{
  "date": "2026-10-09",
  "site": "4500",
  "address": "4500–4514 S. Indiana",
  "revision": "Two-pass review R1",
  "sourceVersion": 28,
  "scope": "Pass 1: geometry/entries/materials/landscape. Pass 2: independent opening and access checks plus development sensitivities. Concept review, not construction or code approval.",
  "inputs": {
    "survey": "No validated boundary/topographic survey available in this pass.",
    "gis": "Retained parcel registration and City footprint context. Neighboring story counts/estimated heights remain approximate.",
    "sitePlan": "/reference/assets/4500-viewer.html",
    "projectFolder": "https://drive.google.com/drive/folders/1w8Prxzths-Fj-aKFexc-D4CywpHsB2BF"
  },
  "changes": [
    "Refined visible door leaves, glass, frames and pulls.",
    "Added paved street-entry aprons; grades and public-way limits remain unverified.",
    "Added one-click front-door close-up views and hid context labels/ghost buildings in close-up.",
    "Corrected seven upper entry positions from the saved upper-floor schedule.",
    "Ground glazing screened against the ground-home allocations, avoiding service/common zones."
  ],
  "metrics": {
    "homes": 46,
    "groundHomes": 10,
    "enclosedSf": 46156.000000000015,
    "apartmentGrossSf": 42127.333333333336,
    "far": 1.976289682539683,
    "coverage": 47.50992063492065,
    "modeledHeight": 41.93,
    "totalCost": 18122409.753333338,
    "land": 727764.42,
    "noi": 765632,
    "dscr": 0.8569307129747586,
    "gap": 5181035.161046123,
    "gapPercent": 28.589107252103446,
    "constructionTarget": 187.30427854304352,
    "affordable": 0,
    "doorConnections": 61,
    "landscape": [
      {
        "kind": "sandbox",
        "x": 43,
        "y": 43,
        "width": 16,
        "depth": 14
      },
      {
        "kind": "table",
        "x": 43,
        "y": 73,
        "width": 7,
        "depth": 6
      },
      {
        "kind": "table",
        "x": 66,
        "y": 73,
        "width": 7,
        "depth": 6
      },
      {
        "kind": "bed",
        "x": 7,
        "y": 34,
        "width": 25,
        "depth": 6
      },
      {
        "kind": "bed",
        "x": 7,
        "y": 98,
        "width": 20,
        "depth": 5
      },
      {
        "kind": "bed",
        "x": 62,
        "y": 96,
        "width": 14,
        "depth": 6
      },
      {
        "kind": "tree",
        "x": 15,
        "y": 49,
        "width": 11,
        "depth": 11
      },
      {
        "kind": "tree",
        "x": 15,
        "y": 81,
        "width": 11,
        "depth": 11
      },
      {
        "kind": "tree",
        "x": 67,
        "y": 39,
        "width": 11,
        "depth": 11
      }
    ]
  },
  "priorities": [
    [
      "Corrected upper doors",
      "Seven of twelve typical-floor entries had differed from the saved upper entry plan. The 3D model now uses all twelve upper entries at their correct positions, independently of the ten-home ground layout."
    ],
    [
      "Rework the large entrance groups",
      "A has 60 ft of street frontage. B retains unequal gross corner legs of approximately 88.33 and 84 ft; straight street runs total about 144.05 ft plus a separate 20-ft chamfer. This differs substantially from the 70–80 ft combined-frontage target. C also has about 69.86 ft of straight Indiana frontage plus its south chamfer. A genuinely smaller-building option needs a new core/fire-wall and ground plan, not cosmetic facade divisions."
    ],
    [
      "Fit the busiest homes first",
      "Twelve upper homes serve three core/entry groups. B2b is a 986-gross-sf three-bedroom target: the requested ensuite, second bath, powder room, study, hall privacy and courtyard kitchen need an explicit fit. If it becomes two bedrooms plus flex, reduce the rent/bedroom schedule together."
    ],
    [
      "Ground and density diligence",
      "Ten ground homes remain tentative. The conservative study FAR is about 1.98 against the saved RM-5 value of 2.0, leaving little headroom under this measurement. Bays are not included in area; determine legal FAR treatment before relying on remaining capacity."
    ],
    [
      "Affordability is missing from the saved base",
      "The baseline still has zero affordable homes. Use the separate five-home rounded-up sensitivity for a conservative whole-unit planning comparison; approved allocation and fractional treatment need City confirmation."
    ]
  ],
  "generalReview": [
    [
      "Room plans",
      "Complete one repeatable ground and upper dwelling type per entrance group before increasing counts. Trace every home entry through a coat vestibule; bedrooms and the office must open from a real hall/recess. Fit the primary ensuite, smaller bedrooms, required bath count and usable courtyard-facing island kitchen/dining. The model verifies gross allowances, not these room relationships."
    ],
    [
      "Egress and accessibility",
      "Verify independent exits, travel distances, enclosure/fire compartments, stair landings, clear door swings, accessible ground routes and grades. A drawn door is a location reservation; it does not certify a clear opening or a usable accessible route."
