing 6 properties totaling 180 units. Clean operating history."
},
"entity_structure_flags": [],
"key_man_risk_flag": true,
"sponsor_narrative": "James Camelback is an experienced Phoenix metro multifamily operator with 14 years in the market and a clean track record across 8 acquisitions. His portfolio is concentrated in B-class garden-style multifamily — the same product as the subject — giving him directly applicable experience. The single-principal LLC structure presents standard key-man risk, mitigated by the stabilized nature of the asset and straightforward operations."
}Due Diligence
Due diligence in process. Appraisal and Phase I ordered. Title commitment received — clean. Inspection scheduled for next week.
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}Risk Assessment
Pending — risk rating not yet run. Preliminary assessment below based on analyst review.
The deal presents a moderate risk profile. The asset is stabilized with no significant deferred maintenance, in a functionally strong submarket with positive demand fundamentals. The primary structural risk is the tight amortizing DSCR (1.11x) — a 10% revenue decline would breach the 1.0x floor, leaving no debt service coverage cushion in a stress scenario. The management transition risk during the first 6-12 months post-close is the most likely near-term operational challenge.
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"metro-wide supply pipeline elevated 2026-2027"
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}Compliance
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}Assumptions
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"key": "vacancy_rate",
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{
"key": "management_fee_pct",
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"timestamp": "2026-04-24T09:45:00Z",
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{
"key": "real_estate_taxes",
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"section": "noi_model",
"category": "expense",
"value": 58000,
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{
"key": "revenue_growth_rate",
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"section": "dcf",
"category": "income",
"value": 0.03,
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"source_detail": "Mesquite Market Data Q1 2026 Phoenix submarket rent growth 2.9%; rounded to 3%",
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{
"key": "expense_growth_rate",
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"category": "expense",
"value": 0.025,
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},
{
"key": "exit_cap_rate",
"label": "Exit Cap Rate",
"section": "dcf",
"category": "exit",
"value": 0.06,
"unit": "pct",
"source": "underwritten",
"source_detail": "Going-in cap (5.51%) + 50bps expansion. Conservative relative to market range floor of 5.25%.",
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"timestamp": "2026-04-24T11:10:00Z",
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{
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"value": 5,
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"source": "wizard_input",
"source_detail": "Wizard step 5",
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"timestamp": "2026-04-24T09:45:00Z",
"confidence": "high",
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},
{
"key": "replacement_reserves_per_unit",
"label": "Replacement Reserves ($/unit/yr)",
"section": "noi_model",
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"value": 300,
"unit": "dollar_per_unit",
"source": "scenario_default",
"source_detail": "Scenario default: stabilized_acquisition, B-class multifamily",
"agent": null,
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],
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}Flags & Validation
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{
"flag_id": "FV-04",
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],
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"DSCR at amortizing is 1.109x — discuss 24mo IO with lender",
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"irr_warning_below": 0.05,
"irr_warning_above": 0.4,
"annual_rent_growth_warning_above": 0.08,
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"equity_multiple_warning_above": 5
}
}Custom Calculations
Two supplemental metrics: true all-in yield (accounts for closing costs and reserves in the denominator) and the loan constant (useful for lender comp conversations).
json
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{
"calc_id": "cc_001",
"label": "True All-In Yield",
"description": "Cap rate on total capital deployed — NOI divided by purchase price plus all closing costs plus operating reserves. More accurate than going-in cap rate for comparing deals with different cost structures.",
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"inputs": [
{
"variable": "noi",
"label": "Underwritten NOI",
"value": null,
"source_ref": "noi_model.net_operating_income",
"is_live_ref": true
},
{
"variable": "purchase_price",
"label": "Purchase Price",
"value": null,
"source_ref": "valuation.purchase_price",
"is_live_ref": true
},
{
"variable": "closing_costs",
"label": "Total Closing Costs",
"value": null,
"source_ref": "sources_uses.uses.closing_costs.total",
"is_live_ref": true
},
{
"variable": "reserves",
"label": "Operating Reserves",
"value": null,
"source_ref": "sources_uses.uses.escrows[0].upfront",
"is_live_ref": true
}
],
"formula_description": "NOI divided by (purchase_price + closing_costs + reserves)",
"formula_expression": "noi / (purchase_price + closing_costs + reserves)",
"result": 0.0533,
"result_unit": "pct",
"result_label": "True All-In Yield",
"result_interpretation": "5.33% vs 5.51% going-in cap rate — difference reflects closing costs and reserves diluting the effective yield. Still within acceptable range.",
"thresholds": {
"target": 0.055,
"minimum": 0.05,
"maximum": null
},
"passes_threshold": false,
"status": "computed",
"error_message": null,
"written_by": "user",
"timestamp": "2026-04-24T14:10:00Z",
"notes": "Slightly below 5.5% target but acceptable given location quality."
