§ · Demo

AI Underwriting Pipeline — Sample Outputs

Give the pipeline a deal's raw documents — the marketing package, the trailing-twelve income statement, the rent roll — and this is what comes back. Four workbooks, previewed below and downloadable, built from one structured interchange file.

The fourth output is the argument for the other three. I don't build financial models. Every shop already has one, it took years to earn its committee's trust, and nobody wants a stranger's spreadsheet. What they want is the two days of extraction that happen before the model gets touched: categorising a twelve-month income statement into a consistent profit-and-loss layout, rolling a rent roll up by floor plan, finding the billed tax rate, pulling the comps. So the fourth workbook is a manifest — every value the pipeline extracts, and which input in your model it belongs in.

A few choices in here are load-bearing, and they are the ones I would want to be asked about. Total revenue sums from gross scheduled rent down, never from gross potential rent, because the second one counts loss-to-lease twice. Market rent for model is the new-lease average where a plan has new leases in the window and the in-place average otherwise — never a blend of the two, because a blended "recently leased" rent is a renewal average wearing a new-lease label and it understates trade-out on every deal it touches. Comp rents are stated as asking and net effective on every row, because a concession-blind comp set is the most common way a rent assumption goes wrong. Where a value could not be established the cell says MISSING, because a visible hole is cheaper than a plausible wrong number that survives into a model.

Formulas stay live in the workbooks — the profit-and-loss rows are SUMIFs over the data tab, not pasted totals — so anyone reviewing the output can audit the arithmetic instead of trusting it. The exception is the window-dependent columns on the unit mix, which are written as values on purpose: they are measured from the roll's as-of date, and a formula would quietly re-window itself the day someone reopened the file.

Deal summary

Rent database

Property tax

Supply database

T-12 analysis

Rent roll analysis

Excel model

Deal summary

One card, built from the deal's own documents. Where a value could not be established it reads MISSING rather than a plausible guess — a visible hole is cheaper than a wrong number that survives into a model.

Deal name: Sample Mesa AptIllustrative name
Address: 2151 E Southern Ave, Mesa, AZ 85204Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.Illustrative address
County: MaricopaIllustrative address
Market: Phoenix MSAIllustrative address
Product type: Garden-style multifamily
Structure: 1 & 2 stories
Units: 334
Year built: 1981
Detail: Diversified mix of one-, two-, and three-bedroom residences averaging 856 square feet on approximately 15.9 acres
Seller: Sonoran Residential Holdings LLC
Listing brokerage: Desert Ridge Capital Advisors
Guidance: $215,000 per unit (illustrative)illustrativeEvery price and cap rate below is illustrative. The per-unit price is a round number chosen for the sample inside the band a real per-unit sale price occupies; it is not a quote, an offer, or a broker's guidance.
Total price: $71,810,000illustrative
T-12 NOI: $4,111,751From the T-12 rollup.
T-12 cap rate: 5.73%illustrative
T-3 cap rate: 5.78%illustrativeTrailing three months annualized.
In-place (avg): $1,457
Market rent for model: $1,345New move-in rent (residents who moved in inside the window, by move-in date) where a plan has one, otherwise in-place — and in-place outright when the roll has no usable lease start or move-in date. Never a blend of new and renewal.
Year-one tax (underwriting assumption): —The figure to carry into the model: AZ does not reset the assessed value on sale. Proposition 117 caps growth in the limited property value at 5% a year, so year-one tax is the current basis grown at the cap — NOT the purchase price times the assessment ratio.computed
Year-one tax per unit: —computed
Tax bill as stated in the offering memorandum (2025): $249,122The seller's figure, not verified against the county.Sample Property Offering Memorandum.pdf — p.10
Transfer tax: $0No real-estate transfer tax · Ariz. Const. art. IX, sec. 24 (Prop 100, 2008) · The constitution bars any NEW transfer tax imposed after 2007-12-31; it does not repeal pre-existing ones, and Arizona had none ad valorem. A flat $2 deed fee (A.R.S. 11-1132(A)) and a $30-per-instrument recording fee (A.R.S. 11-475(A)(1)) still apply and are not percentage-based.
Mortgage / recording tax: $0No mortgage or recording tax on the security instrument · Ariz. Const. art. IX, sec. 24; A.R.S. 11-475(A)(1) · Recording is a flat per-instrument fee, not a tax on the amount borrowed.
Elementary: Porter Elementary SchoolGreatSchools rating 6/10
Middle: Taylor Junior High SchoolGreatSchools rating 2/10
High: Mesa High SchoolGreatSchools rating 6/10
Source: Attendance-zone schools and ratings are looked up by the internal underwriting agent. The public demo does not run this on an uploaded deal.

Demand

Ring demographics from the operator's own engine, via the market-report service. ACS 2020-2024 5-year, 2020 Decennial baseline, LODES 2023 workplace counts, BLS metro series. All public, no licensed provider.

Read this before the 1-mile column. The 1-mile column overstates levels. Ring membership is decided by each census block group's internal point, then the whole block group is counted — at 1 mile a single large block group can sit mostly outside the ring and still be counted whole. Measured against a commercial source, 1-mile population reads roughly 2.3x and households roughly 1.9x too high. The 3-, 5- and 10-mile columns do not have this problem. Read the 1-mile column for MIX and SHARES (income distribution, renter share, sector concentration), which are ratios and survive the overcount, and read levels off the 3-mile column.

Households

2020 Census baseline, 2024 ACS 5-year actual, and a 2026 projection at the stated annual rate. The projection is an assumption and is labelled as one.

	1 mi	3 mi	5 mi	10 mi	Phoenix MSA	Arizona	U.S.	Note
Households (2020 Census)	7,206	56,132	146,226	419,524	1,790,242	2,705,878	126,817,580
Households (2024 actual)	7,711	58,574	150,544	437,699	1,892,613	2,856,081	129,227,496
Growth 2020 to 2024	7.0%	4.3%	3.0%	4.3%	5.7%	5.6%	1.9%
Est. annual growth rate (to 2026)	2.25%	—	—	—	—	—	—	An assumption, not a measurement.
Households (2026 est.)	8,062	61,239	157,395	457,617	1,978,739	2,986,051	135,108,155

Population

	1 mi	3 mi	5 mi	10 mi	Phoenix MSA	Arizona	U.S.	Note
Population (2020 Census)	20,712	155,942	393,001	1,100,032	4,845,832	7,151,502	331,449,281
Population (2024 actual)	20,298	159,356	394,900	1,119,329	5,028,754	7,378,838	334,922,499
Growth 2020 to 2024	-2.0%	2.2%	0.5%	1.8%	3.8%	3.2%	1.0%
Est. annual growth rate (to 2026)	1.10%	—	—	—	—	—	—	An assumption, not a measurement.
Population (2026 est.)	20,747	162,881	403,636	1,144,090	5,139,995	7,542,065	342,331,320

Households by income (2024 actual)

ACS 5-year table B19001, sixteen source brackets collapsed to eight. The two subtotals are the affordability read: what share of households could carry this property's rents.

	1 mi	3 mi	5 mi	10 mi	Phoenix MSA	Arizona	U.S.
Less than $25,000	593	6,243	17,154	47,798	211,506	384,330	18,908,588
$25,000 - $49,999	1,552	10,719	25,456	64,600	288,010	488,306	21,624,902
$50,000 - $74,999	1,423	10,649	25,949	70,656	302,932	472,147	20,031,683
$75,000 - $99,999	1,521	8,627	21,848	60,999	259,375	385,994	16,319,799
$100,000 - $124,999	1,107	7,376	16,580	51,720	217,512	308,860	13,068,961
$125,000 - $149,999	562	4,953	12,641	38,937	156,498	216,619	9,601,960
$150,000 - $199,999	539	5,031	14,856	47,604	198,896	269,589	12,405,370
$200,000 and over	415	4,977	16,061	55,384	257,884	330,236	17,266,233
Subtotal $50,000 and over	5,566	41,612	107,934	325,301	1,393,097	1,983,445	88,694,006
share of households	72.2%	71.0%	71.7%	74.3%	73.6%	69.4%	68.6%
Subtotal $100,000 and over	2,623	22,337	60,137	193,645	830,790	1,125,304	52,342,524
share of households	34.0%	38.1%	39.9%	44.2%	43.9%	39.4%	40.5%

Income and affordability

Median is interpolated from the bracket distribution above rather than read from the ACS median table, so the median and the brackets cannot disagree.

	1 mi	3 mi	5 mi	10 mi	Phoenix MSA	Arizona	U.S.	Note
Average household income (2024)	$94,562	$98,599	$105,367	$113,475	$118,255	$108,273	$113,530
Median household income (2024)	$79,731	$79,857	$82,682	$89,670	$88,866	$80,392	$81,202
Est. annual income growth (to 2026)	6.20%	—	—	—	—	—	—	An assumption, not a measurement.
Average household income (2026 est.)	$106,651	$111,204	$118,838	$127,982	$133,373	$122,115	$128,044
Renter share	43.4%	39.1%	39.1%	39.2%	33.4%	32.6%	34.8%
Rent-to-income at $1,457/mo (subject in-place rent)	18.5%	17.7%	16.6%	15.4%	14.8%	16.1%	15.4%	Against 2024 average household income by ring; the rent is the uploaded roll's unit-weighted in-place rent.

Home value — ZIP 85204 vs Phoenix, AZ

ZIP geography, not a drive ring — the only section here that does not share the columns above, so it is shown as its own three figures rather than stretched across ring headers it does not describe.

	Value	Note
ZIP home value	$390,790
Metro home value	$446,248
ZIP vs metro	-12.4%

Home values: Zillow Home Value Index (ZHVI), Zillow Group

Labor market

Ring job counts are WORKPLACE counts — jobs located inside the ring, not residents who hold jobs. The unemployment row above is the opposite: residents. The two answer different questions and are not interchangeable.

	1 mi	3 mi	5 mi	10 mi	Phoenix MSA	Arizona	U.S.	Note
Unemployment rate (residents, ACS)	5.2%	4.6%	4.5%	4.3%	4.7%	5.1%	5.2%
Jobs located inside the ring — LODES workplace counts
2019	4,138	59,160	150,089	458,587	—	—	—
2020	4,547	58,281	150,081	455,808	—	—	—
2021	4,551	59,099	152,118	466,363	—	—	—
2022	4,739	63,423	162,056	501,185	—	—	—
2023 (latest)	5,237	65,104	165,142	516,884	—	—	—
Job growth 2019 to 2023	26.6%	10.0%	10.0%	12.7%	—	—	—	Already a fraction in the engine's output, unlike the rates above.
Job CAGR (4-yr)	6.1%	2.4%	2.4%	3.0%	—	—	—

Metro nonfarm employment and unemployment — Maricopa County, Arizona

Year	Nonfarm jobs (000s)	Job growth	Unemployment
2026	2,468.7	0.3%	4.4%
2025	2,462.5	0.3%	3.8%
2024	2,456.0	2.2%	3.3%
2023	2,402.2	3.2%	3.3%
2022	2,328.4	5.0%	3.3%
2021	2,216.7	4.6%	4.6%
2020	2,120.0	-2.6%	7.3%
2019	2,177.3	3.4%	4.1%
2018	2,106.1	3.3%	4.2%
2017	2,037.9	3.0%	4.3%
2016	1,978.4	—	4.7%

Jobs by industry (2023)

Share of jobs by sector, sorted by the metro's own concentration. Ring, MSA and state shares come from LODES workplace counts; the U.S. column is QCEW — a different survey, so read it as a benchmark rather than the same measurement. The location quotient on each row is the metro share over the national share.

	1 mi	3 mi	5 mi	10 mi	Phoenix MSA	Arizona	U.S.	Note
Health Care/Social Asst	16.8%	13.2%	12.8%	15.8%	14.4%	14.8%	15.2%	Location quotient vs U.S.: 0.94x — less concentrated here.
Retail Trade	14.0%	13.1%	13.0%	12.6%	10.9%	11.0%	10.2%	Location quotient vs U.S.: 1.07x — more concentrated here.
Accommodation/Food Svcs	10.9%	9.2%	9.6%	9.7%	9.2%	9.8%	9.2%	Location quotient vs U.S.: 0.99x — less concentrated here.
Admin/Support/Waste	9.2%	11.0%	9.0%	7.1%	8.7%	8.1%	6.2%	Location quotient vs U.S.: 1.40x — more concentrated here.
Construction	3.4%	14.4%	10.7%	7.4%	7.2%	6.9%	5.3%	Location quotient vs U.S.: 1.35x — more concentrated here.
Educational Services	5.6%	9.2%	11.0%	9.8%	6.9%	7.8%	8.5%	Location quotient vs U.S.: 0.82x — less concentrated here.
Finance/Insurance	1.4%	2.6%	2.8%	6.4%	6.7%	5.6%	4.1%	Location quotient vs U.S.: 1.62x — more concentrated here.
Manufacturing	0.5%	3.8%	4.5%	6.5%	6.2%	6.2%	8.5%	Location quotient vs U.S.: 0.73x — less concentrated here.
Professional/Scientific/Tech	3.5%	6.5%	5.9%	6.1%	6.0%	5.7%	7.1%	Location quotient vs U.S.: 0.85x — less concentrated here.
Transportation/Warehousing	1.1%	0.6%	1.9%	2.3%	4.7%	4.3%	4.8%	Location quotient vs U.S.: 0.98x — less concentrated here.
Wholesale Trade	0.8%	3.6%	3.8%	3.2%	4.1%	3.7%	4.0%	Location quotient vs U.S.: 1.03x — more concentrated here.
Public Administration	0.0%	0.2%	2.8%	2.2%	3.3%	4.1%	5.0%	Location quotient vs U.S.: 0.66x — less concentrated here.
Other Services	1.5%	2.9%	3.0%	2.7%	2.7%	2.8%	3.0%	Location quotient vs U.S.: 0.91x — less concentrated here.
Arts/Entertainment/Rec	27.4%	3.2%	2.9%	2.1%	2.1%	2.1%	1.8%	Location quotient vs U.S.: 1.13x — more concentrated here.
Real Estate/Rental	3.3%	3.4%	2.4%	2.0%	2.1%	2.0%	1.6%	Location quotient vs U.S.: 1.31x — more concentrated here.
Information	0.3%	1.1%	1.3%	1.7%	1.9%	1.7%	2.0%	Location quotient vs U.S.: 0.94x — less concentrated here.
Mgmt of Companies	0.1%	1.7%	1.9%	1.9%	1.8%	1.5%	1.7%	Location quotient vs U.S.: 1.08x — more concentrated here.
Utilities	0.1%	0.1%	0.4%	0.3%	0.7%	0.7%	0.5%	Location quotient vs U.S.: 1.23x — more concentrated here.
Agriculture/Forestry/Fishing	0.0%	0.1%	0.2%	0.1%	0.3%	0.8%	0.8%	Location quotient vs U.S.: 0.39x — less concentrated here.
Mining/Oil & Gas	0.0%	0.1%	0.0%	0.0%	0.1%	0.4%	0.4%	Location quotient vs U.S.: 0.38x — less concentrated here.

Rent comps

Nearby communities, from an operator's own weekly rent scrape. Asking and net effective are stated separately on every row: a concession-blind comp set is the most common way a rent assumption goes wrong. No licensed comp feed is used. The two detail tiers are shown here; every other tracked community inside the radius, with the reason it is not a comp, is carried in the downloadable interchange file.

Tier 1 — Top comps

The closest 5 communities matching the subject's product and vintage, in full detail.

Vintage filter: +/-10 years of the subject's year built.

Community	Miles	Built	Plan	Bd	Ba	SF	Asking	Concession	Net effective	Asking $/SF	Occupancy	As of
Saltera Apartments	0.1	1984	1BR — lowest five of 5 available	1	—	688	$1,200	$0	$1,200	$1.74	—	2026-09-30
The Hamptons	0.3	1981	1BR — lowest five of 9 available	1	—	625	$996	$0	$996	$1.59	—	2026-09-29
The Hamptons	0.3	1981	2BR — lowest five of 9 available	2	—	725	$1,186	$0	$1,186	$1.64	—	2026-09-29
Cielo on Gilbert	0.7	1985	1BR — lowest five of 6 available	1	—	579	$1,243	$95	$1,148	$2.15	—	2026-09-30
The Vance	0.9	1986	1BR — lowest five of 10 available	1	—	658	$1,043	$0	$1,043	$1.58	—	2026-09-29
Lucera Apartments	1.5	1986	1BR — lowest five of 2 available	1	—	530	$1,109	$0	$1,109	$2.09	—	2026-09-30
Lucera Apartments	1.5	1986	1BR — lowest five of 4 available	1	—	700	$1,244	$0	$1,244	$1.78	—	2026-09-30
Lucera Apartments	1.5	1986	2BR — lowest five of 6 available	2	—	892	$1,413	$0	$1,413	$1.58	—	2026-09-30

Tier 2 — Additional comps

The next 8 communities matching the subject's product and vintage, in full detail.

