{
  "basis": "Unchanged saved market assumptions; zero affordable allocations; conceptual sensitivity",
  "assumptions": {
    "liftCost": 0,
    "liftOpex": 0,
    "rent1": 1700,
    "rent2": 2200,
    "rent3": 2700,
    "rent4": 3300,
    "vacancy": 5,
    "otherIncome": 50,
    "opexPerHome": 5500,
    "taxPerSf": 3,
    "reservePerHome": 350,
    "hardPerSf": 275,
    "openPerSf": 100,
    "siteCost": 200000,
    "land": 258427.27,
    "softPct": 20,
    "contingencyPct": 8,
    "loanPct": 65,
    "interest": 6.5,
    "amortYears": 30,
    "capRate": 5.5,
    "affordable1Homes": 0,
    "affordable2Homes": 0,
    "affordable1Rent": 1300,
    "affordable2Rent": 1650
  },
  "baseline": {
    "scheduledRent": 532800,
    "noi": 331820,
    "hard": 6704160,
    "totalDevelopmentCost": 8839752.07,
    "other": 13200,
    "loss": 27300,
    "egi": 518700,
    "expenses": 186880,
    "reserves": 7700,
    "cashBeforeDebt": 324120,
    "soft": 1340832,
    "contingency": 536332.8,
    "loan": 5745838.845500001,
    "equity": 3093913.2244999995,
    "debt": 435811.32028611447,
    "cash": -111691.32028611447,
    "dscr": 0.7613845362762878,
    "yield": 3.753725187905638,
    "cashOnCash": -3.6100340307432073,
    "valuation": 6033090.909090909
  },
  "proposal": {
    "scheduledRent": 544800,
    "noi": 343220,
    "hard": 6729368,
    "totalDevelopmentCost": 8872018.31,
    "other": 13200,
    "loss": 27900,
    "egi": 530100,
    "expenses": 186880,
    "reserves": 7700,
    "cashBeforeDebt": 335520,
    "soft": 1345873.6,
    "contingency": 538349.4400000001,
    "loan": 5766811.9015,
    "equity": 3105206.408500001,
    "debt": 437402.0880524177,
    "cash": -101882.08805241768,
    "dscr": 0.7846784671930258,
    "yield": 3.8685673091222466,
    "cashOnCash": -3.2810085594803593,
    "valuation": 6240363.636363637
  },
  "delta": {
    "scheduledRent": 12000,
    "noi": 11400,
    "hard": 25208,
    "totalDevelopmentCost": 32266.240000000224,
    "other": 0,
    "loss": 600,
    "egi": 11400,
    "expenses": 0,
    "reserves": 0,
    "cashBeforeDebt": 11400,
    "soft": 5041.600000000093,
    "contingency": 2016.640000000014,
    "loan": 20973.055999998935,
    "equity": 11293.184000001289,
    "debt": 1590.7677663032082,
    "cash": 9809.232233696792,
    "dscr": 0.023293930916738037,
    "yield": 0.11484212121660864,
    "cashOnCash": 0.329025471262848,
    "valuation": 207272.72727272753
  },
  "formula": "685 ground gross sf gain × legacy 92% proxy × $40, plus 20% soft and 8% contingency. Proxy is not measured net. Upper shaft loss changes area accounting, not fixed rents or enclosed shell cost.",
  "unpriced": [
    "New/revised windows and doors",
    "Wet and dry utility equipment, service connections and shaft assemblies",
    "Plumbing, ductwork and electrical rerouting; individual water heaters / HVAC",
    "Refuse enclosure, bins, revised landscaping and collection operations",
    "Accessible vertical route / elevator if required; structural, fire and code changes"
  ],
  "debtWarning": "Under the retained 65% loan, 6.5% interest and 30-year amortization, DSCR remains below 1.0 and cash after reserves/debt remains negative, before unpriced work."
}