The valuation analysis, re-cut for the investor

Block 1

Section 1

The conclusion

The cover. One value, and the reasoning for it in plain words.

Section 1 · The conclusion

• The concluded value, with the two approaches deliberately kept apart — never averaged into one mushy number
• How many closed sales were analysed, and how many were adjusted and gridded
• The cap rate is stated as MEASURED from closed income sales, not a rate we picked
• A pointer to the land test at the end of Section 4, in case the building is the wrong lens entirely
• Every figure carries a chip: VERIFIED (public record / signed transaction), DERIVED (our math), or CLAIMED (someone told us)

Block 2

Section 2

What is being valued

The subject, pinned down before anybody argues about value.

Section 2 · What is being valued

• Address, folio, and the county property-appraiser deep link
• Unit count and unit mix — settled here once, so Section 8 can never contradict it
• Living area, lot size, year built
• Property class, and the county's own land-vs-building split

Block 3

Section 3

The market, and the time adjustment it justifies

Measures the trend, then uses it to drag old sales forward to today.

Section 3 · The market, and the time adjustment

• The measured trend rate per month for this submarket
• Applied to every comparable over the months since that sale closed
• Stated as a rate we measured, not a rate we assumed

Block 4

Section 4 · Approach one

Sales comparison approach

What buyers have actually paid for property like this.

Section 4 · Sales comparison approach

• The grid — subject against each sale, line by line, with each comp's ADDRESS and its PHOTOGRAPH
• Why each addition and subtraction was made — every adjustment explained
• Sales we looked at and did not use — and the reason each was rejected
• On the market right now — ASKING prices, labelled as not evidence
• The land test — is anybody buying the building, or only the dirt? (this is what caught the 4603 N Ocean teardown)

Block 5

Section 5 · Approach two

Income approach

What the building earns, and what that earning is worth.

Section 5 · Income approach

• Step 1 — what units like this actually rent for, from signed leases
• Step 2 — what it actually costs to own, with the assumptions behind every expense line printed
• Step 3 — net operating income ÷ cap rate
• Run your own numbers — a live what-if panel carrying the engine's own inputs and knob values, running the same solve the engine ran
• Step 4 — if the unit is furnished, the short-term-rental stack is added

Block 6

Section 6

The two answers, side by side

Reconciliation. The two approaches are weighed against each other, in the open.

Section 6 · The two answers, side by side

• Both indicated values printed together
• What the distance between them means, said out loud
• The conclusion, and which approach carried more weight and why

Block 7

Section 7

What to pay, if you want a target return

Only appears when a required return was set. A different question from value.

Section 7 · What to pay at your return

• The same net operating income built line by line in Section 5 — not a second estimate — divided by OUR required return instead of the market's
• Printed against market value so the gap is visible
• Try a different required return — a live panel
• Hard rule: this number never touches the cover. Value is the market's answer; this is ours.

Block 8

Section 8

The upside, the downside, and what is possible

Everything that could change the deal — sitting AFTER the conclusion, moving nothing in it.

Section 9 · The upside, the downside, and what is allowed here

• Rent burden — what the neighbourhood earns against what it is asked to pay
• Zoning — what the land is allowed to become
• Air rights — the buildable envelope
• What else could be done here
• The tax bill — the seller's, and then yours
• Insurance — the line most likely to move the return
• Permits — what has actually been done to this building
• Who you are buying from
• What is happening around it
• Public money committed around it
• Hard rule: an entitlement nobody has applied for is not worth money today. Pricing one in is how a valuation analysis becomes a sales brochure.

Block 9

Section 9

The record around the building

The Deal Dossier, folded in. What the public record says about this parcel.

Section 10 · The record around the building

• Flood — the zone, the BFE, and what it forces on a financed buyer
• Wind — the line Florida actually prices
• How old the building really is (effective year built, not the roll year)
• What is filed against it today, with links to the county notices
• How motivated the seller looks
• What money costs this week — live 30-year rate
• Where the county around it is going — income, jobs, permits, IRS migration
• What you would be bidding against — competing supply, asking prices only, never used as comps, advertised cap tagged CLAIMED
• The nearest public schools

Block 10

Section 10

Assumptions, limits, and what we could not check

The honest edges of the document.

Section 14 · Assumptions, limits, and what we could not verify

• Every assumption the report leaned on
• Where we do not hold the evidence, it says so in that spot instead of filling the hole with a default
• Specifically not checked — and each one is orderable

Block 11

Appendix

The data behind every number

The citation spine, from data_sources.py.

Section 15 · The data behind every number

• Where every number came from: publisher, download URL, our tables, the loader, live last-refreshed date, and the coverage gap
• MLS number and county-property-appraiser deep link for the subject and for every comparable
• The data behind every count printed in the report

Block 12

Already in the code

The audience switch that exists

Not a numbered section · What this report is for

• The audience switch (PROFILES in appraisal_auto.py) now holds five: client/investor, internal, lender, seller, and the buyer cut that shipped 2026-08-03 with six sections of its own. The investor rides the generic client profile today — median rent stance, income always developed, the 8% what-to-pay section. This plan gives the investor a cut of his own the way the buyer got one. Standing rules already in force: median rent (never shaded), income LEADS at five doors and up, market cap extracted never invented, multifamily buyers are routed here from the buyer cut.