Community	Miles	Built	Plan	Bd	Ba	SF	Asking	Concession	Net effective	Asking $/SF	Occupancy	As of
Pebble Creek	1.5	1985	1BR — lowest five of 1 available	1	—	630	$1,150	$0	$1,150	$1.83	—	2026-09-30
Pebble Creek	1.5	1985	2BR — lowest five of 1 available	2	—	780	$1,425	$0	$1,425	$1.83	—	2026-09-30
Gilbert Greens Apartments	1.6	1985	1BR — lowest five of 5 available	1	—	605	$1,230	$94	$1,136	$2.03	—	2026-09-29
Gilbert Greens Apartments	1.6	1985	2BR — lowest five of 1 available	2	—	808	$1,425	$110	$1,315	$1.76	—	2026-09-29
Mesa Station	1.6	1984	1BR — lowest five of 12 available	1	—	570	$953	$0	$953	$1.67	—	2026-09-29
Mesa Station	1.6	1984	2BR — lowest five of 29 available	2	—	686	$990	$0	$990	$1.44	—	2026-09-29
Mesa Station	1.6	1984	2BR — lowest five of 8 available	2	—	771	$1,130	$0	$1,130	$1.47	—	2026-09-29
Dana Park Apartments	1.7	1986	1BR — lowest five of 1 available	1	—	722	$1,245	$0	$1,245	$1.72	—	2026-09-30
Dana Park Apartments	1.7	1986	2BR — lowest five of 1 available	2	—	1,025	$1,599	$0	$1,599	$1.56	—	2026-09-30
Dana Park Apartments	1.7	1986	2BR — lowest five of 1 available	2	—	1,067	$1,695	$0	$1,695	$1.59	—	2026-09-30
Astero Mesa East	1.8	1987	2BR — lowest five of 1 available	2	—	900	$1,399	$0	$1,399	$1.55	—	2026-09-29
Astero Mesa East	1.8	1987	2BR — lowest five of 1 available	2	—	1,044	$1,449	$0	$1,449	$1.39	—	2026-09-29
Astero Mesa West	1.8	1986	1BR — lowest five of 1 available — STALE snapshot (older than the tracker's freshness threshold)	1	—	576	$1,049	$0	$1,049	$1.82	—	2026-09-16
Gentrys Walk Apartments	1.9	1986	1BR — lowest five of 6 available	1	—	500	$1,227	$0	$1,227	$2.45	—	2026-09-30
Gentrys Walk Apartments	1.9	1986	1BR — lowest five of 4 available	1	—	700	$1,344	$0	$1,344	$1.92	—	2026-09-30
Gentrys Walk Apartments	1.9	1986	2BR — lowest five of 8 available	2	—	920	$1,432	$0	$1,432	$1.56	—	2026-09-30
The Orchard on Gilbert	1.9	1986	1BR — lowest five of 14 available	1	—	483	$1,209	$93	$1,117	$2.50	—	2026-09-30
The Orchard on Gilbert	1.9	1986	2BR — lowest five of 3 available	2	—	865	$1,585	$122	$1,463	$1.83	—	2026-09-30

Unit count and year built, by community

Each figure names where it came from. A unit count is shown only where a public record states one (a county property record, a state apartment licence, a city permit), with that record's as-of date; a community's count in the licensed registry is never shown. Year built is the public record's where it has one, the community registry's otherwise.

Community	Tier	Units	Units from	Built	Built from
Saltera Apartments	1	306	Maricopa County, AZ property record, as of 2026-10-05	1984	Maricopa County, AZ property record, as of 2026-10-05
The Hamptons	1	249	Maricopa County, AZ property record, as of 2026-10-05	1981	Maricopa County, AZ property record, as of 2026-10-05
Cielo on Gilbert	1	432	Maricopa County, AZ property record, as of 2026-10-05	1985	Maricopa County, AZ property record, as of 2026-10-05
The Vance	1	464	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05
Lucera Apartments	1	192	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05
Pebble Creek	2	122	Maricopa County, AZ property record, as of 2026-10-05	1985	Maricopa County, AZ property record, as of 2026-10-05
Gilbert Greens Apartments	2	164	Maricopa County, AZ property record, as of 2026-10-05	1985	Maricopa County, AZ property record, as of 2026-10-05
Mesa Station	2	397	Maricopa County, AZ property record, as of 2026-10-05	1984	Maricopa County, AZ property record, as of 2026-10-05
Dana Park Apartments	2	222	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05
Astero Mesa East	2	MISSING	No public record; the licensed count is held back	1987	community registry (third-party market data)
Astero Mesa West	2	MISSING	No public record; the licensed count is held back	1986	community registry (third-party market data)
Gentrys Walk Apartments	2	176	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05
The Orchard on Gilbert	2	130	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05

Two comp sets, selected identically except for the vintage test

Held fixed in both: candidate pool, product test, tracker comp exclusions, radius, closest-20 cap, per-community rent rules, mix weighting. Varied: the +/-10-year vintage test only.

Comp set	Communities	Vintages	Comp net effective	Subject reads
A — vintage test ON	13	1981–1987	$1,255	4.7%
B — vintage test OFF	17	1981–2018	$1,303	0.8%
Difference between the two sets			$48	3.9%

In B but not A. Craft at Gilbert and Baseline, The Premiere at Dana Park, The Village at Lindsay Park Apartments, Vista Grove
In A but not B. —

Both figures are weighted by this property's own unit mix and computed over the same bed counts, so the two rows describe the same product. This is what these two sets measured on this date; it is not an estimate of what vintage is worth in this market.

Coverage. 357 tracked communities within 10 mi; 345 with rents on the tracker; 30 returned with unit groups by the service (its preselection); 13 in the detail tiers; rents as of 2026-09-30.

By bed count — like for like

Beds	Communities	Plans	Avg asking	Avg net effective
1 bed	12	14	$1,160	$1,140
2 bed	9	12	$1,394	$1,375

Subject market rent: $1,345
Comp-set average asking: $1,268Over 13 communities in the detailed tiers (top 5 plus next 15) — never the whole radius.
Comp-set average net effective: $1,248
Comp set, mix-matched: $1,255Each bed count's comp net-effective weighted by the SUBJECT's own unit mix, so the comparison is like for like.
Subject rent, same bed counts: $1,314The subject's own rent restricted to the bed counts the comp set covers, so both sides describe the same product.
Mix coverage: 95%Share of the subject's units matched by bed count (beds [1, 2]).
Subject vs comp set (mix-matched): 4.7%Negative means the subject is underwritten BELOW the market — mark-to-market room rather than a stretch.
Subject vs flat average: 7.7%Shown for contrast only: a flat average compares the subject against whatever bed mix the market happened to list.
Source: own weekly scrapescraped 2026-09-30

Stated in the offering memorandum

No comparables stated
The memorandum's stated comparables are withheld: they would place the real asset.

An empty block that says why it is empty is a deliverable. A block of plausible numbers is not.

Retail for-sale comps are not part of this demo. Sale comparables shown here are the whole-community trades the memorandum itself cites.

Property tax

Rates as actually billed, not statutory or effective. The current year is checked against the bill the offering memorandum states — the seller's figure, not the county's; the assumption block is what a buyer should carry at the illustrative price.

Parcel: 301-04-002KAs stated in the offering memorandum, not a county record.Sample Property Offering Memorandum.pdf — p.10
Tax area code: Available in the internal underwriting agent onlyInternal pipeline only
Combined rate: 10.2573 per $100Primary plus secondary, as billed.Vendored county rate table — property_tax_table.COUNTY_RATES[('AZ', 'maricopa')]
Assessment ratio: 10%Legal class for a rental, not the owner-occupied rate.Vendored county rate table — property_tax_table.STATE_RULES['AZ']
Rate evidence: Vendored county rate table: 10.2573 per $100 of assessed value, tax year 2025 — Tax area code 971300 — City of Phoenix / Deer Valley Unified School District #97: Primary rate 6.7007; Secondary rate 3.5566. Source: Maricopa County, '2025 Tax Rates, Maricopa County, Arizona' (the treasurer's rate table by tax area code), row 971300: primary 6.7007, approx residential primary 5.1401, secondary 3.5566 (maricopa.gov/5160/Tax-Levy-and-Rates — Tax Rate 2025 PDF). Verified 2026-09-04. The parcel's own tax district decides; this is the representative stack for the county. Maricopa publishes rates per tax area code and they vary by district: area 591300 (City of Phoenix / Laveen ESD #59) is 15.7387 in the same table. The parcel's own tax area decides. The 'approx residential primary' column is the owner-occupied rebate and does not apply to a rental. Ratio 10% — legal class 4.2, residential rental (A.R.S. sec. 42-15003 (class four assessed at 10%); A.R.S. sec. 42-12004 (class four includes residential rental property)). The upload demo reaches no county portal: the parcel, tax area code, assessor's value and billed amount are not verified against one, and read MISSING unless an uploaded document stated them. The rate on file is a representative district stack for the county, not the parcel's own. The offering memorandum stated the parcel (301-04-002K); it is kept as stated and not verified against a county portal. The offering memorandum stated the billed amount ($249,122); it is kept as stated and not verified against a county portal. The offering memorandum stated the bill's tax year (2025); it is kept as stated and not verified against a county portal.Vendored county rate table — property_tax_table.evidence_text (derived)
Assessed-value basis: Available in the internal underwriting agent onlyLimited property value (LPV), per the county assessorInternal pipeline only
Assessed value: MISSINGBasis times the legal-class ratio.
Computed annual tax: MISSINGcomputed
Tax bill as stated in the offering memorandum: $249,122For 2025, as the memorandum states it — the seller's figure, not verified against the county.Sample Property Offering Memorandum.pdf — p.10
Computed less billed: NOT CHECKEDStatus: NOT CHECKED.
Property taxes per the statement (T-12): $239,567As billed in the uploaded statement over its twelve months — the operator's ledger, not the county's bill, which the demo does not fetch.Sample Property T-12 June 26.xlsx — Property Taxes lines (computed)
Per-unit sanity band: In band (the statement's line per unit): $717 per unit a year is inside the AZ band of $400–$2,600A check against the state's typical range. It flags; it never changes a figure.Vendored county rate table — property_tax_table.band_check (derived)
Does the basis reset on sale?: NoAZ does not reset the assessed value on sale. Proposition 117 caps growth in the limited property value at 5% a year, so year-one tax is the current basis grown at the cap — NOT the purchase price times the assessment ratio.
Year-one full value: MISSINGCurrent LPV grown 5% (the Prop 117 cap)
Year-one assessed value: MISSINGAssessed value = full value x assessment ratio
Year-one tax: MISSINGThe figure to carry into the model.computed
Year-one tax per unit: MISSINGcomputed
Assessed value if it reset to the price: $7,181,000Purchase price times the assessment ratio — the pattern that holds in most states.
Tax on that basis: $736,577
Overstatement versus the correct approach: MISSINGShown because the size of the error is the point: a tax line this far out fails a deal that works.

Every line marked Available in the internal underwriting agent only — the parcel, its tax area, the assessed value and the county's bill — is produced by the internal underwriting agent from the county assessor. The demo carries the rate, the assessment ratio and the tax it computes from them.

Competing supply

Pipeline projects by ring and stage. Stage is stated because entitled units and delivered units are not the same risk.

Coverage note. These rings and stages are real and unmodified, and a zero is a genuine zero for the sources covered so far — not a gap left blank. Coverage of the permit and entitlement pipeline is an area of ongoing work and will be expanded, so read this section as a floor on competing supply rather than a census of it.

Ring	Stage	Projects	Units
1 mi	Entitlement	2	72
1 mi	Permitted	1	36
3 mi	Entitlement	20	621
3 mi	Permitted	13	558
5 mi	Entitlement	61	5,152
5 mi	Permitted	44	3,355
10 mi	Entitlement	236	39,029
10 mi	Permitted	191	16,643

Ring	Pipeline units	Existing stock	Units as % of stock
1 mi	108	MISSING	—
3 mi	1,179	MISSING	—
5 mi	8,507	MISSING	—
10 mi	55,672	MISSING	—

Projects within 3 miles

One row per development, at the furthest stage the pipeline shows; a dash means the source did not state it.

Project	Miles	Stage	Units	Type	Address	City	Acres	Developer	First filed	Latest activity	Source layers
Reed Park Residences	0.9	Entitlement	72	multifamily	—	—	3.2	—	2026-07-03	2026-07-03	Entitlement
Williams Place	1.0	Permitted	36	apartment_rental	539 S WILLIAMS	Mesa	1.0	—	2023-10-30	2026-08-26	County permits
Flats At Reed Park	1.0	Entitlement	—	multifamily	—	MESA	—	—	2025-03-06	—	NOI radar (Arizona DEQ)
2102 E BROADWAY RD	1.0	Permitted	—	apartment_rental	2102 E BROADWAY RD	Mesa	—	—	2026-03-02	2026-04-02	County permits
The Groves Apartments	1.0	Permitted	37	apartment_rental	2030 E BROADWAY RD	Mesa	—	—	2026-05-05	2026-05-11	County permits
3 Four 5 Villas	1.1	Entitlement	15	multifamily	—	—	1.1	—	2026-07-03	2026-07-03	Entitlement
Countryside Manor	1.3	Entitlement	40	multifamily	—	—	2.3	—	2026-07-03	2026-07-03	Entitlement
The Bungalows on Ash	1.3	Permitted	—	other_mf	1381 N GILBERT RD	GILBERT	—	—	2020-06-25	2021-06-16	County permits
La Jolla Villas	1.6	Entitlement	15	multifamily	—	—	1.1	—	2026-07-03	2026-07-03	Entitlement
1424 E DANA AVE	1.6	Permitted	4	apartment_rental	1424 E DANA AVE	Mesa	0.1	—	2026-02-11	2026-05-21	County permits
Dana Park Village Square	1.6	Entitlement	36	multifamily	—	—	4.2	—	2026-07-03	2026-07-03	Entitlement
Case ID: Z08-017 - 110 S Allen Rd	1.8	Entitlement	9	multifamily	—	—	1.1	—	2026-07-03	2026-07-03	Entitlement
214 N GILBERT RD 111	1.8	Permitted	—	apartment_rental	214 N GILBERT RD 111	Mesa	—	—	2023-02-23	2023-03-01	County permits
Tangerine	2.1	Entitlement	29	multifamily	—	—	2.1	—	2026-07-03	2026-07-03	Entitlement
3020 E MAIN ST	2.1	Permitted	—	apartment_rental	3020 E MAIN ST	Mesa	—	—	2023-07-27	2023-08-03	County permits
La Mesa Village Apartments	2.2	Entitlement	—	multifamily	—	MESA	—	—	2024-10-29	—	NOI radar (Arizona DEQ)
505 S LESUEUR C	2.2	Permitted	—	apartment_rental	505 S LESUEUR C	Mesa	—	—	2020-07-01	2020-07-23	County permits
Pioneer Place	2.2	Entitlement	9	mixed	—	—	0.8	—	2026-07-03	2026-07-03	Entitlement
PS16-006 A New Leaf Apartment Bldg	2.3	Entitlement	40	multifamily	—	—	1.7	—	2026-07-03	2026-07-03	Entitlement
3426 E UNIVERSITY DR	2.5	Permitted	36	apartment_rental	3426 E UNIVERSITY DR	Mesa	—	—	2021-02-15	2021-09-27	County permits
455 E MAIN ST	2.6	Permitted	—	apartment_rental	455 E MAIN ST	Mesa	—	—	2019-03-07	2020-12-08	County permits
ASPIRE HERITAGE	2.6	Entitlement	—	multifamily	—	GILBERT	—	—	2019-04-24	—	NOI radar (Arizona DEQ)
Van Damme Residence	2.6	Entitlement	2	multifamily	—	—	0.2	—	2026-07-03	2026-07-03	Entitlement
LEGACY SQUARE	2.6	Permitted	110	multifamily	140 S POMEROY	MESA	—	Willow Bridge Property Company	2025-02-06	2025-07-03	County permits, NOI radar (Arizona DEQ)
Cadillac Aparments	2.6	Entitlement	7	multifamily	—	—	0.8	—	2026-07-03	2026-07-03	Entitlement
Clare House Social	2.6	Entitlement	—	mixed	—	—	—	—	2026-07-03	2026-07-03	Entitlement
The Brundrett Building	2.7	Entitlement	—	mixed	—	—	—	—	2026-07-03	2026-07-03	Entitlement
233 E MAIN ST	2.8	Permitted	—	apartment_rental	233 E MAIN ST	Mesa	—	—	2020-01-27	2022-02-16	County permits
NEC Neely St and Aviary Way	2.8	Entitlement	99	multifamily	—	—	11.8	—	2026-07-03	2026-07-03	Entitlement
Mesa Main Street Apartments	2.8	Entitlement	36	multifamily	—	—	4.3	—	2026-07-03	2026-07-03	Entitlement
145 E MAIN ST 1	2.9	Permitted	335	apartment_rental	145 E MAIN ST 1	Mesa	—	—	2021-04-01	2021-12-06	County permits
Fiesta Rose Garden	2.9	Entitlement	12	multifamily	—	—	1.0	—	2026-07-03	2026-07-03	Entitlement
NWC Gilbert Rd and Elliot Rd	3.0	Entitlement	200	mixed	—	—	2.2	—	2026-07-03	2026-07-03	Entitlement

T-12 data

The monthly matrix as normalized, with each source line mapped to a category. Months run oldest-first, detected from the labels rather than assumed — the trailing-three window depends on it. An uncategorized subtotal the statement printed stays visible, and nothing sums it twice.