},
{
"calc_id": "cc_002",
"label": "Loan Constant",
"description": "Annual debt service as a percentage of loan amount. Useful benchmark for comparing to going-in cap rate — if loan constant exceeds cap rate, the deal is negatively leveraged.",
"category": "debt_metrics",
"inputs": [
{
"variable": "annual_ds",
"label": "Annual Debt Service (amortizing)",
"value": null,
"source_ref": "debt_structure.annual_debt_service",
"is_live_ref": true
},
{
"variable": "loan_amount",
"label": "Loan Amount",
"value": null,
"source_ref": "debt_structure.loan_amount",
"is_live_ref": true
}
],
"formula_description": "Annual debt service divided by loan amount",
"formula_expression": "annual_ds / loan_amount",
"result": 0.071,
"result_unit": "pct",
"result_label": "Loan Constant",
"result_interpretation": "Loan constant of 7.10% exceeds going-in cap rate of 5.51% — deal is negatively leveraged at amortizing debt service. This is why DSCR is only 1.11x. IO period (7.10% × IO rate only) drops effective constant to 5.87%, still above cap rate.",
"thresholds": {
"target": null,
"minimum": null,
"maximum": null
},
"passes_threshold": null,
"status": "computed",
"error_message": null,
"written_by": "user",
"timestamp": "2026-04-24T14:12:00Z",
"notes": "Negative leverage is the core structural risk of this deal. Year 2 NOI growth should close the gap."
}
]
}Custom Scenarios
Scenario: what if the lender grants 24-month IO (instead of 12-month)? Also a sensitivity sweep on exit cap rate against levered IRR.
json
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"type": "upside",
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{
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"original_value": 12,
"override_value": 24,
"override_type": "absolute",
"rationale": "Request 24mo IO from lender; available on their current multifamily sheet per loan officer"
}
],
"narrative_setup": "Assume lender approves 24-month IO at same rate (5.875%). IO monthly payment = $24,675 vs amortizing $29,801.",
"results": {
"noi": 396635,
"egi": 630936,
"dscr": null,
"ltv": 0.7,
"debt_yield": 0.0787,
"irr": 0.071,
"equity_multiple": 1.4,
"exit_value": null,
"cash_on_cash_yr1": 0.0419,
"passes_min_dscr": null,
"min_dscr_threshold": 1,
"additional_metrics": {
"yr2_cash_flow_with_24mo_io": 113105,
"yr2_coc_with_24mo_io": 0.0471,
"yr2_dscr_io": 1.34,
"yr3_dscr_amortizing": 1.184
}
},
"narrative_result": "With 24-month IO, year 2 cash flow rises from $52K to $113K and CoC improves from 2.2% to 4.7%. Amortizing DSCR doesn't kick in until year 3, by which point projected NOI of $423K supports a 1.18x DSCR — still below 1.20x warning threshold but with more runway. Levered IRR improves to 7.1% and equity multiple to 1.40x. This is the preferred structure.",
"status": "computed",
"written_by": "user",
"timestamp": "2026-04-24T14:20:00Z"
}
],
"sensitivity_sweeps": [
{
"sweep_id": "sweep_001",
"label": "Levered IRR vs. Exit Cap Rate",
"description": "How sensitive is levered IRR to exit cap rate assumption? Shows the range of outcomes from cap rate compression to expansion.",
"variable_key": "exit_cap_rate",
"variable_label": "Exit Cap Rate",
"variable_values": [
0.05,
0.055,
0.06,
0.065,
0.07
],
"output_metric": "irr",
"output_label": "Levered IRR",
"results": [
0.094,
0.077,
0.063,
0.047,
0.031
],
"chart_type": "line",
"status": "computed"
}
]
}Lender Outreach
Tracking lenders contacted, terms quoted, and next steps. Three lenders in conversation.