Block 13

Before Section 1

An investor profile in the code

One dictionary entry, and the report underwrites instead of describing.

Not a numbered section · What this report is for

• Add "investor" to PROFILES — today investors get the generic client cut
• Eyebrow: Valuation Analysis · Prepared For The Investor
• rent_pctile stays the median — Dan's standing rule, leases feeding the income approach only
• Target return is FRONT AND CENTER, not an option: an investor report with no required return is a description, not an underwrite
• Multifamily buyers routed here from the buyer cut land on this profile

Block 14

Section 1

The conclusion — lead with the spread

An investor opens the report to see three numbers against each other.

Section 1 · The conclusion

• The cover states THE SPREAD: market value · the ask · the price that hits YOUR return — one line, three numbers, the whole negotiation
• Cap at the ask and cash-on-cash at the ask, beside the market cap
• On 5+ doors income already leads — say so on the cover in plain words
• Keep the buyer cut's overpay line and Cave close — an investor overpays too

Block 15

Section 3

The market — add where the money is going

Dan's notes, buyer and seller rounds: gov spending, jobs, who is moving in.

Section 3 · The market, and the time adjustment

• The leverage read (DOM, share cutting, months of supply) — built for the buyer cut, reuse as-is
• Public money committed around it, WITH the so-what written out: what it does to rents, schools, who wants to live there
• Jobs and employers: companies moving in, the airport, the migration money (IRS county-to-county, mover incomes)
• Opportunity cost: this city against the other cities we cover — the forecast board read side by side
• ⚠ FIX FIRST (from Dan's seller notes): every chart states WHAT is counted (type of property, area, window) and the y-axis sits mid-range so the line has room to move

Block 16

Section 4

Sales comparison — add the per-door read and the map

Dan's seller notes, generalised: comps live on a map or they are just names.

Section 4 · Sales comparison approach

• A $/door line on the grid beside $/sqft — investors price doors
• The comps MAP: used AND rejected comps plotted, US-1/highway divide drawn, so the proverbial-train-track rule is visible, not claimed
• Zoning overlay under the comps — a comp on land zoned for 10 units is not a comp for land zoned for 2 (Dan: maybe that is why it is worth more)
• Paid-vs-asked discount column — built for the buyer cut, reuse

Block 17

Section 5

Income — real bills beat tiers, and scope every count

The engine's caution is the buyer's friend and the investor's blur.

Section 5 · Income approach

• Uploaded documents (T-12, tax bill, insurance premium) OVERRIDE the estimate tiers, stamped as supplied — the upload drop shipped 2026-08-03, the override wiring is this line
• ⚠ FIX FIRST: the cap-rate pool prints its SCOPE — “median of 1,936” with no what/where/when reads as a made-up number (Dan caught it). Say the property class, the area, the window — and tighten the pool if it is county-wide
• ⚠ FIX FIRST: every evidence CSV carries the FULL pool, not the shown sample — signed-leases-shown.csv held 6 rows under a 51-lease claim
• Newer-stock expense tiers: Dan flagged 10% repairs on a 2017 house — decide the investor stance here once, in the open

Block 18

Section 7

What to pay at your return — the centerpiece

For an investor this section IS the report.

Section 7 · What to pay at your return

• The live slider stays; add the SENSITIVITY GRID: value at ±0.5% cap, ±5% rent, ±10% expenses — one table, nine cells, no mystery
• DSCR at the ask and at the target price, at this week's real rate — the number the lender will actually say yes or no to
• Solve-for-price curve (the engine shipped in solve_price) folded in

Block 19

Section 8

Upside — price the levers, not the dream

Dan's cost-down ruling (2026-07-27, never built): cap as-is vs after-levers.

Section 9 · The upside — the levers priced

• Cost-down levers: the tax appeal play and the insurance plays, each with the dollar it is worth here — from Money Makers, folded in
• Rent upside: in-place vs market per door, and what the building is worth AT market rents — labelled a lever, never the value
• Buildable units where the district allows more — with the code section quoted
• The hard rule stays printed: an entitlement nobody applied for is not worth money today

Block 20

The record

Crime, incomes, and the inspection file

Dan's seller-round notes — they belong to every audience.

Section 10 · The record around the building

• Crime rates for this tract and the ones around it, over time
• Census income for this tract and its neighbours — a picture, not a table
• Attach an inspection: the upload drop accepts it and the report lists it as evidence supplied

Block 25

The rule

The standing rules, restated for this cut

• Median rent for the investor — Dan's rule, leases feeding income only
• The market cap rate is never shaded — extracted at the median, always
• Sales and income NEVER averaged; income leads at 5+ doors
• Every count on the page states its scope; every evidence file carries its full pool
• Nothing is removed from the base report — audience cuts are additive
• Terms-of-use line on every investor report (Dan's invest-door note): what this document is, what it is not, who may rely on it

Block 26

The rule

The magic-bullet rule

• Dan, research-door note: appraisals are the magic bullet and get RATIONED — a few per week per account — except for investors. The investor cut is the unlimited one; that is its business job.

Block 27

The whole plan

Anything about the investor cut as a whole

Use this box for the big note — scope, order of work, or a flat no.