Line item	Category	2025-07	2025-08	2025-09	2025-10	2025-11	2025-12	2026-01	2026-02	2026-03	2026-04	2026-05	2026-06	T-12	T-3
MARKET RENT (1016)	Gross Potential Rent	$523,748	$518,034	$477,312	$488,186	$476,769	$475,585	$462,715	$487,927	$456,093	$461,043	$514,811	$485,380	$5,827,604	$1,461,234
LOSS/GAIN TO LEASE (1017)	Gain / (Loss) to Lease	($8,037)	($2,589)	$35,055	$20,408	$32,613	$28,352	$41,273	$17,429	$45,136	$39,787	($14,837)	$15,006	$249,595	$39,956
VACANCY (1020)	Vacancy	($28,109)	($37,566)	($41,626)	($39,869)	($48,284)	($42,153)	($36,450)	($32,724)	($36,969)	($34,182)	($25,351)	($19,116)	($422,400)	($78,650)
MANAGEMENT OFFICE/MODEL (1030)	Non-Revenue Units	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($1,248)	($14,982)	($3,746)
STAFF UNITS (1040)	Non-Revenue Units	($859)	($497)	($1,221)	($474)	($362)	$0	$0	$0	$0	$0	$0	$0	($3,413)	$0
ONE-TIME CONCESSION (1052)	Concessions	($14,341)	($1,700)	($24,159)	($24,241)	($8,080)	($1,336)	($22,935)	($12,130)	($800)	($1,100)	($4,521)	($1,562)	($116,906)	($7,183)
VALET TRASH REIMBURSEMENTS (3001)	Utility Reimbursements	$41	$8,386	$8,240	$8,226	$8,315	$8,237	$8,353	$8,425	$8,300	$8,333	$8,550	$8,692	$92,098	$25,576
LATE CHARGES (3011)	Other Income	$2,987	$6,226	$6,413	$4,811	$4,912	$4,556	$3,911	$4,949	$4,261	$2,144	$2,516	$4,720	$52,406	$9,380
NSF FEE (3012)	Other Income	$0	$165	$275	$55	$220	$165	$275	($55)	$0	$0	$110	$0	$1,210	$110
APPLICATION FEES (3030)	Other Income	$660	$264	$2,244	$1,254	$1,254	$1,584	$1,716	$1,515	$1,980	$2,772	$2,244	$594	$18,081	$5,610
ADMINISTRATIVE FEE (3036)	Other Income	$1,980	$0	$3,300	$4,840	$1,100	$66	$3,080	$878	$1,834	$4,400	$3,338	$990	$25,806	$8,728
TENANT DAMAGE REIMBURSEMENT (3040)	Other Income	$15,523	$9,060	$5,485	$4,000	$5,570	$1,708	$160	$4,485	$8,125	$3,240	$1,673	$5,742	$64,769	$10,655
UTILITIES RECOVERY (3050)	Utility Reimbursements	$426	$773	$491	$542	$839	$620	$442	$527	$710	$268	$607	$75	$6,319	$950
FEE CONCESSION (3053)	Concessions	$0	$0	$4,169	($4,169)	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
VENDING INCOME (3060)	Other Income	$0	$0	$0	$0	$126	$0	$113	$0	$0	$0	$0	$0	$239	$0
CABLE INCOME (3066)	Other Income	$0	$0	$4,572	$0	$0	$4,197	$0	$4,079	$0	$0	$0	$4,031	$16,880	$4,031
LAUNDRY INCOME (3070)	Other Income	$1,346	$879	$0	$1,437	$2,352	$1,641	$1,024	$2,072	$1,756	$1,514	$1,462	$2,145	$17,628	$5,121
COURT COST REIMBURSEMENT (3080)	Other Income	$3,646	$3,447	$4,765	$3,953	$2,537	$2,868	$5,500	$6,393	$2,188	$1,987	$1,253	$4,107	$42,645	$7,347
BAD DEBT WRITE-OFF - OTHER (3086)	Delinquency	($3,878)	($32,946)	($30,005)	($9,504)	($2,474)	($21,999)	($20,899)	($11,681)	($14,744)	($28,115)	($2,820)	($12,541)	($191,607)	($43,476)
TERMINATION FEE (3112)	Other Income	$9,633	$11,475	$8,173	$3,025	$18,984	$9,385	$963	$20,409	$10,615	$10,941	$0	$11,486	$115,089	$22,427
CONCIERGE SERVICES INCOME (3117)	Other Income	$1,721	$1,672	$1,659	$1,656	$1,634	$1,647	$1,670	$1,679	$1,660	$1,667	$1,710	$1,738	$20,115	$5,115
PET FEES (3118)	Other Income	$1,320	($440)	$0	$440	$2,200	$1,320	$0	$0	$440	$1,320	$880	($440)	$7,040	$1,760
PET RENT (3119)	Other Income	$2,208	$2,331	$2,189	$2,127	$2,429	$2,321	$2,327	$2,184	$2,152	$2,217	$2,174	$2,385	$27,043	$6,775
PEST CONTROL FEES (3121)	Other Income	$665	$687	$686	$670	$513	$646	$661	$703	$678	$668	$657	$681	$7,915	$2,006
DEPOSIT WAIVER INCOME (3156)	Other Income	$3,881	$3,047	$2,418	$1,830	$1,327	$1,086	$971	$755	$530	$379	$374	$374	$16,973	$1,127
DEPOSIT WAIVER EXPENSE (3157)	Other Income	($2,499)	($1,861)	($1,202)	($585)	($257)	($7)	$0	$0	$0	$0	$0	$0	($6,411)	$0
RENTER'S INSURANCE INCOME (3175)	Other Income	$5,223	$5,102	$4,961	$4,889	$5,206	$5,461	$5,250	$5,311	$5,239	$5,330	$5,467	$5,659	$63,100	$16,457
RENTER'S INSURANCE EXPENSE (3176)	Other Income	($4,683)	($4,669)	($4,534)	($4,423)	($4,455)	($4,489)	($4,489)	($5,192)	($4,679)	($4,590)	($4,815)	($4,872)	($55,891)	($14,277)
TRANSFER FEE (3179)	Other Income	$825	$550	$275	$0	($275)	$275	$275	$0	$550	$0	$0	$0	$2,475	$0
MISCELLANEOUS INCOME (3180)	Other Income	$102	($61)	$0	$6	$0	$724	$1,100	$0	$0	$186	$110	$1,100	$3,266	$1,396
UTILITY FEE REIMBURSEMENT (3183)	Utility Reimbursements	$1,234	$1,242	$1,230	$1,195	$1,211	$1,183	$1,187	$1,269	$1,222	$1,203	$1,187	$1,218	$14,581	$3,608
WATER/SEWER REIMBURSEMENT (3186)	Utility Reimbursements	$17,710	$18,899	$20,658	$18,509	$18,109	$13,591	$17,811	$17,552	$16,612	$16,023	$16,771	$17,710	$209,956	$50,504
TRASH REIMBURSEMENT (3187)	Utility Reimbursements	$11,588	$3,241	$3,414	$3,407	$3,444	$3,287	$3,375	$3,524	$3,466	$3,392	$3,352	$3,493	$48,981	$10,236
SALES TAX COLLECTED (3192)	Other Income	$29	$29	$29	$24	$2	$1	$1	($99)	$1	$1	$1	$0	$22	$3
OTHER REIMBURSEMENTS (3198)	Other Income	$0	$0	($192)	$0	$0	$0	$0	$0	$0	$0	$0	$0	($192)	$0
BAD DEBT DEPOSIT WAIVER FEE (3081)	Delinquency	$1,068	$1,640	$2,045	$2,446	$2,532	$2,753	$2,784	$2,772	$2,771	$2,813	$2,693	$2,607	$28,923	$8,113
BAD DEBT WRITE-OFF (3084)	Delinquency	($370)	($11,315)	($9,770)	($1,307)	($958)	($8,909)	($15,170)	($5,060)	($16,600)	($2,275)	($324)	($4,468)	($76,525)	($7,066)
BAD DEBT- ALLOWANCE FOR DOUBTFUL ACCOUNTS (3085)	Delinquency	($2,546)	$2,290	$279	($1,244)	($7,445)	($1,810)	$8,516	($440)	$2,495	$0	$0	$192	$286	$192
BAD DEBT COLLECTED - DEPOSIT ALTERNATIVE CLAIMS (3087)	Delinquency	$8,108	$15,495	$11,905	$4,304	$7,267	$1,554	$8,224	$1,691	$1,925	$1,100	$0	$0	$61,573	$1,100
BAD DEBT COLLECTED - IN HOUSE (3088)	Delinquency	$2,974	($86)	($640)	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,248	$0
BAD DEBT COLLECTED - COLLECTION AGENCY (3089)	Delinquency	$0	$0	$0	$339	$0	$0	$187	$187	$506	$0	$680	$102	$2,000	$782
BAD DEBT ADJUSTMENTS (3091)	Delinquency	$1,953	($295)	($443)	$2,109	$1,536	($17)	$912	$1,206	($135)	($399)	($425)	$2,119	$8,121	$1,294
PROMOTIONAL MATERIALS (5010)	Leasing and Marketing	$0	$149	$0	$80	$149	$0	$58	$44	$317	$0	$25	$9	$830	$33
MARKETING COLLATERAL (5020)	Leasing and Marketing	$560	$0	$0	$0	$0	$40	$0	$0	$51	$134	$0	$0	$785	$134
ONLINE ADVERTISING (5070)	Leasing and Marketing	$7,756	$5,918	$5,391	$5,894	$4,693	$5,630	$5,765	$4,335	$4,128	$5,966	$4,830	$4,961	$65,268	$15,757
SPECIALTY MARKETING (5090)	Leasing and Marketing	$125	$125	$125	$125	$1,313	$171	$125	$312	$125	$125	$125	$125	$2,924	$376
MARKETING PERFORMANCE MEASUREMENT (MPM) & LEAD MGM (5099)	Leasing and Marketing	$500	$500	$500	$812	$1,205	$1,956	$484	$532	$508	$508	$508	$508	$8,520	$1,524
COMMUNITY FUNCTIONS (5120)	Leasing and Marketing	$441	$310	$220	$244	$270	$0	$0	$0	$33	$482	$79	$261	$2,339	$822
TENANT REFERRAL FEES (5160)	Leasing and Marketing	$190	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$190	$0
OFFICE SUPPLIES (5410)	General and Administrative	$229	$330	$100	$43	$119	$0	$0	$221	$48	$368	$109	$322	$1,889	$799
TRAINING/SEMINARS (5430)	General and Administrative	$154	$154	$154	$154	$154	$154	$59	($106)	$114	$426	$394	$299	$2,108	$1,119
OFFICE EQUIP/LEASE/PURCHASE (5440)	General and Administrative	$0	$0	$0	$0	$0	$0	$0	$208	$0	$0	$0	$0	$208	$0
CAREER APPAREL (5455)	General and Administrative	$176	$0	$0	$0	$0	$420	$0	$0	$0	$481	$0	$0	$1,077	$481
TRAVEL (5460)	General and Administrative	$42	$468	$280	$62	$0	$101	$242	$2,306	$0	$96	$274	$25	$3,895	$394
DUES/SUBSCRIPTIONS (5470)	General and Administrative	$1,618	$256	$0	$0	$0	$0	$492	$524	$0	$0	$3,248	($2)	$6,137	$3,246
BLUE MOON LICENSE (5475)	General and Administrative	$0	$0	($1,523)	$0	$0	$0	$0	$0	$0	$0	$0	$0	($1,523)	$0
CREDIT REPORTS (5480)	General and Administrative	$1,890	$0	$3,295	$1,841	$824	$872	$1,140	$120	$1,260	$872	$2,277	$921	$15,310	$4,070
LEGAL EXPENSE (5510)	Legal and Professional	$5,323	$1,681	$2,177	$3,133	$4,993	$1,805	$1,686	$4,925	$3,622	$862	$1,255	$1,323	$32,785	$3,439
MRI FEES (5515)	General and Administrative	$667	$667	$667	$667	$667	$670	$670	$670	$1,913	$1,290	$1,286	$1,289	$11,124	$3,865
LRO FEES (5525)	General and Administrative	$542	$542	$542	$542	$542	$542	$542	$542	$542	$542	$542	$542	$6,503	$1,626
TELEPHONE - LOCAL LINES (5530)	General and Administrative	$1,175	$469	$525	$487	$412	$431	$452	$1,290	($324)	$1,174	$400	$456	$6,949	$2,031
HIGH SPEED INTERNET (5531)	General and Administrative	$0	$0	$0	$0	$1,562	$0	$1,409	$0	$1,473	$701	$756	$720	$6,620	$2,177
ANSWERING SERVICE (5535)	General and Administrative	$155	$155	$155	$155	$155	$155	$155	$155	($155)	$0	$0	$0	$1,083	$0
MISCELLANEOUS (5550)	General and Administrative	$0	$0	$0	$0	$42	$0	$0	$0	$0	$0	$0	$0	$42	$0
TECHNOLOGY COSTS (5590)	General and Administrative	$2,729	$2,359	$2,015	$2,782	$2,967	$3,034	$3,384	$3,082	$1,975	$2,946	$2,596	$2,321	$32,190	$7,863
MANAGEMENT FEES (5700)	Management Fee	$12,703	$12,438	$12,340	$11,833	$12,384	$11,764	$12,155	$12,616	$12,539	$11,958	$12,443	$12,517	$147,690	$36,917
MANAGEMENT FEE - OTHER (5740)	Management Fee	$598	$598	$598	$598	$598	$598	$598	$598	$598	$598	$598	$598	$7,182	$1,796
PROPERTY MANAGER/ADMINISTRATOR (5810)	Payroll	$8,583	$4,998	$706	$706	$957	$16,020	$7,198	$7,586	$8,127	$7,747	$13,339	$7,829	$83,796	$28,915
OFFICE OVERTIME (5815)	Payroll	$65	$117	$280	$223	$747	$648	$109	$246	$298	$563	$435	$147	$3,878	$1,144
ASSISTANT MGR/LEASING AGENT (5820)	Payroll	$10,492	$10,583	$10,620	$10,728	$10,196	$16,156	$10,740	$10,027	$10,455	$10,665	$13,505	$8,280	$132,448	$32,451
MAINTENANCE/ENGINEER/SUPERVISOR (5830)	Payroll	$6,493	$6,471	$6,014	$6,648	$5,985	$6,174	$317	$159	$2,507	$6,050	$9,091	$5,739	$61,646	$20,880
MAINTENANCE OVERTIME (5835)	Payroll	$4,064	$3,541	$2,565	$2,965	$5,200	$1,333	$759	$603	$1,556	$848	$3,779	$2,633	$29,847	$7,261
MAINTENANCE PAYROLL (5840)	Payroll	$8,754	$8,232	$7,420	$6,627	$4,309	$13,122	$8,095	$8,318	$8,283	$8,432	$12,229	$8,360	$102,180	$29,021
TEMPORARY EMPLOYMENT (5855)	Payroll	$0	$665	$665	$998	$0	$0	$0	$2,167	$251	$0	$0	$408	$5,155	$408
LEASING BONUSES (5860)	Payroll	$5,982	$6,786	$5,616	$4,259	$5,822	$2,984	$3,134	$3,787	$5,451	$4,799	$4,524	$6,390	$59,533	$15,713
FRINGE BENEFITS (5870)	Payroll	$4,261	$4,450	$3,115	$3,364	$3,396	$4,470	$2,693	$4,014	$3,956	$4,159	$6,205	$4,147	$48,230	$14,511
WORKERS COMP INSURANCE (5875)	Payroll	$1,077	$1,037	$893	$793	$826	$883	$454	$457	$593	$684	$1,051	$731	$9,479	$2,466
PAYROLL TAXES (5880)	Payroll	$3,331	$3,048	$2,469	$2,101	$2,358	$4,206	$2,463	$2,802	$2,773	$2,953	$4,216	$2,924	$35,645	$10,094
RECRUITING EXPENSE (5882)	Payroll	$0	$219	$0	$0	$0	$133	$97	$0	$0	$0	$0	$0	$449	$0
PAYROLL PROCESSING (5885)	Payroll	$332	$239	($40)	$222	$108	$257	$501	$248	$76	$277	$255	$244	$2,720	$776
GROUNDS (6010)	Landscaping	$4,745	$5,363	$7,102	$4,745	$3,613	$9,051	$6,007	$5,267	$4,745	$4,745	$4,380	$4,802	$64,566	$13,928
SECURITY (6030)	Repairs and Maintenance	$1,612	$1,612	$1,612	$1,612	$1,612	$1,612	$1,638	$1,053	$1,638	$1,638	$1,638	$1,638	$18,918	$4,914
SECURITY SYSTEM ACCESS MONITORING (6031)	Repairs and Maintenance	$269	$135	$135	$135	$244	$135	$135	$135	$72	$62	$135	$135	$1,726	$332
FIRE PUMP TESTING (6035)	Repairs and Maintenance	$0	$0	$0	$0	$0	$0	$1,249	$0	$0	$0	$1,048	$0	$2,297	$1,048
CLEANING - COMMON (6040)	Repairs and Maintenance	$380	$902	$432	$394	$1,335	$380	$380	$171	$251	$377	$776	$870	$6,650	$2,023
UNIT CLEANS - TURN (6041)	Unit Turns	$2,337	$2,480	$1,734	$1,819	$3,430	$5,330	$1,499	$3,325	$3,197	$3,320	$2,389	$3,149	$34,008	$8,859
PLUMBING (6060)	Repairs and Maintenance	$0	$238	$1,813	$2,815	$7,646	$280	$4,365	$3,123	$1,237	$1,398	$271	$2,522	$25,707	$4,191
ELECTRICAL (6070)	Repairs and Maintenance	$1,420	$5,044	$1,761	$1,340	$655	$0	$418	$309	$370	$2,798	$618	$1,449	$16,181	$4,864
BUILDING EXTERIORS (6100)	Repairs and Maintenance	$0	$0	$2,073	$891	$0	$4,804	$1,568	$0	$0	$0	$499	$366	$10,201	$864
R&M PRESSURE WASHING (6105)	Repairs and Maintenance	$0	$0	$0	$0	$624	$0	$0	$0	$0	$0	$0	$0	$624	$0
ROOF (6130)	Repairs and Maintenance	$0	$0	$0	$1,425	($1,425)	$0	$784	$0	$0	$0	$0	$0	$784	$0
GLASS (6140)	Repairs and Maintenance	$124	$0	$119	$256	$703	$114	$0	$460	$527	$228	$262	$0	$2,793	$490
CARPET REPAIR/CLEANING - TURN (6160)	Unit Turns	$1,164	$1,216	$285	$812	$7,524	$998	$507	$608	$1,036	$1,572	$2,019	$532	$18,271	$4,123
CARPET REPAIR/CLEANING - OCCUPIED (6161)	Repairs and Maintenance	$0	$0	$0	$0	$0	$0	$632	$0	$0	$0	$0	$62	$694	$62
EXTERMINATING CONTRACT (6190)	Repairs and Maintenance	$2,198	$2,963	$2,232	$4,307	$6,428	$2,494	$1,671	$939	$949	$1,697	$1,587	$2,628	$30,093	$5,912
INTERIOR PAINT - TURN (6200)	Unit Turns	$4,123	$3,890	$3,990	$2,741	$5,871	$4,304	$1,368	$2,854	$5,282	$5,580	$2,419	$2,793	$45,215	$10,792
HVAC REPAIRS (6220)	Repairs and Maintenance	$3,912	$3,942	$2,580	$801	$2,002	$5,033	$1,592	$1,831	($827)	$687	$1,454	$2,399	$25,405	$4,539
EQUIPMENT REPAIRS (6290)	Repairs and Maintenance	$81	$3,105	$1,259	$778	$209	$1,306	($1,306)	$0	$2,960	$0	$1,834	$52	$10,277	$1,886
UNIT TURNS (6300)	Unit Turns	$0	$0	$0	$0	$0	$0	$0	$4,581	$0	$0	$0	$0	$4,581	$0
LOCKS & KEYS (6310)	Repairs and Maintenance	$0	$0	$0	$0	$0	$0	$0	$0	$0	$42	$0	$0	$42	$42
GROUND SUPPLIES (6510)	Landscaping	$46	$822	$99	$57	$318	$120	$0	$0	$60	$56	$97	$152	$1,827	$305
POOL SUPPLIES (6520)	Repairs and Maintenance	$610	$2,351	$975	$257	$489	$0	$0	$0	$730	$221	$781	$656	$7,070	$1,658
JANITORIAL SUPPLIES (6540)	Repairs and Maintenance	$176	$364	$346	$332	$518	$491	$48	$168	$767	$411	$286	$338	$4,245	$1,036
GATE/PARKING REPAIRS (6550)	Repairs and Maintenance	$478	$0	$162	$0	$0	$162	$242	$0	$0	$0	$573	$0	$1,616	$573
ELECTRICAL SUPPLIES (6560)	Repairs and Maintenance	$138	$225	$490	$475	$305	$414	$614	$788	$281	$190	$308	$211	$4,442	$709
PLUMBING SUPPLIES (6570)	Repairs and Maintenance	$445	$765	$604	$367	$961	$1,385	$385	$812	$1,395	$555	$423	$374	$8,472	$1,353
BUILDING REPAIRS (6610)	Repairs and Maintenance	$0	$0	$0	$257	$48	$270	$867	$102	$215	$0	$0	$0	$1,759	$0
SCREENS (6640)	Repairs and Maintenance	$0	$0	$0	$0	$0	$143	$0	$0	$0	$0	$0	$0	$143	$0
GLASS (6660)	Repairs and Maintenance	$138	$0	$0	$0	$0	$0	$0	$0	$14	$0	$0	$0	$152	$0
BLDG. INTERIOR MAINT. (6670)	Repairs and Maintenance	$0	$0	$0	$0	$0	$10,464	($10,464)	$0	$0	$0	$0	$0	$0	$0
INTERIOR PAINT SUPPLIES - TURN (6700)	Unit Turns	$814	$1,352	$717	$712	$3,414	$1,918	$339	$203	$981	$1,866	$641	$1,067	$14,023	$3,574
FILTERS (6720)	Repairs and Maintenance	$118	$117	$95	$86	$220	$183	$0	$0	$116	$36	$123	$87	$1,181	$246
HVAC PARTS (6730)	Repairs and Maintenance	$373	$553	$656	$216	$20	$386	$601	$144	$198	$782	$33	$271	$4,231	$1,086
APPLIANCE PARTS (6760)	Repairs and Maintenance	$365	$381	$106	$189	$330	$136	$648	$540	$574	$327	$519	$604	$4,721	$1,451
HARDWARE (6770)	Repairs and Maintenance	$0	$0	$0	$0	$0	$52	$0	$83	$23	$30	$0	$0	$188	$30
TOOLS & EQUIPMENT (6830)	Repairs and Maintenance	$58	$132	$51	$76	$0	$27	$0	$0	$55	$51	$0	$164	$612	$215
UNIFORMS (6870)	General and Administrative	$0	$0	$0	$0	$0	$0	$0	$0	$162	$296	$181	$0	$639	$477
GAS (7010)	Utilities	$373	$359	$389	$378	$394	$447	$446	$438	$437	$412	$406	$418	$4,897	$1,236
TRASH REMOVAL (7025)	Utilities	$4,285	$3,692	$4,774	$4,133	$4,133	$4,654	$4,948	$5,938	$4,468	$6,089	$4,604	$5,381	$57,099	$16,074
VALET TRASH (7026)	Utilities	$3,243	$3,243	$2,802	$2,802	$2,802	$3,243	$3,332	$3,343	$3,343	$3,543	$3,220	$2,272	$37,188	$9,035
ELECTRICITY - COMMON AREA (7030)	Utilities	$2,644	$2,748	$2,289	$1,921	$1,472	$1,428	$1,490	$1,382	$1,439	$1,671	$1,841	$2,006	$22,331	$5,518
ELECTRICITY - VACANT (7040)	Utilities	$2,616	$1,871	$2,123	$280	$1,639	$895	$906	$788	$514	$750	$1,136	$1,087	$14,604	$2,972
RECOVERABLE ELEC/GAS/WATER (7050)	Utilities	$648	$235	$908	$83	$426	$487	$242	$349	$197	($21)	$237	$258	$4,049	$474
WATER (7060)	Utilities	$8,993	$10,082	$8,962	$8,619	$6,751	$8,632	$8,124	$8,025	$7,860	$8,318	$8,510	$9,421	$102,297	$26,249
SEWAGE (7070)	Utilities	$7,425	$8,307	$7,400	$7,122	$5,608	$7,132	$6,641	$6,562	$6,430	$6,796	$6,949	$7,678	$84,050	$21,423
UTILITY BILLING EXPENSE (7075)	Utilities	$906	$907	$870	$867	$880	$852	$860	$883	$912	$906	$885	$919	$10,648	$2,710
REAL ESTATE TAXES (7110)	Property Taxes	$19,353	$19,353	$19,353	$23,041	$19,722	$19,722	$19,837	$19,837	$19,837	$19,837	$19,837	$19,837	$239,567	$59,511
LICENSES & FEES (7130)	General and Administrative	$0	$0	$0	$0	$48	$0	$0	$0	$0	$1,495	$0	$0	$1,543	$1,495
LIABILITY INSURANCE (7210)	Insurance	$6,015	$6,015	$6,015	$5,815	$6,842	$5,815	$5,815	$5,815	$5,815	$5,815	$5,815	$5,815	$71,410	$17,446
PROPERTY INSURANCE (7220)	Insurance	$8,080	$8,080	$8,080	$8,080	$8,080	$8,080	$8,080	$8,080	$8,080	$8,080	$6,868	$6,071	$93,740	$21,019

