The valuation analysis, re-cut for the buyer

Section 1

The conclusion

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

• 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)

Section 2

What is being valued

The subject, pinned down before anybody argues about value.

• 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

Section 3

The market, and the time adjustment it justifies

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

• 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

Section 4 · Approach one

Sales comparison approach

What buyers have actually paid for property like this.

• 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)

Section 5 · Approach two

Income approach

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

• 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

Section 6

The two answers, side by side

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

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

Section 7

What to pay, if you want a target return

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

• 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.

Section 8

The upside, the downside, and what is possible

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

• 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.

Section 9

The record around the building

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

• 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

Section 10

Assumptions, limits, and what we could not check

The honest edges of the document.

• 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

Appendix

The data behind every number

The citation spine, from data_sources.py.

• 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

Already in the code

The audience switch that exists

• The report already has an audience switch — PROFILES in appraisal_auto.py. It holds four today: client / investor, internal (our own desk), lender, and seller. Each one sets the eyebrow, the stated purpose, the target return, and — the real one — rent_pctile, where in the range of signed leases the report reads rent from. A lender and a seller are shown the strong end (0.75). A client and our own desk are shown the middle (0.50). There is no buyer profile. That is the first thing this plan adds.

Before Section 1

A buyer profile in the code

One dictionary entry, and the whole report changes stance.

• Add "buyer" to PROFILES in appraisal_auto.py
• Eyebrow: Opinion of Value · Prepared For The Buyer
• Purpose: estimate what the property is worth and what it should be bought for, so the buyer can make an offer with the evidence in front of them
• rent_pctile = 0.25 — a buyer is underwritten at the CONSERVATIVE end of signed leases. A seller gets 0.75, a lender gets 0.75, our desk gets 0.50. A buyer should never be sold the best-case rent.
• The full range is still printed beside it, exactly as the lender profile does — we shift the stance, we never hide the spread.

Section 1

The conclusion — add the overpay line

A buyer does not open a valuation analysis to learn the value. He opens it to learn whether he is about to overpay.

• A single sentence at the top: asking is $X · the evidence says $Y · you are being asked to pay $Z over (or under)
• Cave Forecast promoted to the cover: what this listing will actually close at. Asking is what they want; value is what it is worth; the forecast is what it will trade for. A buyer needs all three.
• Ask Premium: how much more this particular seller asks than a pro would have listed it at — the first read on how much air is in the number
• Keep everything already on the cover. This is a line added above it, not a replacement.

Section 2

What is being valued — add what the listing admits

The remarks field is where the problems are confessed.

• What The Listing Says run over every text field: as-is, cash only, tenant occupied, no interior access, seller never lived here, survey needed
• What conveys and what does not
• Solar / EV read from the raw MLS blob rather than the checkbox
• Occupancy status — a tenant in place is a different purchase from a vacant one

Section 3

The market — add the leverage read

The same trend, answered as the question a buyer is actually asking.

• Do I have leverage right now? — days on market, the share of active listings that have already cut, and months of supply for this bed count in this submarket
• Best Month To Sign: the seasonality board, read from the buy side. The month that pays a seller is the month that costs a buyer.
• Stated plainly: is the trend running for you or against you between now and closing?

Section 4

The sales grid — add the discount evidence

The grid already proves value. For a buyer it should also prove the going discount.

• A column on every comparable: what that buyer actually paid against what was asked, in percent. That is the empirical discount for this block.
• The subject's own Price Drops history — the full cut record measured from the highest price ever asked, not from today's
• Fell-off-and-came-back: was this listing withdrawn and relisted to reset days-on-market? A buyer is entitled to know the clock was restarted.
• The land test stays exactly where it is. It is the single most valuable thing on the page for a buyer and it already works.

Section 5

Income — add the exit floor

Even a buyer who will live there needs to know what happens if life changes.

• Reframed for an owner-occupier: if you had to leave, what does it rent for? That number is the floor under the decision.
• Rent read at the conservative end (the 0.25 stance), with the full range beside it
• Whether the rent would carry the payment, and by how much it misses if not
• ⚠ This is the only rent line on a buyer report, and it is a rent read — not the income approach. No NOI ÷ cap value is developed and no target-return price is printed. You settled that on 1 August: larger multifamily is an investor report and the income approach goes with it.

Section 9

The record — promote the motivation read

It is already computed. For a buyer it belongs much earlier and much louder.

• How motivated the seller looks lifted out of the record section and given its own weight — it is the single input that sets how hard to push
• Flood, wind and the 30-year rate stay, but each gets a “what this does to your monthly” line rather than only a description

The rule

The rule this whole plan runs on

• Nothing is removed. Every one of the eleven blocks in Part A survives in the buyer cut, in the same order, with the same evidence.
• The buyer version adds: one profile entry, six additions to existing sections, and six new sections.
• The two hard rules of the existing engine are untouched: the two approaches stay apart and are never averaged, and the upside never moves the conclusion.
• Seller, agent and investor cuts follow the same shape — same spine, different additions. Buyer first, because a buyer's fear is the one the current report answers least.

The whole plan

Anything about the buyer cut as a whole

The big note — scope, order of work, or a flat no.