json
{
"_meta": {
"section": "x_lender_matrix",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-24T10:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"render_hint": {
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"output_label": "Lender Outreach Log",
"output_position": "appendix",
"after_section_id": null,
"visible_tiers": [
"analyst"
]
},
"schema_version": null,
"content": {
"lenders": [
{
"name": "Javelina Commercial Bank",
"contact": "Sarah M., CRE Lending",
"status": "term_sheet_verbal",
"loan_amount_quoted": 5040000,
"rate_quoted": "5.875% fixed",
"term_years": 5,
"amortization": 30,
"io_months_offered": 12,
"ltv_max": 0.7,
"recourse": "partial",
"origination_fee": "1.0%",
"notes": "Preferred lender. Verbally confirmed 12mo IO; exploring 24mo IO — answer expected by 4/28. Relationship lender, familiar with our other deals.",
"next_step": "Follow up 4/28 re: 24mo IO availability",
"last_contact": "2026-04-22"
},
{
"name": "Desert Plains Bank",
"contact": "Mike T., Commercial RE",
"status": "indicative_terms_received",
"loan_amount_quoted": 5040000,
"rate_quoted": "6.125% fixed",
"term_years": 5,
"amortization": 30,
"io_months_offered": 0,
"ltv_max": 0.7,
"recourse": "full",
"origination_fee": "0.75%",
"notes": "Higher rate, no IO, full recourse. Less competitive. Keep as backup.",
"next_step": "Hold — only engage if Javelina Commercial falls through",
"last_contact": "2026-04-20"
},
{
"name": "Copperline Community Bank",
"contact": "Direct outreach, no response yet",
"status": "outreach_sent",
"loan_amount_quoted": null,
"rate_quoted": null,
"term_years": null,
"amortization": null,
"io_months_offered": null,
"ltv_max": null,
"recourse": null,
"origination_fee": null,
"notes": "Smaller community bank, known for competitive multifamily terms in Phoenix. Sent package 4/23.",
"next_step": "Follow up 4/28 if no response",
"last_contact": "2026-04-23"
}
]
}
}Pipeline Log
json
{
"_meta": {
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"source": "system/unspecified",
"actor": "system",
"agent_id": "system",
"agent_version": "1.1.0",
"timestamp": "2026-04-24T15:42:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
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"provisional": false
},
"lifecycle": {
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}
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"timestamp": "2026-04-24T09:00:00Z",
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"status": "success",
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"output_sections": [
"frontmatter"
],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": 12,
"input_hash": null,
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": "File initialized via uwmd init --scenario stabilized_acquisition --address '1234 W Palisade Wash Rd, Glendale AZ 85301'"
},
{
"entry_id": "e002",
"timestamp": "2026-04-24T09:05:00Z",
"event_type": "wizard_input",
"agent_or_actor": "wizard:step_1",
"section_affected": "property",
"status": "success",
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"output_sections": [
"property"
],
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"duration_ms": null,
"input_hash": null,
"output_hash": null,
"error_code": null,
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"notes": "Property details entered via wizard step 1"
},
{
"entry_id": "e003",
"timestamp": "2026-04-24T09:15:00Z",
"event_type": "user_edit",
"agent_or_actor": "user:analyst",
"section_affected": "deal_context",
"status": "success",
"input_sections": [],
"output_sections": [
"deal_context"
],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": null,
"input_hash": null,
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": "Deal narrative and investment thesis written"
},
{
"entry_id": "e004",
"timestamp": "2026-04-24T10:12:00Z",
"event_type": "agent_run",
"agent_or_actor": "agent:rent-roll-extractor",
"section_affected": "rent_roll",
"status": "success",
"input_sections": [],
"output_sections": [
"rent_roll"
],
"flags_raised": [
"7_units_month_to_month"
],
"flags_cleared": [],
"duration_ms": 3420,
"input_hash": "sha256:e3b0c44298fc",
"output_hash": "sha256:1a2b3c4d5e6f",
"error_code": null,
"error_message": null,
"notes": "Parsed parkview_rent_roll_apr2026.xlsx — 48 records, 0 errors"
},
{
"entry_id": "e005",
"timestamp": "2026-04-24T10:18:00Z",
"event_type": "agent_run",
"agent_or_actor": "agent:statement-extractor",
"section_affected": "operating_statement",
"status": "success",
"input_sections": [],
"output_sections": [
"operating_statement"
],
"flags_raised": [
"management_fee_above_market",
"utilities_potentially_understated",
"not_cpa_certified"
],
"flags_cleared": [],
"duration_ms": 4810,
"input_hash": "sha256:a1b2c3d4e5f6",
"output_hash": "sha256:2b3c4d5e6f7a",