P&L summary

The rollup. Two rules do the work: gross scheduled rent is whatever the statement printed, or gross potential rent plus gain/(loss) to lease where it printed nothing; and total revenue sums from gross scheduled rent down — never from gross potential rent, which would count loss-to-lease twice.

Line item	T-12	T-3 annualized	Per unit	% of revenue
Gross Potential Rent	$5,827,604	$5,844,938	$17,448	94.5%
Gain / (Loss) to Lease	$249,595	$159,825	$747	4.0%
Gross Scheduled Rent	$6,077,199	$6,004,763	$18,195	98.5%
Vacancy	($422,400)	($314,599)	($1,265)	-6.8%
Concessions	($116,906)	($28,732)	($350)	-1.9%
Non-Revenue Units	($18,395)	($14,982)	($55)	-0.3%
Delinquency	($164,980)	($156,245)	($494)	-2.7%
Utility Reimbursements	$371,935	$363,497	$1,114	6.0%
Other Income	$440,206	$375,083	$1,318	7.1%
Revenue Adjustments	—	—	—	—
Total Revenue	$6,166,659	$6,228,784	$18,463	100.0%
General and Administrative	$95,795	$118,570	$287	1.6%
Leasing and Marketing	$80,856	$74,584	$242	1.3%
Payroll	$575,007	$654,559	$1,722	9.3%
Insurance	$165,150	$153,862	$494	2.7%
Property Taxes	$239,567	$238,043	$717	3.9%
Legal and Professional	$32,785	$13,757	$98	0.5%
Management Fee	$154,872	$154,850	$464	2.5%
Landscaping	$66,392	$56,932	$199	1.1%
Repairs and Maintenance	$191,221	$158,100	$573	3.1%
Unit Turns	$116,097	$109,390	$348	1.9%
Utilities	$337,165	$342,762	$1,009	5.5%
Expense Adjustments	—	—	—	—
Total Operating Expenses	$2,054,908	$2,075,409	$6,152	33.3%
Net Operating Income	$4,111,751	$4,153,375	$12,311	66.7%

Gross scheduled rent basis: gross potential rent + gain/(loss) to lease.

Other Income — top 5 plus rest

Line item	T-12	T-3 annualized
TERMINATION FEE (3112)	$115,089	$89,707
TENANT DAMAGE REIMBURSEMENT (3040)	$64,769	$42,618
RENTER'S INSURANCE INCOME (3175)	$63,100	$65,826
RENTER'S INSURANCE EXPENSE (3176)	($55,891)	($57,108)
LATE CHARGES (3011)	$52,406	$37,520
All other other income (17 lines)	$200,733	$196,519
Total other income	$440,206	$375,083

Utility Reimbursements — top 4 plus rest

Line item	T-12	T-3 annualized
WATER/SEWER REIMBURSEMENT (3186)	$209,956	$202,018
VALET TRASH REIMBURSEMENTS (3001)	$92,098	$102,303
TRASH REIMBURSEMENT (3187)	$48,981	$40,945
UTILITY FEE REIMBURSEMENT (3183)	$14,581	$14,433
All other utility reimbursements (1 lines)	$6,319	$3,799
Total utility reimbursements	$371,935	$363,497

Utilities — top 4 plus rest

Line item	T-12	T-3 annualized
WATER (7060)	$102,297	$104,996
SEWAGE (7070)	$84,050	$85,694
TRASH REMOVAL (7025)	$57,099	$64,296
VALET TRASH (7026)	$37,188	$36,140
All other utilities (5 lines)	$56,530	$51,636
Total utilities	$337,165	$342,762

Trailing T-3 annualized revenue

Each figure is that month plus the two before it, times four — the trend the T-3 cap rate sits at the end of. Fewer than eight months of statement give fewer figures, never a padded zero.

Month	T-3 annualized revenue
2026-01	$6,022,369
2026-02	$6,022,884
2026-03	$6,075,786
2026-04	$6,144,709
2026-05	$6,100,666
2026-06	$6,228,784

Pricing and cap rate

Price per unit: $215,000illustrative
Unit count: 334
Total purchase price: $71,810,000illustrative
T-12 revenue: $6,166,659
T-12 operating expenses: $2,054,908
T-12 net operating income: $4,111,751
T-12 cap rate: 5.73%illustrative
T-3 revenue (annualized): $6,228,784
T-3 operating expenses (annualized): $2,075,409
T-3 net operating income (annualized): $4,153,375
T-3 cap rate: 5.78%illustrative
T-12 revenue: $6,166,659
T-6 annualized: $6,152,285
T-3 annualized: $6,228,784

T-12 audit trail

The cross-tie against the subtotals the source statement printed, then the statement against the rent roll. A difference over a dollar reads REVIEW rather than quietly passing; a subtotal the source never printed reads NOT CHECKED, not OK.

Check	Our total	Source subtotal	Difference	Status	Why
Total Revenue	$6,166,659	$6,166,659	$0	OK
Total Operating Expenses	$2,054,908	$2,054,908	($0)	OK
Net Operating Income	$4,111,751	$4,111,751	$0	OK
Utilities	$337,165	$337,165	$0	OK
Group subtotals (Other Income, Utility Reimbursements)	—	—	—	NOT CHECKED	The statement prints no subtotal for these 2 groups, so there is nothing to tie their category totals to. The P&L still shows each group's own total.

Statement sanity checks

Four guards on how the statement is printed. A REVIEW is flagged for a reader to resolve; nothing here changes a number — the P&L is the statement as categorised, unflipped.

Guard	Status	Lines named	Detail
Contra-revenue categories net negative	OK	—	Every contra-revenue category (Vacancy, Concessions, Non-Revenue Units, Delinquency) nets negative, as it must.
Total operating expenses positive	OK	—	Total operating expenses are $2,054,908 — positive, as an expense total must be.
No recovery lines inside expense buckets	OK	—	No negative line inside an expense category carries a recovery word (rebill, reimburse, recover, recapture).
No subtotal row counted with its members	OK	—	No categorised row named like a subtotal (\|value\| ≥ $500) equals the sum of one to three rows within 25 lines of it.

Across the two documents: statement vs rent roll

Different documents on different bases — twelve months of a statement against one day of a roll — so a tie within 10% is the expected state and a wider gap is the thing to look at, not a rounding difference.

Tie	Statement	Rent roll	Gap	Status	Basis / why not
Gross Potential Rent vs the roll's market rent x 12	$5,827,604	$5,651,856	3.1%	OK	statement GPR, twelve months; roll market rent, every unit, x 12
Total Revenue vs the roll's in-place rent x 12	$6,166,659	$5,472,456	12.7%	REVIEW	statement total revenue; roll in-place rent, occupied units, x 12

Rent roll

The normalized per-unit roll. Unit identifiers only — there is no tenant-name column in the schema, so there is nothing for a scrub step to miss. Lease type is derived from the gap between lease start and move-in (31-day tolerance); a blank means the source could not support a classification, and a date the source gave as text stays text rather than being coerced.