    ],
    [
      "Structure and envelope",
      "Ask a contractor to price a simple repeated structural/wet-stack grid first. Price bays, limestone, terracotta, quoins, cornices and gallery guards as separate alternates. Keep memorable detail at the entrances and corners while repeating ordinary windows and wall panels."
    ],
    [
      "Courtyard operations",
      "Keep sandbox and picnic tables visible from homes; maintain clear routes to all doors, refuse and alley. Develop drainage, winter maintenance, play surfacing, roots, soil volume and lighting. Furnishing footprints are checked against buildings; accessible maneuvering and continuous finished routes are not yet certified."
    ],
    [
      "Affordability and financing",
      "Underwrite the RFP affordability obligation and approved rent/utility schedule. Confirm construction-to-permanent financing, interest carry, fees, lease-up, insurance, taxes and reserves. The percentage soft-cost allowance must be replaced with a cost schedule, avoiding double counting."
    ],
    [
      "Land and assistance",
      "Use the RFP land price. A discount is not automatic: the RFP describes exceptions tied to additional affordability or substantial public benefit. If considering City assistance, price any associated wage, procurement and participation requirements before counting a net subsidy benefit."
    ],
    [
      "Evidence before commitment",
      "Obtain boundary/topographic survey, geotechnical and environmental information, utility capacities, comparable achieved rents/sales and at least two scoped contractor estimates. Neighboring heights are estimates; winter shadow checks are a design screen, not a certified daylight study."
    ],
    [
      "Buyer commissioning",
      "Study ownership separately with saleable rather than gross area, buyer deposits, construction finance, shared-court easements, legal subdivision, association reserves and completion guarantees. Distinct facade colors do not create independent legal buildings or financeable parcels."
    ]
  ],
  "lender": {
    "target": 1.25,
    "maxLtv": 0.8,
    "ncf": 749532,
    "dscr": 0.8389108490206741,
    "ltv": 0.8461978452855509,
    "supportedLoan": 7905604.799284097,
    "extraEquity": 3873961.5403825734,
    "totalEquity": 10216804.95404924
  },
  "cases": [
    {
      "name": "Construction −10%",
      "basis": "Enclosed construction rate only; bid target, not assumed savings.",
      "homes": 46,
      "affordable": 0,
      "cost": 16497718.553333336,
      "noi": 765632,
      "dscr": 0.9413210354232233,
      "cash": -63827.06793559273,
      "gap": 3556343.961046122
    },
    {
      "name": "Construction −20%",
      "basis": "Enclosed construction rate only; all other inputs held fixed.",
      "homes": 46,
      "affordable": 0,
      "cost": 14873027.353333337,
      "noi": 765632,
      "dscr": 1.0441485207962156,
      "cash": 16272.329798899475,
      "gap": 1931652.7610461246
    },
    {
      "name": "Market rents +10%",
      "basis": "Sensitivity only; needs comparables. Affordable rents stay fixed.",
      "homes": 46,
      "affordable": 0,
      "cost": 18122409.753333338,
      "noi": 878720,
      "dscr": 0.9835040281821814,
      "cash": -30838.465670085163,
      "gap": 3269523.9260238446
    },
    {
      "name": "Cost −15% + market rents +10%",
      "basis": "Combined test, not a forecast or contractor quote.",
      "homes": 46,
      "affordable": 0,
      "cost": 15685372.953333337,
      "noi": 878720,
      "dscr": 1.136311074387535,
      "cash": 89310.63093165332,
      "gap": 832487.1260238457
    },
    {
      "name": "No ground-floor rent",
      "basis": "Ground homes excluded; baseline construction cost retained. This measures income at risk.",
      "homes": 36,
      "affordable": 0,
      "cost": 18122409.753333338,
      "noi": 586932,
      "dscr": 0.6569214155465041,
      "cash": -319126.46567008516,
      "gap": 8201577.1964387465
    },
    {
      "name": "10% affordable-home test",
      "basis": "Rounded up to whole homes using existing placeholder rents; mix and City terms unverified.",
      "homes": 46,
      "affordable": 5,
      "cost": 18122409.753333338,
      "noi": 735992,
      "dscr": 0.8237562553599099,
      "cash": -173566.46567008516,
      "gap": 5682036.089580188
    }
  ],
  "sources": [
    {
      "title": "City of Chicago Courtyard Buildings RFP, 1 October 2026",
      "url": "https://drive.google.com/file/d/1Bz31Xt0XxR2TaZXX2L6u9s2AgPBdnKZM/view",
      "pages": "2, 8–9, 15–17, 23"
    },
    {
      "title": "Fannie Mae conventional fixed-rate term sheet; stabilized property screen only",
      "url": "https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet"
    },
    {
      "title": "Fannie Mae underwritten DSCR uses underwritten NCF",
      "url": "https://mfguide.fanniemae.com/node/3781"
    }
  ]
}