"error_code": null,
"error_message": null,
"notes": "Parsed parkview_t12_2025.pdf — T-12 through Dec 2025"
},
{
"entry_id": "e006",
"timestamp": "2026-04-24T11:05:00Z",
"event_type": "engine_run",
"agent_or_actor": "engine:calculations",
"section_affected": "noi_model",
"status": "success",
"input_sections": [
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"operating_statement"
],
"output_sections": [
"noi_model"
],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": 88,
"input_hash": "sha256:f7e8d9c0b1a2",
"output_hash": "sha256:3c4d5e6f7a8b",
"error_code": null,
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"notes": null
},
{
"entry_id": "e007",
"timestamp": "2026-04-24T11:10:00Z",
"event_type": "engine_run",
"agent_or_actor": "engine:dcf",
"section_affected": "dcf",
"status": "success",
"input_sections": [
"noi_model",
"debt_structure"
],
"output_sections": [
"dcf",
"stress_tests"
],
"flags_raised": [
"moderate_stress_fails_dscr"
],
"flags_cleared": [],
"duration_ms": 124,
"input_hash": "sha256:f7e8d9c0b1a2",
"output_hash": "sha256:4d5e6f7a8b9c",
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"notes": null
},
{
"entry_id": "e008",
"timestamp": "2026-04-24T11:16:00Z",
"event_type": "validation",
"agent_or_actor": "engine:validation",
"section_affected": "validation",
"status": "success",
"input_sections": [
"noi_model",
"debt_structure",
"dcf",
"valuation"
],
"output_sections": [
"validation"
],
"flags_raised": [
"dscr_warning_amortizing"
],
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"duration_ms": 42,
"input_hash": "sha256:f7e8d9c0b1a2",
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": "2 financial validity flags, 4 completeness flags, 0 blocking flags on financial metrics"
},
{
"entry_id": "e009",
"timestamp": "2026-04-24T12:30:00Z",
"event_type": "agent_run",
"agent_or_actor": "agent:market-analyst",
"section_affected": "market_analysis",
"status": "success",
"input_sections": [
"property"
],
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"market_analysis"
],
"flags_raised": [],
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"duration_ms": 8920,
"input_hash": null,
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": "Market data via web search — Mesquite Market Data not connected"
},
{
"entry_id": "e010",
"timestamp": "2026-04-24T14:10:00Z",
"event_type": "user_edit",
"agent_or_actor": "user:analyst",
"section_affected": "custom_calculations",
"status": "success",
"input_sections": [
"noi_model",
"valuation",
"sources_uses",
"debt_structure"
],
"output_sections": [
"custom_calculations"
],
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"duration_ms": null,
"input_hash": null,
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"notes": "Added true all-in yield and loan constant calculations"
},
{
"entry_id": "e011",
"timestamp": "2026-04-24T14:20:00Z",
"event_type": "user_edit",
"agent_or_actor": "user:analyst",
"section_affected": "custom_scenarios",
"status": "success",
"input_sections": [
"debt_structure",
"dcf"
],
"output_sections": [
"custom_scenarios"
],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": null,
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"notes": "Added 24mo IO scenario and exit cap rate sensitivity sweep"
}
]
}uw_2026_a3f9b1 | Parkview Apartments — Glendale, AZ | v1.1 format | Generated 2026-04-24
Pipeline status: ingestion through structuring complete, compliance in progress, risk rating and assembly pending. Not ready for credit submission.
Preliminary Sizing
Sizing against the three standard constraints. The proposed $5.04M loan fits the LTV test but exceeds the DSCR and debt-yield sizings — the same tension the validation section flags as FV-04. The lender accepted the structure on the strength of the loss-to-lease story and the 12-month IO period.
json
{
"_meta": {
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"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Proposed loan clears the 75% LTV test but exceeds the 1.25x DSCR and 9% debt-yield sizings — consistent with the FV-04 DSCR warning this file already carries."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [
"proposed_loan_exceeds_conservative_sizing"
],
"partial": false,
"provisional": false
},
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}
},
"sizing_basis": {
"noi_underwritten": 396635,
"value_basis": 7200000,
"annual_debt_constant": 0.071
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 5400000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 4471976
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 4407056
}
],
"max_supportable_loan": 4407056,
"governing_constraint": "debt_yield",
"proposed_loan": 5040000,
"proposed_within_constraints": false,
"shortfall": 632944
}