Unit	Plan	Bd	Ba	SF	Status	Lease start	Move-in	Type	In-place rent	$/SF
1001	3X2B	3	2.0	1,444	Occupied	2026-06-01	2019-09-25	Renewal	$2,258	$1.56
1002	3X2B	3	2.0	1,444	Occupied	2024-12-30	2020-11-30	Renewal	$2,265	$1.57
1003	2X2R	2	2.0	1,006	Non-revenue	2025-12-01	2019-12-10	Renewal	—	—
1004	2X2	2	2.0	1,006	Non-revenue	—	—	—	—	—
1005	1X1	1	1.0	720	Occupied	2025-09-18	2025-09-18	New	$1,181	$1.64
1006	1X1R	1	1.0	720	Occupied	2026-06-09	2026-06-09	New	$1,265	$1.76
1007	1X1	1	1.0	720	Occupied	2026-05-01	2014-01-01	Renewal	$1,108	$1.54
1008	1X1R	1	1.0	720	Occupied	2026-01-02	2020-12-02	Renewal	$1,450	$2.01
1009	1X1R	1	1.0	720	Occupied	2026-06-22	2026-06-22	New	$1,176	$1.63
1010	1X1	1	1.0	720	Occupied	2026-04-01	2012-01-16	Renewal	$1,153	$1.60
1011	1X1	1	1.0	720	Occupied	2026-07-01	2026-07-01	New	$1,276	$1.77
1012	1X1	1	1.0	720	Occupied	2026-07-01	2015-03-01	Renewal	$1,163	$1.62
1013	2X2	2	2.0	1,006	Occupied	2026-03-17	2020-03-17	Renewal	$1,569	$1.56
1014	2X2R	2	2.0	1,006	Occupied	2025-08-10	2024-08-10	Renewal	$1,528	$1.52
1015	2X2	2	2.0	1,006	Occupied	2026-05-01	2023-05-30	Renewal	$2,161	$2.15
1016	2X2R	2	2.0	1,006	Occupied	2025-10-30	2025-10-30	New	$1,433	$1.42
1017	2X2	2	2.0	1,006	Occupied	2026-07-29	2025-07-29	Renewal	$1,586	$1.58
1018	2X2	2	2.0	1,006	Occupied	2026-07-18	2024-06-18	Renewal	$1,995	$1.98
1019	2X2R	2	2.0	1,006	Occupied	2025-11-27	2024-11-27	Renewal	$1,606	$1.60
1020	2X2	2	2.0	1,006	Occupied	2026-07-01	2008-12-08	Renewal	$1,535	$1.53
1021	2X1	2	1.0	846	Occupied	2026-07-22	2021-04-22	Renewal	$1,746	$2.06
1022	2X1R	2	1.0	846	Occupied	2025-09-30	2024-09-30	Renewal	$1,388	$1.64
1023	2X1R	2	1.0	846	Occupied	2026-04-09	2026-04-09	New	$1,250	$1.48
1024	2X1R	2	1.0	846	Occupied	2025-11-20	2025-11-20	New	$1,297	$1.53
1025	2X2	2	2.0	1,006	Occupied	2026-07-30	2025-05-30	Renewal	$1,570	$1.56
1026	2X2	2	2.0	1,006	Occupied	2025-12-04	2025-12-04	New	$1,491	$1.48
1027	2X2R	2	2.0	1,006	Occupied	2026-02-28	2026-02-28	New	$1,307	$1.30
1028	2X2R	2	2.0	1,006	Occupied	2026-06-30	2025-05-30	Renewal	$1,870	$1.86
1029	1X1	1	1.0	720	Occupied	2025-08-11	2025-08-11	New	$1,239	$1.72
1030	1X1R	1	1.0	720	Occupied	2026-07-31	2022-07-31	Renewal	$1,653	$2.30
1031	1X1R	1	1.0	720	Occupied	2026-02-28	2023-12-30	Renewal	$1,296	$1.80
1032	1X1	1	1.0	720	Occupied	2026-07-01	2016-04-07	Renewal	$1,347	$1.87
1033	1X1R	1	1.0	720	Occupied	2026-07-03	2026-07-03	New	$1,176	$1.63
1034	1X1R	1	1.0	720	Occupied	2025-07-11	2022-05-11	Renewal	$1,255	$1.74
1035	1X1	1	1.0	720	Occupied	2025-09-01	2015-10-02	Renewal	$1,244	$1.73
1036	1X1	1	1.0	720	Occupied	2026-04-19	2025-03-19	Renewal	$1,302	$1.81
1037	1X1	1	1.0	720	Occupied	2026-03-17	2025-04-17	Renewal	$1,250	$1.74
1038	1X1R	1	1.0	720	Occupied	2026-03-01	2025-02-01	Renewal	$1,219	$1.69
1039	1X1	1	1.0	720	Occupied	2026-04-15	2026-04-15	New	$1,197	$1.66
1040	1X1	1	1.0	720	Occupied	2025-11-01	2025-11-01	New	$1,213	$1.68
1041	1X1	1	1.0	720	Occupied	2026-03-01	2025-02-01	Renewal	$1,224	$1.70
1042	1X1R	1	1.0	720	Occupied	2026-07-03	2024-07-03	Renewal	$1,250	$1.74
1043	1X1	1	1.0	720	Occupied	2026-07-01	2023-07-19	Renewal	$1,512	$2.10
1044	1X1	1	1.0	720	Occupied	2025-09-01	2022-09-01	Renewal	$1,470	$2.04
1045	2X2	2	2.0	1,006	Occupied	2025-07-17	2024-07-17	Renewal	$1,822	$1.81
1046	2X2	2	2.0	1,006	Occupied	2026-06-13	2026-06-13	New	$1,564	$1.55
1047	2X2	2	2.0	1,006	Occupied	2026-05-30	2021-02-28	Renewal	$1,752	$1.74
1048	2X2R	2	2.0	1,006	Occupied	2026-04-09	2026-04-09	New	$1,370	$1.36
1049	1X1R	1	1.0	720	Vacant	—	—	—	—	—
1050	1X1	1	1.0	720	Occupied	2025-11-09	2025-11-09	New	$1,307	$1.82
1051	1X1	1	1.0	720	Occupied	2025-09-04	2025-09-04	New	$1,166	$1.62
1052	1X1R	1	1.0	720	Occupied	2026-03-29	2025-02-28	Renewal	$1,192	$1.66
1053	1X1	1	1.0	720	Occupied	2025-09-14	2024-09-14	Renewal	$1,367	$1.90
1054	1X1	1	1.0	720	Occupied	2025-12-18	2025-12-18	New	$1,281	$1.78
1055	1X1R	1	1.0	720	Occupied	2025-10-14	2025-10-14	New	$1,124	$1.56
1056	1X1R	1	1.0	720	Occupied	2026-01-21	2026-01-21	New	$1,171	$1.63
1057	1X1R	1	1.0	720	Occupied	2025-11-27	2024-05-27	Renewal	$1,363	$1.89
1058	1X1R	1	1.0	720	Occupied	2025-09-06	2023-09-06	Renewal	$1,413	$1.96
1059	1X1R	1	1.0	720	Occupied	2026-01-14	2026-01-14	New	$1,234	$1.71
1060	1X1	1	1.0	720	Occupied	2025-08-20	2025-08-20	New	$1,218	$1.69
1061	1X1R	1	1.0	720	Occupied	2026-07-14	2022-06-14	Renewal	$1,530	$2.12
1062	1X1R	1	1.0	720	Occupied	2026-01-21	2026-01-21	New	$1,197	$1.66
1063	1X1R	1	1.0	720	Occupied	2026-03-01	2023-03-08	Renewal	$1,539	$2.14
1064	1X1	1	1.0	720	Vacant	—	—	—	—	—
1065	2X2R	2	2.0	1,006	Occupied	2026-07-26	2024-07-26	Renewal	$1,500	$1.49
1066	2X2R	2	2.0	1,006	Occupied	2026-01-24	2024-01-24	Renewal	$1,522	$1.51
1067	2X2R	2	2.0	1,006	Occupied	2026-02-02	2024-02-02	Renewal	$1,668	$1.66
1068	2X2	2	2.0	1,006	Occupied	2025-11-26	2025-11-26	New	$1,507	$1.50
1069	2X2R	2	2.0	1,006	Occupied	2026-07-30	2024-07-30	Renewal	$1,875	$1.86
1070	2X2R	2	2.0	1,006	Occupied	2026-07-15	2025-07-15	Renewal	$1,518	$1.51
1071	2X2R	2	2.0	1,006	Vacant	—	—	—	—	—
1072	2X2	2	2.0	1,006	Occupied	2026-06-14	2025-06-14	Renewal	$1,586	$1.58
1073	2X2R	2	2.0	1,006	Occupied	2026-07-01	2025-07-01	Renewal	$1,586	$1.58
1074	2X2	2	2.0	1,006	Vacant	—	—	—	—	—
1075	2X2	2	2.0	1,006	Occupied	2026-06-24	2025-05-24	Renewal	$1,517	$1.51
1076	2X2	2	2.0	1,006	Occupied	2026-01-17	2024-01-17	Renewal	$1,748	$1.74
1077	2X2	2	2.0	1,006	Occupied	2026-07-23	2021-08-23	Renewal	$2,397	$2.38
1078	2X2	2	2.0	1,006	Occupied	2026-04-23	2026-04-23	New	$1,522	$1.51
1079	3X2AR	3	2.0	1,194	Occupied	2025-11-22	2024-11-22	Renewal	$1,998	$1.67
1080	3X2A	3	2.0	1,194	Occupied	2025-11-27	2024-10-27	Renewal	$1,911	$1.60
1081	3X2AR	3	2.0	1,194	Occupied	2026-06-30	2026-06-30	New	$2,021	$1.69
1082	3X2AR	3	2.0	1,194	Occupied	2025-11-01	2025-11-01	New	$1,964	$1.64
1083	3X2A	3	2.0	1,194	Occupied	2026-02-18	2026-02-18	New	$1,785	$1.49
1084	3X2AR	3	2.0	1,194	Occupied	2025-09-18	2024-09-18	Renewal	$2,110	$1.77
1085	2X2	2	2.0	1,006	Occupied	2025-10-25	2023-10-25	Renewal	$2,024	$2.01
1086	2X2R	2	2.0	1,006	Occupied	2025-10-30	2024-11-30	Renewal	$1,619	$1.61
1087	2X2	2	2.0	1,006	Occupied	2026-07-20	2018-10-20	Renewal	$1,508	$1.50
1088	2X2	2	2.0	1,006	Occupied	2025-09-30	2025-09-30	New	$1,601	$1.59
1089	2X1	2	1.0	846	Occupied	2026-02-24	2026-02-24	New	$1,360	$1.61
1090	2X1R	2	1.0	846	Occupied	2026-05-01	2025-05-18	Renewal	$1,408	$1.66
1091	2X1R	2	1.0	846	Occupied	2026-02-11	2026-02-11	New	$1,412	$1.67
1092	2X1R	2	1.0	846	Occupied	2025-09-16	2025-09-16	New	$1,438	$1.70
1093	2X1R	2	1.0	846	Occupied	2026-06-16	2025-05-16	Renewal	$1,349	$1.59
1094	2X1R	2	1.0	846	Occupied	2025-10-01	2022-10-19	Renewal	$1,912	$2.26
1095	2X1R	2	1.0	846	Occupied	2026-03-07	2026-03-07	New	$1,250	$1.48
1096	2X1	2	1.0	846	Occupied	2026-04-12	2026-04-12	New	$1,228	$1.45
1097	2X2	2	2.0	1,006	Occupied	2026-07-16	2020-09-16	Renewal	$1,745	$1.73
1098	2X2R	2	2.0	1,006	Occupied	2026-03-03	2025-02-03	Renewal	$1,570	$1.56
1099	2X2	2	2.0	1,006	Occupied	2025-09-28	2025-09-28	New	$1,628	$1.62
1100	2X2R	2	2.0	1,006	Occupied	2026-05-16	2025-04-16	Renewal	$1,470	$1.46
1101	2X2R	2	2.0	1,006	Occupied	2026-05-12	2026-05-12	New	$1,465	$1.46
1102	2X2	2	2.0	1,006	Occupied	2026-07-10	2025-07-10	Renewal	$1,570	$1.56
1103	2X2	2	2.0	1,006	Occupied	2026-04-08	2025-04-08	Renewal	$1,528	$1.52
1104	2X2	2	2.0	1,006	Occupied	2026-07-12	2024-09-12	Renewal	$2,067	$2.05
1105	2X1	2	1.0	846	Occupied	2026-07-17	2024-07-17	Renewal	$1,995	$2.36
1106	2X1R	2	1.0	846	Occupied	2025-09-18	2025-09-18	New	$1,423	$1.68
1107	2X1R	2	1.0	846	Occupied	2026-03-22	2026-03-22	New	$1,250	$1.48
1108	2X1R	2	1.0	846	Occupied	2026-07-14	2023-09-14	Renewal	$1,644	$1.94
1109	2X2	2	2.0	1,006	Occupied	2026-05-19	2025-04-19	Renewal	$1,454	$1.45
1110	2X2R	2	2.0	1,006	Occupied	2026-06-11	2026-06-11	New	$1,449	$1.44
1111	2X2R	2	2.0	1,006	Occupied	2026-06-24	2026-06-24	New	$1,449	$1.44
1112	2X2	2	2.0	1,006	Occupied	2025-08-05	2025-08-05	New	$1,628	$1.62
1113	2X1	2	1.0	846	Occupied	2026-01-06	2026-01-06	New	$1,570	$1.86
1114	2X1	2	1.0	846	Occupied	2025-10-01	2023-10-01	Renewal	$1,774	$2.10
1115	2X1	2	1.0	846	Occupied	2026-01-26	2023-11-26	Renewal	$1,460	$1.73
1116	2X1	2	1.0	846	Occupied	2026-07-17	2024-07-17	Renewal	$1,586	$1.87
1117	1X1R	1	1.0	720	Occupied	2025-12-14	2025-12-14	New	$1,213	$1.68
1118	1X1R	1	1.0	720	Occupied	2025-10-15	2025-10-15	New	$1,176	$1.63
1119	1X1	1	1.0	720	Occupied	2026-05-27	2025-04-27	Renewal	$1,253	$1.74
1120	1X1	1	1.0	720	Occupied	2026-01-02	2026-01-02	New	$1,134	$1.57
1121	2X1R	2	1.0	846	Vacant	—	—	—	—	—
1122	2X1	2	1.0	846	Occupied	2026-01-02	2026-01-02	New	$1,328	$1.57
1123	2X1	2	1.0	846	Occupied	2026-03-23	2025-03-23	Renewal	$1,433	$1.69
1124	2X1	2	1.0	846	Occupied	2026-06-05	2025-06-05	Renewal	$1,471	$1.74
1125	1X1R	1	1.0	720	Occupied	2026-05-01	2026-05-01	New	$1,197	$1.66
1126	1X1	1	1.0	720	Occupied	2026-03-20	2026-03-20	New	$1,202	$1.67
1127	1X1	1	1.0	720	Occupied	2025-07-12	2019-05-12	Renewal	$1,438	$2.00
1128	1X1R	1	1.0	720	Occupied	2025-09-24	2024-09-24	Renewal	$1,442	$2.00
1129	2X1R	2	1.0	846	Vacant	—	—	—	—	—
1130	2X1	2	1.0	846	Occupied	2025-12-24	2025-12-24	New	$1,328	$1.57
1131	2X1R	2	1.0	846	Occupied	2026-02-23	2026-02-23	New	$1,250	$1.48
1132	2X1R	2	1.0	846	Occupied	2026-01-20	2026-01-20	New	$1,360	$1.61
1133	1X1R	1	1.0	720	Occupied	2026-04-04	2026-04-04	New	$1,150	$1.60
1134	1X1	1	1.0	720	Occupied	2026-06-15	2026-06-15	New	$1,354	$1.88
1135	1X1	1	1.0	720	Occupied	2026-04-07	2026-04-07	New	$1,260	$1.75
1136	1X1R	1	1.0	720	Occupied	2026-04-12	2026-04-12	New	$1,097	$1.52
1137	1X1	1	1.0	720	Occupied	2026-04-17	2025-04-17	Renewal	$1,263	$1.75
1138	1X1	1	1.0	720	Occupied	2026-06-30	2020-06-30	Renewal	$1,200	$1.67
1139	1X1R	1	1.0	720	Occupied	2026-05-08	2026-05-08	New	$1,134	$1.57
1140	1X1	1	1.0	720	Occupied	2026-06-25	2024-05-25	Renewal	$1,331	$1.85
1141	1X1R	1	1.0	720	Occupied	2026-03-24	2026-03-24	New	$1,113	$1.55
1142	1X1R	1	1.0	720	Occupied	2026-07-04	2023-10-04	Renewal	$1,743	$2.42
1143	1X1	1	1.0	720	Occupied	2026-02-15	2025-02-15	Renewal	$1,484	$2.06
1144	1X1R	1	1.0	720	Occupied	2025-11-27	2023-11-27	Renewal	$1,351	$1.88
1145	1X1	1	1.0	720	Occupied	2025-12-31	2025-12-31	New	$1,286	$1.79
1146	1X1R	1	1.0	720	Occupied	2026-07-11	2024-06-11	Renewal	$1,555	$2.16
1147	1X1	1	1.0	720	Occupied	2025-10-15	2024-12-15	Renewal	$1,346	$1.87
1148	1X1	1	1.0	720	Occupied	2026-05-29	2026-05-29	New	$1,197	$1.66
1149	1X1R	1	1.0	720	Occupied	2026-06-21	2024-04-21	Renewal	$1,244	$1.73
1150	1X1	1	1.0	720	Occupied	2025-12-08	2017-12-08	Renewal	$1,224	$1.70
1151	1X1	1	1.0	720	Occupied	2026-07-01	2023-07-11	Renewal	$1,522	$2.11
1152	1X1	1	1.0	720	Occupied	2026-05-03	2025-04-03	Renewal	$1,289	$1.79
1153	1X1R	1	1.0	720	Occupied	2026-04-24	2024-04-24	Renewal	$1,284	$1.78
1154	1X1R	1	1.0	720	Occupied	2026-01-01	2024-01-09	Renewal	$1,260	$1.75
1155	1X1	1	1.0	720	Occupied	2025-09-18	2025-09-18	New	$1,197	$1.66
1156	1X1R	1	1.0	720	Occupied	2026-01-17	2024-12-17	Renewal	$1,208	$1.68
1157	1X1R	1	1.0	720	Occupied	2026-01-06	2024-01-06	Renewal	$1,354	$1.88
1158	1X1R	1	1.0	720	Occupied	2026-04-30	2026-04-30	New	$1,181	$1.64
1159	1X1	1	1.0	720	Occupied	2025-09-11	2025-09-11	New	$1,181	$1.64
1160	1X1	1	1.0	720	Occupied	2026-01-01	2022-12-20	Renewal	$1,489	$2.07
1161	1X1R	1	1.0	720	Occupied	2025-08-06	2025-08-06	New	$1,286	$1.79
1162	1X1R	1	1.0	720	Occupied	2025-08-17	2025-08-17	New	$1,124	$1.56
1163	1X1	1	1.0	720	Occupied	2026-05-30	2024-04-30	Renewal	$1,193	$1.66
1164	1X1	1	1.0	720	Occupied	2025-09-15	2025-09-15	New	$1,181	$1.64
1165	3X2B	3	2.0	1,444	Vacant	—	—	—	—	—
1166	3X2BR	3	2.0	1,444	Occupied	2026-03-25	2025-03-25	Renewal	$2,453	$1.70
1167	2X2	2	2.0	1,006	Occupied	2025-09-23	2024-09-23	Renewal	$1,748	$1.74
1168	2X2R	2	2.0	1,006	Occupied	2025-08-10	2024-08-10	Renewal	$1,521	$1.51
1169	3X2BR	3	2.0	1,444	Occupied	2026-05-25	2022-05-25	Renewal	$2,123	$1.47
1170	3X2B	3	2.0	1,444	Occupied	2026-03-04	2026-03-04	New	$1,948	$1.35
2003	2X2	2	2.0	1,006	Non-revenue	—	—	—	—	—
2004	2X2R	2	2.0	1,006	Non-revenue	—	—	—	—	—
2005	1X1	1	1.0	720	Occupied	2026-01-24	2026-01-24	New	$1,292	$1.79
2006	1X1	1	1.0	720	Occupied	2026-01-15	2025-01-15	Renewal	$1,265	$1.76
2007	1X1R	1	1.0	720	Occupied	2026-05-24	2023-05-24	Renewal	$1,571	$2.18
2008	1X1R	1	1.0	720	Occupied	2026-07-10	2024-07-10	Renewal	$1,334	$1.85
2009	1X1	1	1.0	720	Occupied	2026-05-16	2024-04-16	Renewal	$1,292	$1.79
2010	1X1	1	1.0	720	Occupied	2025-08-01	2008-06-10	Renewal	$1,539	$2.14
2011	1X1	1	1.0	720	Occupied	2025-12-24	2025-12-24	New	$1,134	$1.57
2012	1X1	1	1.0	720	Occupied	2025-08-28	2024-07-28	Renewal	$1,407	$1.95
2013	2X2	2	2.0	1,006	Occupied	2025-11-24	2025-11-24	New	$1,496	$1.49
2014	2X2R	2	2.0	1,006	Occupied	2026-04-13	2025-04-13	Renewal	$1,793	$1.78
2015	2X2	2	2.0	1,006	Occupied	2026-07-01	2016-12-23	Renewal	$1,683	$1.67
2016	2X2R	2	2.0	1,006	Occupied	2026-07-05	2025-06-05	Renewal	$1,877	$1.87
2017	2X2	2	2.0	1,006	Occupied	2025-08-18	2024-09-18	Renewal	$1,638	$1.63
2018	2X2R	2	2.0	1,006	Occupied	2025-11-30	2025-11-30	New	$1,423	$1.41
2019	2X2	2	2.0	1,006	Occupied	2026-04-27	2025-04-27	Renewal	$1,623	$1.61
2020	2X2	2	2.0	1,006	Occupied	2026-04-05	2026-04-05	New	$1,470	$1.46
2021	2X1	2	1.0	846	Occupied	2026-07-16	2025-07-16	Renewal	$1,823	$2.15
2022	2X1	2	1.0	846	Occupied	2025-07-10	2025-07-10	New	$1,507	$1.78
2023	2X1	2	1.0	846	Occupied	2026-04-16	2026-04-16	New	$1,349	$1.59
2024	2X1	2	1.0	846	Occupied	2026-07-28	2020-06-28	Renewal	$1,877	$2.22
2025	2X2	2	2.0	1,006	Occupied	2026-04-30	2025-04-30	Renewal	$1,694	$1.68
2026	2X2R	2	2.0	1,006	Occupied	2025-12-15	2025-12-15	New	$1,407	$1.40
2027	2X2R	2	2.0	1,006	Occupied	2026-03-01	2026-03-01	New	$1,428	$1.42
2028	2X2R	2	2.0	1,006	Occupied	2025-10-13	2025-10-13	New	$1,580	$1.57
2029	1X1	1	1.0	720	Occupied	2025-05-30	2023-05-30	Renewal	$1,505	$2.09
2030	1X1R	1	1.0	720	Occupied	2026-06-04	2025-05-04	Renewal	$1,239	$1.72
2031	1X1R	1	1.0	720	Occupied	2026-01-23	2023-11-23	Renewal	$1,235	$1.72
2032	1X1	1	1.0	720	Occupied	2025-09-08	2025-09-08	New	$1,166	$1.62
2033	1X1R	1	1.0	720	Occupied	2025-11-28	2025-11-28	New	$1,218	$1.69
2034	1X1	1	1.0	720	Occupied	2026-05-24	2021-02-24	Renewal	$1,230	$1.71
2035	1X1	1	1.0	720	Occupied	2026-07-26	2023-07-26	Renewal	$1,959	$2.72
2036	1X1R	1	1.0	720	Occupied	2026-07-12	2024-06-12	Renewal	$1,589	$2.21
2037	1X1R	1	1.0	720	Occupied	2025-08-17	2024-07-17	Renewal	$1,466	$2.04
2038	1X1	1	1.0	720	Occupied	2026-05-01	2013-03-29	Renewal	$1,132	$1.57
2039	1X1	1	1.0	720	Occupied	2025-09-20	2025-09-20	New	$1,181	$1.64
2040	1X1	1	1.0	720	Occupied	2025-08-01	2014-10-01	Renewal	$1,213	$1.68
2041	1X1	1	1.0	720	Occupied	2026-07-24	2024-05-24	Renewal	$1,624	$2.26
2042	1X1	1	1.0	720	Occupied	2026-05-16	2026-05-16	New	$1,213	$1.68
2043	1X1	1	1.0	720	Occupied	2026-06-25	2026-06-25	New	$1,281	$1.78
2044	1X1R	1	1.0	720	Occupied	2026-04-07	2025-03-24	Renewal	$1,176	$1.63
2045	2X2R	2	2.0	1,006	Occupied	2026-04-14	2026-04-14	New	$1,381	$1.37
2046	2X2	2	2.0	1,006	Occupied	2025-07-30	2025-07-30	New	$1,659	$1.65
2047	2X2	2	2.0	1,006	Occupied	2026-02-20	2025-02-20	Renewal	$1,634	$1.62
2048	2X2R	2	2.0	1,006	Occupied	2026-07-05	2023-07-05	Renewal	$1,697	$1.69
2049	1X1R	1	1.0	720	Occupied	2026-04-02	2025-04-02	Renewal	$1,194	$1.66
2050	1X1	1	1.0	720	Occupied	2026-07-01	1998-07-08	Renewal	$1,224	$1.70
2051	1X1	1	1.0	720	Occupied	2025-12-31	2024-12-31	Renewal	$1,250	$1.74
2052	1X1	1	1.0	720	Occupied	2026-05-07	2025-05-07	Renewal	$1,300	$1.81
2053	1X1R	1	1.0	720	Occupied	2025-09-30	2024-09-30	Renewal	$1,326	$1.84
2054	1X1	1	1.0	720	Occupied	2025-10-10	2025-10-10	New	$1,334	$1.85
2055	1X1R	1	1.0	720	Occupied	2026-05-24	2025-04-24	Renewal	$1,202	$1.67
2056	1X1R	1	1.0	720	Occupied	2026-05-09	2025-04-09	Renewal	$1,320	$1.83
2057	1X1	1	1.0	720	Occupied	2026-07-15	2024-06-15	Renewal	$1,799	$2.50
2058	1X1R	1	1.0	720	Occupied	2026-02-01	2025-02-01	Renewal	$1,244	$1.73
2059	1X1	1	1.0	720	Occupied	2026-03-24	2026-03-24	New	$1,391	$1.93
2060	1X1	1	1.0	720	Occupied	2026-06-01	2024-07-01	Renewal	$1,466	$2.04
2061	1X1R	1	1.0	720	Occupied	2026-04-29	2025-03-29	Renewal	$1,194	$1.66
2062	1X1R	1	1.0	720	Occupied	2026-05-29	2026-05-29	New	$1,244	$1.73
2063	1X1R	1	1.0	720	Occupied	2026-04-13	2026-04-13	New	$1,181	$1.64
2064	1X1R	1	1.0	720	Occupied	2026-05-01	2025-04-01	Renewal	$1,232	$1.71
2065	2X2	2	2.0	1,006	Occupied	2025-12-16	2019-11-16	Renewal	$1,726	$1.72
2066	1X1	1	1.0	720	Occupied	2026-05-01	2023-03-21	Renewal	$1,932	$2.68
2067	2X2	2	2.0	1,006	Vacant	—	—	—	—	—
2068	2X2	2	2.0	1,006	Occupied	2025-12-08	2025-12-08	New	$1,496	$1.49
2069	2X2R	2	2.0	1,006	Occupied	2025-07-14	2023-09-14	Renewal	$1,718	$1.71
2070	2X2	2	2.0	1,006	Occupied	2026-04-04	2026-04-04	New	$1,528	$1.52
2071	2X2R	2	2.0	1,006	Occupied	2026-02-01	2023-02-25	Renewal	$1,896	$1.88
2072	2X2R	2	2.0	1,006	Occupied	2026-03-02	2026-03-02	New	$1,344	$1.34
2073	2X2R	2	2.0	1,006	Vacant	—	—	—	—	—
2074	2X2	2	2.0	1,006	Occupied	2026-03-07	2020-01-07	Renewal	$1,677	$1.67
2075	2X2	2	2.0	1,006	Vacant	—	—	—	—	—
2076	2X2	2	2.0	1,006	Occupied	2025-09-01	2023-08-01	Renewal	$1,785	$1.77
2077	2X2R	2	2.0	1,006	Vacant	—	—	—	—	—
2078	2X2	2	2.0	1,006	Occupied	2025-09-01	2011-09-04	Renewal	$1,286	$1.28
2079	3X2A	3	2.0	1,194	Occupied	2026-05-20	2024-03-20	Renewal	$1,831	$1.53
2080	3X2A	3	2.0	1,194	Occupied	2025-12-23	2025-12-23	New	$1,643	$1.38
2081	3X2A	3	2.0	1,194	Occupied	2026-02-27	2026-02-27	New	$1,633	$1.37
2082	3X2AR	3	2.0	1,194	Occupied	2026-04-17	2026-04-17	New	$1,774	$1.49
2083	3X2AR	3	2.0	1,194	Occupied	2025-12-01	2024-12-03	Renewal	$1,889	$1.58
2084	3X2AR	3	2.0	1,194	Occupied	2026-01-27	2026-01-27	New	$1,654	$1.39
2085	2X2	2	2.0	1,006	Occupied	2025-08-01	2023-08-12	Renewal	$1,804	$1.79
2086	2X2R	2	2.0	1,006	Occupied	2026-03-28	2024-03-28	Renewal	$1,516	$1.51
2087	2X2	2	2.0	1,006	Occupied	2026-06-30	2022-06-30	Renewal	$1,966	$1.95
2088	2X2	2	2.0	1,006	Occupied	2025-08-08	2024-10-08	Renewal	$1,643	$1.63
2089	2X1	2	1.0	846	Occupied	2026-05-17	2025-04-17	Renewal	$1,438	$1.70
2090	2X1	2	1.0	846	Occupied	2026-01-07	2026-01-07	New	$1,328	$1.57
2091	2X1R	2	1.0	846	Occupied	2026-06-30	2026-06-30	New	$1,297	$1.53
2092	2X1R	2	1.0	846	Occupied	2026-04-30	2026-04-30	New	$1,250	$1.48
2093	2X1	2	1.0	846	Occupied	2026-04-24	2025-04-24	Renewal	$1,386	$1.64
2094	2X1	2	1.0	846	Occupied	2026-01-11	2023-12-11	Renewal	$1,443	$1.71
2095	2X1	2	1.0	846	Occupied	2025-08-25	2024-10-25	Renewal	$1,433	$1.69
2096	2X1	2	1.0	846	Occupied	2026-02-15	2026-02-15	New	$1,344	$1.59
2097	2X2	2	2.0	1,006	Occupied	2026-01-01	2024-01-01	Renewal	$1,633	$1.62
2098	2X2	2	2.0	1,006	Occupied	2026-06-06	2026-06-06	New	$1,549	$1.54
2099	2X2R	2	2.0	1,006	Occupied	2025-10-24	2025-10-24	New	$1,433	$1.42
2100	2X2R	2	2.0	1,006	Occupied	2026-06-04	2024-04-04	Renewal	$1,949	$1.94
2101	2X2	2	2.0	1,006	Occupied	2025-12-11	2024-12-11	Renewal	$1,591	$1.58
2102	2X2	2	2.0	1,006	Occupied	2026-06-20	2025-05-20	Renewal	$1,517	$1.51
2103	2X2	2	2.0	1,006	Occupied	2025-12-09	2025-12-09	New	$1,480	$1.47
2104	2X2	2	2.0	1,006	Occupied	2026-02-21	2025-02-21	Renewal	$1,549	$1.54
2105	2X1	2	1.0	846	Occupied	2026-06-13	2024-06-13	Renewal	$1,575	$1.86
2106	2X1	2	1.0	846	Occupied	2026-02-08	2026-02-08	New	$1,360	$1.61
2107	2X1	2	1.0	846	Vacant	2026-07-11	2026-07-11	New	$1,376	$1.63
2108	2X1R	2	1.0	846	Vacant	—	—	—	—	—
2109	2X2R	2	2.0	1,006	Vacant	—	—	—	—	—
2110	2X2R	2	2.0	1,006	Occupied	2026-05-10	2026-05-10	New	$1,465	$1.46
2111	2X2R	2	2.0	1,006	Occupied	2026-02-28	2026-02-28	New	$1,402	$1.39
2112	2X2	2	2.0	1,006	Occupied	2026-07-01	2026-07-01	New	$1,601	$1.59
2113	2X1	2	1.0	846	Occupied	2026-04-14	2021-10-14	Renewal	$2,067	$2.44
2114	2X1	2	1.0	846	Occupied	2026-04-02	2025-04-02	Renewal	$1,386	$1.64
2115	2X1	2	1.0	846	Occupied	2026-01-10	2026-01-10	New	$1,360	$1.61
2116	2X1R	2	1.0	846	Occupied	2025-09-24	2025-09-24	New	$1,396	$1.65
2117	1X1	1	1.0	720	Occupied	2026-05-25	2025-04-25	Renewal	$1,289	$1.79
2118	1X1	1	1.0	720	Occupied	2026-06-18	2026-06-18	New	$1,223	$1.70
2119	1X1	1	1.0	720	Occupied	2026-07-17	2020-06-17	Renewal	$1,201	$1.67
2120	1X1R	1	1.0	720	Occupied	2025-09-30	2025-09-30	New	$1,166	$1.62
2121	2X1	2	1.0	846	Occupied	2026-07-21	2025-06-21	Renewal	$1,489	$1.76
2122	2X1	2	1.0	846	Occupied	2026-04-06	2026-04-06	New	$1,386	$1.64
2123	2X1	2	1.0	846	Occupied	2026-06-02	2025-06-02	Renewal	$1,423	$1.68
2124	2X1	2	1.0	846	Occupied	2026-02-19	2024-05-19	Renewal	$1,480	$1.75
2125	1X1	1	1.0	720	Occupied	2025-08-15	2018-11-15	Renewal	$1,240	$1.72
2126	1X1	1	1.0	720	Occupied	2026-07-06	2023-09-06	Renewal	$1,474	$2.05
2127	1X1	1	1.0	720	Occupied	2026-06-30	2026-06-30	New	$1,124	$1.56
2128	1X1	1	1.0	720	Occupied	2026-07-24	2025-06-24	Renewal	$1,720	$2.39
2129	2X1	2	1.0	846	Occupied	2026-01-07	2026-01-07	New	$1,328	$1.57
2130	2X1	2	1.0	846	Occupied	2025-12-16	2025-12-16	New	$1,328	$1.57
2131	2X1R	2	1.0	846	Occupied	2026-02-20	2024-01-20	Renewal	$1,461	$1.73
2132	2X1	2	1.0	846	Occupied	2025-07-15	2019-05-17	Renewal	$1,525	$1.80
2133	1X1R	1	1.0	720	Occupied	2025-11-01	2025-11-01	New	$1,113	$1.55
2134	1X1R	1	1.0	720	Occupied	2026-04-01	2023-04-02	Renewal	$1,458	$2.02
2135	1X1	1	1.0	720	Occupied	2026-06-24	2024-05-24	Renewal	$1,270	$1.76
2136	1X1	1	1.0	720	Occupied	2026-07-16	2024-07-16	Renewal	$1,706	$2.37
2137	1X1	1	1.0	720	Occupied	2026-03-01	2013-01-15	Renewal	$1,154	$1.60
2138	1X1	1	1.0	720	Occupied	2025-09-01	2023-09-19	Renewal	$1,400	$1.94
2139	1X1	1	1.0	720	Occupied	2025-09-01	2011-08-16	Renewal	$1,301	$1.81
2140	1X1	1	1.0	720	Occupied	2026-04-23	2026-04-23	New	$1,129	$1.57
2141	1X1R	1	1.0	720	Occupied	2026-01-25	2025-01-25	Renewal	$1,265	$1.76
2142	1X1	1	1.0	720	Vacant	—	—	—	—	—
2143	1X1	1	1.0	720	Occupied	2025-11-29	2019-09-29	Renewal	$1,436	$1.99
2144	1X1R	1	1.0	720	Occupied	2026-04-07	2026-04-07	New	$1,129	$1.57
2145	1X1	1	1.0	720	Occupied	2026-07-09	2025-06-09	Renewal	$1,286	$1.79
2146	1X1	1	1.0	720	Occupied	2026-07-07	2018-10-07	Renewal	$1,434	$1.99
2147	1X1R	1	1.0	720	Occupied	2026-01-01	2023-01-18	Renewal	$1,405	$1.95
2148	1X1R	1	1.0	720	Occupied	2025-11-07	2025-11-07	New	$1,234	$1.71
2149	1X1R	1	1.0	720	Occupied	2026-02-28	2026-02-28	New	$1,160	$1.61
2150	1X1R	1	1.0	720	Occupied	2026-06-29	2024-05-29	Renewal	$1,274	$1.77
2151	1X1	1	1.0	720	Vacant	—	—	—	—	—
2152	1X1R	1	1.0	720	Occupied	2025-07-30	2025-04-30	Renewal	$1,486	$2.06
2153	1X1R	1	1.0	720	Vacant	—	—	—	—	—
2154	1X1R	1	1.0	720	Occupied	2025-12-01	2022-12-23	Renewal	$1,561	$2.17
2155	1X1	1	1.0	720	Occupied	2026-07-02	2024-09-02	Renewal	$1,373	$1.91
2156	1X1R	1	1.0	720	Occupied	2025-09-22	2025-09-22	New	$1,108	$1.54
2157	1X1	1	1.0	720	Occupied	2026-04-26	2025-03-26	Renewal	$1,352	$1.88
2158	1X1R	1	1.0	720	Occupied	2025-09-04	2025-09-04	New	$1,102	$1.53
2159	1X1	1	1.0	720	Occupied	2026-06-08	2024-05-08	Renewal	$1,314	$1.82
2160	1X1R	1	1.0	720	Occupied	2025-11-06	2024-11-06	Renewal	$1,348	$1.87
2161	1X1R	1	1.0	720	Occupied	2025-12-08	2022-07-08	Renewal	$2,079	$2.89
2162	1X1R	1	1.0	720	Occupied	2025-09-13	2025-09-13	New	$1,108	$1.54
2163	1X1R	1	1.0	720	Occupied	2026-04-04	2023-02-04	Renewal	$1,533	$2.13
2164	1X1	1	1.0	720	Occupied	2025-08-13	2024-10-13	Renewal	$1,370	$1.90
2167	2X2R	2	2.0	1,006	Occupied	2026-02-21	2023-02-21	Renewal	$1,726	$1.72
2168	2X2R	2	2.0	1,006	Occupied	2026-03-10	2025-04-10	Renewal	$1,641	$1.63

Unit mix summary

Per-plan rollup, in the rent-roll Summary's own columns. Market rent for model is the new move-in rent — residents whose move-in date falls inside the lookback window, whatever their lease type — where the plan has one, and the in-place average otherwise (in-place outright on a roll with no usable lease start or move-in date); the basis column says which, per plan. Leases signed is every classified lease started in the window, new and renewal together, shown for context and never fed to the model: a blended average is a renewal average wearing a market-rent label, and it understates trade-out on every deal it touches.

Plan	Bd	Ba	Avg SF	Units	Occ	Vac	In-place rent	Leases signed rent	Signed #	New move-in rent	Move-in #	Market rent for model	Basis
1X1	1	1.0	720	88	85	3	$1,320	$1,316	76	$1,225	27	$1,225	New move-ins (n=27)
1X1R	1	1.0	720	73	71	2	$1,297	$1,295	66	$1,168	26	$1,168	New move-ins (n=26)
2X1	2	1.0	846	35	34	1	$1,497	$1,495	32	$1,355	14	$1,355	New move-ins (n=14)
2X1R	2	1.0	846	21	18	3	$1,391	$1,391	18	$1,323	12	$1,323	New move-ins (n=12)
2X2	2	2.0	1,006	56	51	3	$1,658	$1,652	45	$1,533	13	$1,533	New move-ins (n=13)
2X2R	2	2.0	1,006	43	37	4	$1,568	$1,566	34	$1,422	15	$1,422	New move-ins (n=15)
3X2A	3	2.0	1,194	5	5	0	$1,761	$1,761	5	$1,687	3	$1,687	New move-ins (n=3)
3X2AR	3	2.0	1,194	7	7	0	$1,916	$1,916	7	$1,853	4	$1,853	New move-ins (n=4)
3X2B	3	2.0	1,444	4	3	1	$2,157	$2,103	2	$1,948	1	$1,948	New move-ins (n=1)
3X2BR	3	2.0	1,444	2	2	0	$2,288	$2,288	2	—	0	$2,288	In-place — no new move-ins in window

Units by floor plan

1X188

1X1R73

2X135

2X1R21

2X256

2X2R43

3X2A5

3X2AR7

3X2B4

3X2BR2

In-place vs new move-in vs market rent for model

In-placeNew move-inMarket rent for model

1X1$1,225

1X1R$1,168

2X1$1,355

2X1R$1,323

2X2$1,533

2X2R$1,422

3X2A$1,687

3X2AR$1,853

3X2B$1,948

3X2BR$2,288

As-of date: 2026-08-31Every window is measured from this date, never from today.
Lookback months: 12
New-tenant tolerance: 31 days
Total units: 334
Occupied: 313
Vacant: 17
Non-revenue: 4Models and down units: in the stock, in neither occupancy bucket.
Occupancy: 93.7%
Vacancy: 6.3%The physical-vacancy input.
Weighted in-place rent: $1,457Weighted by occupied units.
Weighted market rent for model: $1,345Weighted by total units.
Move-ins in window: 115
Annualized turnover: 34.4%Move-ins in the window, annualized against unit count.
Move-ins in window: 115Counted by MOVE-IN date, never by lease start — a renewal stamps a fresh lease start against a resident who moved in years ago.
Window (months): 12
Share of units: 34.4%

Rent roll audit trail

The normalized roll tied back to the export's own stated totals — unit count, square footage, occupancy, rent totals — then a seeded readback of unit rents against the source cells. Every row compares against a figure the SOURCE printed, never against another number this toolkit derived.

Reconciliation: PASS — units off by 0, market rent off by $0. Unit count (tolerance 0) and the export's stated market-rent total (tolerance $1), plus every duplicate row retaining the in-place lease and no rent-readback mismatch. FAIL on any; NOT CHECKED when the export states no count or no total to tie to; PASS only when everything ran and tied.

Rent-roll tie-outs

Check	Our calc	Source	Difference	Status	Note
Total units	334	334	0	OK	Unit count after de-duplicating rows for units listed twice mid-turnover.
Total square feet	285,882	285,882	0	OK	This project's own addition — the operator's rent-roll skill has no square-footage tie-out. It earns its place because square footage is what the de-duplication is checked against: dropping the wrong duplicate row changes the total.
Occupied units (physical)	313	313	0	OK	Against the source's own status buckets: Occupied + Notice Available + Notice Rented. A resident on notice has not moved out, so the source's 'Occupied' bucket alone is a LEASING status, not physical occupancy.
Occupancy	93.7%	93.7%	0.0%	OK	PHYSICAL occupancy: 313 of 334 units. Residents on notice count as occupied; down, model and employee units do not. Economic occupancy is a different number and is not this one.
Market rent (monthly total)	470,988	470,988	0	OK	Validates row COMPLETENESS — 334 units counted once each, none dropped or double-counted. It does NOT validate which row was kept on a duplicate: all 6 readable turnover pair(s) carry the same market rent on both rows, so this total is identical under either de-duplication rule while in-place rent is not. The row CHOICE is checked separately below.
In-place rent (monthly total)	457,414	488,975	-31,561	INFO	Shown for the reader, not scored: the export's current-rent total is its per-status summary, which carries a rent on model, unrentable and vacant units; in-place rent is occupied units only. The gate's rent half is the market-rent total above, which the export states on the same per-unit basis.
Duplicate rows: kept the in-place lease	6	6	0	OK	6 unit(s) listed twice; every one where an in-place row was available retained it (1 had none — 2107, where the alternative row carries no status and no rent, so keeping the other is correct). Keeping the other row instead would move in-place rent by $4,823/mo ($57,876/yr) — which the market-rent tie-out above cannot see.
Occupied units	313	—	—	INFO	The numerator above, stated separately so the ratio can be re-derived.

6/6 tie-outs OK. A total the source export never printed reads NOT CHECKED and stays in the denominator — excluding it would let a check that could not run flatter the ratio. Occupancy here is physical: 313/334 units, physical; down, model and employee units count as vacant.

Duplicate rows — 6 unit(s) listed twice

Unit	Kept row	Kept status	Kept rent	Rows not counted	Why
1060	64	Current	$1,218	row 63: New, $0	Kept the row whose lease status is the in-place one ('Current'); the other row is the incoming lease.
1077	82	Current	$2,397	row 81: New, $0	Kept the row whose lease status is the in-place one ('Current'); the other row is the incoming lease.
1104	110	Current	$2,067	row 109: New, $1,606	Kept the row whose lease status is the in-place one ('Current'); the other row is the incoming lease.
1146	153	Current	$1,555	row 152: New, $1,255	Kept the row whose lease status is the in-place one ('Current'); the other row is the incoming lease.
2021	197	Current	$1,823	row 196: New, $1,376	Kept the row whose lease status is the in-place one ('Current'); the other row is the incoming lease.
2107	283	New	$1,376	row 284: no status, $0	No row carries the in-place status ('Current'); kept the row with a stated rent and a status, which is the lease in place on the as-of date.

Rent readback — 10 units

Unit	Plan	Our in-place rent	Source cell	Source locator	Status
1022	2X1R	$1,388	$1,388	HG_RMOROLLE!N25	OK
1027	2X2R	$1,307	$1,307	HG_RMOROLLE!N30	OK
1030	1X1R	$1,653	$1,653	HG_RMOROLLE!N33	OK
1041	1X1	$1,224	$1,224	HG_RMOROLLE!N44	OK
1079	3X2AR	$1,998	$1,998	HG_RMOROLLE!N84	OK
1100	2X2R	$1,470	$1,470	HG_RMOROLLE!N105	OK
1144	1X1R	$1,351	$1,351	HG_RMOROLLE!N150	OK
1158	1X1R	$1,181	$1,181	HG_RMOROLLE!N165	OK
1167	2X2	$1,748	$1,748	HG_RMOROLLE!N174	OK
2013	2X2	$1,496	$1,496	HG_RMOROLLE!N188	OK

10 of 10 match within $0.50. The sample is seeded from the roll's as-of date (2026-08-31|334), so the same roll always checks the same units and anyone re-running this sees these rows. Both sides of the readback read the same rent column, so it validates TRANSCRIPTION — that the number was carried across correctly — and cannot detect the wrong column having been chosen in the first place. The column choice is evidenced in the audit trail instead.

Model-ready outputs

210 fields the pipeline extracts from a deal's raw documents and hands to your model. It does not build a model — every shop already has one, and theirs is the one their committee trusts. The work worth automating is filling it in correctly. Comps come only from an operator's own weekly rent scrape; licensed sources are excluded by design, so a field one of them would have filled reads MISSING rather than being sourced elsewhere.

Name	Value	Source	Fills in the model
Meta
toolkit_name	AI Underwriting Pipeline — Sample Outputs	Derived by the pipeline	Reference only — not a model input
deal_name	Sample Mesa Apt	Offering memorandum / marketing package	Model cover / deal header
generated_on	2026-09-14	Derived by the pipeline	Model cover date
as_of_date	2026-08-31	Trailing-twelve-month income statement	Model as-of / analysis date
illustrative_pricing	yes	Derived by the pipeline	Reference only — not a model input
pricing_note	Every price and cap rate below is illustrative. The per-unit price is a round number ch…	Derived by the pipeline	Reference only — not a model input
synthetic	no	Derived by the pipeline	Reference only — not a model input
provenance	—	Derived by the pipeline	Reference only — not a model input
excluded_sources	—	Derived by the pipeline	Reference only — not a model input
Deal identification
street_address	2151 E Southern Ave	Offering memorandum / marketing package	Property address
city	Mesa	Offering memorandum / marketing package	Property address
state	AZ	Offering memorandum / marketing package	Property address / tax logic
zip	85204	Offering memorandum / marketing package	Property address
county	Maricopa	Offering memorandum / marketing package	Tax jurisdiction
msa	Phoenix MSA	Derived by the pipeline	Market label
address_provenance	Available in the internal underwriting agent only	Derived by the pipeline	Reference only — not a model input
Property
product_type	Garden-style multifamily	Offering memorandum / marketing package	Product type / deal mode
structure	1 & 2 stories	Offering memorandum / marketing package	Property description
unit_count	334	Offering memorandum / marketing package	Unit count
year_built	1981	Offering memorandum / marketing package	Year built
product_detail	Diversified mix of one-, two-, and three-bedroom residences averaging 856 square feet o…	Offering memorandum / marketing package	Property description
construction_status	MISSING	Offering memorandum / marketing package	Deal mode (stabilized vs phased)
delivery_date	MISSING	Offering memorandum / marketing package	Delivery / phasing schedule
Parties
seller_entity	Sonoran Residential Holdings LLC	Offering memorandum / marketing package	Seller
listing_brokerage	Desert Ridge Capital Advisors	Offering memorandum / marketing package	Broker
deal_status	MISSING	Offering memorandum / marketing package	Deal status
Pricing
pricing_guidance	$215,000 per unit (illustrative)	Supplied by the operator	Purchase price assumption
price_per_unit	$215,000	Supplied by the operator	Purchase price per unit
document_price_per_unit	—	Offering memorandum / marketing package	Pricing guidance (memorandum), for comparison
total_price	—	Derived by the pipeline	Purchase price
t12_cap_rate	—	Derived by the pipeline	Going-in cap rate (T-12 basis)
t3_cap_rate	—	Derived by the pipeline	Going-in cap rate (T-3 basis)
broker_proforma_noi	—	Offering memorandum / marketing package	Broker pro forma column
Rents
in_place_rent_avg	$1,457	Rent roll export	In-place rent
market_rent_for_model	$1,345	Derived by the pipeline	Market rent / unit-mix rent
fair_market_value	Available in the internal underwriting agent only	Supplied by the operator	Valuation cross-check
Taxes
tax_rate_as_billed	1,025.7%	County tax portal	Property tax rate
tax_rate_evidence	Vendored county rate table: 10.2573 per $100 of assessed value, tax year 2025 — Tax are…	County tax portal	Reference only — not a model input
assessed_value_basis	Available in the internal underwriting agent only	County tax portal	Tax basis
assessment_ratio	10.0%	County tax portal	Tax inputs
tax_divisor	100	County tax portal	Tax inputs
tax_exemption	Available in the internal underwriting agent only	County tax portal	Tax inputs
tax_parcel_id	Available in the internal underwriting agent only	County tax portal	Tax evidence
tax_area_code	Available in the internal underwriting agent only	County tax portal	Tax evidence
tax_basis_label	Limited property value (LPV), per the county assessor	County tax portal	Tax inputs
tax_basis_note	Arizona taxes the limited property value, not the price. Under Proposition 117 (Ariz. C…	County tax portal	Tax inputs
tax_billed_amount	Available in the internal underwriting agent only	County tax portal	Tax evidence
tax_billed_year	Available in the internal underwriting agent only	County tax portal	Tax evidence
computed_annual_tax	—	Derived by the pipeline	Property tax expense
computed_tax_per_unit	—	Derived by the pipeline	Property tax per unit
Closing costs
closing_state	AZ	Derived by the pipeline	Closing cost assumptions
closing_price	$71,810,000	Derived by the pipeline	Closing cost assumptions
loan_amount	—	Supplied by the operator	Debt assumptions
transfer_tax_amount	$0	Derived by the pipeline	Closing costs
transfer_tax_rate	No real-estate transfer tax	Derived by the pipeline	Closing costs
transfer_tax_citation	Ariz. Const. art. IX, sec. 24 (Prop 100, 2008)	Derived by the pipeline	Reference only — not a model input
mortgage_tax_amount	$0	Derived by the pipeline	Closing costs
mortgage_tax_rate	No mortgage or recording tax on the security instrument	Derived by the pipeline	Closing costs
mortgage_tax_citation	Ariz. Const. art. IX, sec. 24; A.R.S. 11-475(A)(1)	Derived by the pipeline	Reference only — not a model input
Schools
school_elementary_name	Available in the internal underwriting agent only	Public school-rating source	Reference only — not a model input
school_elementary_rating	Available in the internal underwriting agent only	Public school-rating source	Reference only — not a model input
school_middle_name	Available in the internal underwriting agent only	Public school-rating source	Reference only — not a model input
school_middle_rating	Available in the internal underwriting agent only	Public school-rating source	Reference only — not a model input
school_high_name	Available in the internal underwriting agent only	Public school-rating source	Reference only — not a model input
school_high_rating	Available in the internal underwriting agent only	Public school-rating source	Reference only — not a model input
T-12 revenue
Gross Potential Rent	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Gain / (Loss) to Lease	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Gross Scheduled Rent	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Vacancy	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Concessions	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Non-Revenue Units	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Delinquency	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Utility Reimbursements	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Other Income	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Revenue Adjustments	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
Total Revenue	—	Trailing-twelve-month income statement	Investment analysis — T-12 revenue column
T-12 expense
General and Administrative	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Leasing and Marketing	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Payroll	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Insurance	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Property Taxes	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Legal and Professional	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Management Fee	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Landscaping	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Repairs and Maintenance	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Unit Turns	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Utilities	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
Expense Adjustments	—	Trailing-twelve-month income statement	Investment analysis — T-12 expense column
T-12 structure
month_labels	—	Trailing-twelve-month income statement	T-12 column headers
month_order	—	Derived by the pipeline	Reference only — not a model input
line_item_label	MARKET RENT (1016)	Trailing-twelve-month income statement	T-12 line item
line_item_category	Gross Potential Rent	Derived by the pipeline	T-12 mapping
line_item_t12_total	—	Derived by the pipeline	T-12 column
line_item_t3_total	—	Derived by the pipeline	T-3 column
gross_scheduled_rent	—	Derived by the pipeline	Gross scheduled rent
total_revenue	—	Derived by the pipeline	Total revenue
total_operating_expenses	—	Derived by the pipeline	Total operating expenses
net_operating_income	—	Derived by the pipeline	Net operating income
t3_annualized	—	Derived by the pipeline	T-3 annualized column
t6_annualized	—	Derived by the pipeline	Trend cross-check
t3_trailing_revenue_annualized	—	Derived by the pipeline	Investment analysis — trailing T-3 revenue series
statement_guards	—	Derived by the pipeline	Review flags — not a model input
expense_per_unit	—	Derived by the pipeline	Per-unit expense check
pct_of_revenue	—	Derived by the pipeline	Expense ratio check
breakout_top4	—	Derived by the pipeline	Other-income / utility detail
source_subtotal	—	Trailing-twelve-month income statement	Reference only — not a model input
error_check_difference	—	Derived by the pipeline	Reference only — not a model input
absent_reason	—	Derived by the pipeline	Reference only — not a model input
Rent roll — unit
unit_id	1001	Rent roll export	Unit list
floor_plan	3X2B	Rent roll export	Unit mix
beds	3.0	Rent roll export	Unit mix
baths	2.0	Rent roll export	Unit mix
sqft	1,444.0	Rent roll export	Unit mix
status	Occupied	Rent roll export	Occupancy
lease_start	2026-06-01	Rent roll export	Reference only — not a model input
move_in	2019-09-25	Rent roll export	Turnover
lease_type	—	Derived by the pipeline	New-vs-renewal split
in_place_rent	$2,258	Rent roll export	In-place rent
rent_per_sf	—	Derived by the pipeline	Rent per square foot
Rent roll — plan
plan_avg_sqft	—	Derived by the pipeline	Unit mix — average SF
plan_units	—	Derived by the pipeline	Unit mix — count
plan_occupied	—	Derived by the pipeline	Occupancy by plan
plan_vacant	—	Derived by the pipeline	Occupancy by plan
plan_avg_in_place_rent	—	Derived by the pipeline	In-place rent by plan
plan_signed_rent	—	Derived by the pipeline	Leases signed
plan_signed_count	—	Derived by the pipeline	Sample size
plan_movein_rent	—	Derived by the pipeline	New move-in rent evidence
plan_movein_count	—	Derived by the pipeline	Sample size
plan_market_rent_for_model	—	Derived by the pipeline	Unit-mix market rent
plan_market_rent_basis	—	Derived by the pipeline	Reference only — not a model input
Rent roll — totals
reconciliation_verdict	—	Derived by the pipeline	Gate — the pack is partial until PASS
total_units	—	Derived by the pipeline	Unit count cross-check
occupied_units	—	Derived by the pipeline	Occupancy
vacant_units	—	Derived by the pipeline	Occupancy
occupancy	—	Derived by the pipeline	Vacancy assumption
vacancy	—	Derived by the pipeline	Vacancy assumption
wavg_in_place_rent	—	Derived by the pipeline	In-place rent
wavg_market_rent_for_model	—	Derived by the pipeline	Market rent
annualized_turnover	—	Derived by the pipeline	Turnover assumption
lookback_months	12	Supplied by the operator	Reference only — not a model input
new_tenant_tolerance_days	31	Supplied by the operator	Reference only — not a model input
absent_reason	—	Derived by the pipeline	Reference only — not a model input
roll_as_of	2026-08-31	Rent roll export	Analysis date
Trade-out
cohort	Available in the internal underwriting agent only	Lease trade-out report	New-vs-renewal growth evidence
cohort_leases	Available in the internal underwriting agent only	Lease trade-out report	Sample size
cohort_prior_rent	Available in the internal underwriting agent only	Lease trade-out report	Prior rent
cohort_new_rent_gross	Available in the internal underwriting agent only	Lease trade-out report	Gross trade-out
cohort_new_rent_effective	Available in the internal underwriting agent only	Lease trade-out report	Effective trade-out
cohort_prior_rent_effective	Available in the internal underwriting agent only	Lease trade-out report	Prior effective rent
cohort_gross_change_pct	Available in the internal underwriting agent only	Derived by the pipeline	Rent growth evidence
cohort_effective_change_pct	Available in the internal underwriting agent only	Derived by the pipeline	Rent growth evidence
absent_reason	Available in the internal underwriting agent only	Derived by the pipeline	Reference only — not a model input
Comps
comp_community	Saltera Apartments	Operator's own weekly rent scrape	Comp set
comp_distance_mi	0.1	Derived by the pipeline	Comp set
comp_floor_plan	1BR — lowest five of 5 available	Operator's own weekly rent scrape	Comp set
comp_tier	1	Derived by the pipeline	Comp set
comp_year_built	1984	Operator's own weekly rent scrape	Comp set
comp_year_built_source	Maricopa County, AZ property record, as of 2026-10-05	Operator's own weekly rent scrape	Reference only — not a model input
nearby_community	The Village at Lindsay Park Apartments	Operator's own weekly rent scrape	Market context
nearby_address	1441 S Lindsay Rd, Mesa, AZ 85204-6285	Operator's own weekly rent scrape	Market context
nearby_distance_mi	0.9	Derived by the pipeline	Market context
nearby_units	256 — Maricopa County, AZ property record, as of 2026-10-05	Operator's own weekly rent scrape	Market context
nearby_reason	vintage 1997 is 16 years from the subject's 1981, outside the +/-10-year band	Derived by the pipeline	Market context
compset_vintage_footnote	Vintage filter: +/-10 years of the subject's year built.	Derived by the pipeline	Reference only — not a model input
comp_beds	1.0	Operator's own weekly rent scrape	Comp set
comp_baths	—	Operator's own weekly rent scrape	Comp set
comp_sqft	688.0	Operator's own weekly rent scrape	Comp set
comp_asking_rent	$1,200	Operator's own weekly rent scrape	Market rent evidence
comp_concession	$0	Operator's own weekly rent scrape	Concession assumption
comp_net_effective_rent	$1,200	Derived by the pipeline	Market rent evidence
comp_asking_psf	—	Derived by the pipeline	Comp set
comp_occupancy	—	Operator's own weekly rent scrape	Market context
comp_as_of	2026-09-30	Operator's own weekly rent scrape	Reference only — not a model input
comp_source	own weekly scrape	Operator's own weekly rent scrape	Reference only — not a model input
compset_avg_asking	—	Derived by the pipeline	Market rent benchmark
compset_avg_net_effective	—	Derived by the pipeline	Market rent benchmark
subject_vs_compset_spread	—	Derived by the pipeline	Rent positioning
Demand
demand_ring	1 mi	Derived by the pipeline	Market summary
demand_population	20,298	Public demographic data	Market summary
demand_households	7,711	Public demographic data	Market summary
demand_median_income	$79,731	Public demographic data	Affordability check
demand_jobs	5,237	Public demographic data	Market summary
demand_pop_growth_5yr	-2.0%	Public demographic data	Growth assumption evidence
demand_renter_share	43.4%	Public demographic data	Demand context
Supply
supply_ring	1 mi	Derived by the pipeline	Competing supply
supply_stage	Entitlement	Public permit / entitlement records	Competing supply
supply_projects	2	Public permit / entitlement records	Competing supply
supply_units	72	Public permit / entitlement records	Competing supply / absorption
supply_ring_total_units	—	Derived by the pipeline	Competing supply
supply_pct_of_ring_stock	—	Derived by the pipeline	Supply pressure
supply_project_name	Reed Park Residences	Public permit / entitlement records	Competing supply
supply_project_miles	0.9	Derived by the pipeline	Competing supply
supply_project_stage	Entitlement	Public permit / entitlement records	Competing supply
supply_project_units	72	Public permit / entitlement records	Competing supply / absorption
supply_project_product	multifamily	Public permit / entitlement records	Competing supply
supply_project_address	—	Public permit / entitlement records	Competing supply
supply_project_city	—	Public permit / entitlement records	Competing supply
supply_project_acres	3.2	Public permit / entitlement records	Competing supply
supply_project_developer	—	Public permit / entitlement records	Competing supply
supply_project_filed	2026-07-03	Public permit / entitlement records	Competing supply
supply_project_latest	2026-07-03	Public permit / entitlement records	Competing supply
supply_project_layers	1 entries	Public permit / entitlement records	Reference only — not a model input
OM comparables
om_rent_comp_community	—	Offering memorandum / marketing package	Rent comps (broker-stated)
om_rent_comp_distance_mi	—	Offering memorandum / marketing package	Rent comps (broker-stated)
om_rent_comp_rent	—	Offering memorandum / marketing package	Rent comps (broker-stated)
om_sale_comp_property	—	Offering memorandum / marketing package	Sale comps (institutional)
om_sale_comp_price	—	Offering memorandum / marketing package	Sale comps (institutional)
om_sale_comp_price_per_unit	—	Offering memorandum / marketing package	Sale comps (institutional)
om_sale_comp_cap_rate	—	Offering memorandum / marketing package	Sale comps (institutional)
om_sale_comp_date	—	Offering memorandum / marketing package	Sale comps (institutional)

What the public demo leaves to the internal pipeline

The demo is a deliberately reduced copy of the operator's pipeline: a licensed source, a portal login or a web lookup is not something a public page should reach. Each of these reads Available in the internal underwriting agent only wherever it appears, with the reason, instead of reading as a hole the pipeline failed to fill.

Capability	Why the demo does not produce it	Fields
School names and ratings	The internal pipeline looks up the attendance-zone elementary, middle and high school and their public ratings; the demo reads a school name only where the memorandum states one and never rates it.	summary.school_
Fair market value	The internal pipeline pulls a market value by web lookup; the demo does not reach the web.	summary.fair_market_value
Assessor parcel and bill	The internal pipeline reads the parcel, tax district, assessed value, exemption and billed amount off the county assessor's portal; the demo shows the county's published rate only.	summary.tax_parcel_id, summary.tax_area_code, summary.tax_billed_amount, summary.tax_billed_year, summary.assessed_value_basis, summary.tax_exemption
Address resolution	The internal pipeline geocodes the address and records how it resolved; the demo takes the address as the memorandum states it.	summary.address_provenance
Lease trade-out	The internal pipeline reads a lease trade-out report (new versus renewal rents); the demo does not ask for one.	trade_out.
Licensed community unit counts	A community's own unit count comes from a licensed data export, so the public demo holds it back; where a public record states a count (a county property record, a Florida DBPR apartment licence, a City of Austin permit), that count is shown with its source and as-of.	comps.nearby[].units, comps.rows[].units

Audit trail

Where every published value came from, and how. 52 of 52 required values carry a stamp (100%); 48 stamps point at a document or a computation and 14 record a value the run could not or does not produce, listed apart below so they do not stand beside the evidence as if they were some. A derived value names the values it was built from — one that could not would not have passed validation. Then the lines actually read, per document, and what the run itself did.

Evidence, value by value

Value	Source document	Where in it	How	Built from	Supporting quote / note
comps.nearby	Tracked-community registry, via the market-report service	POST /report (format json)	derived	comps.rows.tier	Every community the service returned that is not a detail row, with the reason. Carried in the interchange file; not shown as a table.
comps.rows	Operator's own weekly rent scrape, via the market-report service	POST /report (format json)	read	—	Own weekly scrape; asking and net effective stated separately.
comps.rows.tier	Tracked-community registry, via the market-report service	comp_tiers.assign	derived	comps.rows.distance_mi, comps.tiering.subject_product, comps.tiering.subject_year_built, comps.tiering.year_band, comps.tiering.top_n, comps.tiering.additional_n	Closest same-product communities first, within the vintage band where the registry carries a year built; an unknown year keeps the community and says so.
demand.rings	Public demographic data (the operator's ring engine), via the market-report service	POST /report (format json)	read	—	Ring demographics.
demand.zip_home	Zillow ZHVI home values (vendored static table, undated), via the market-report service	POST /report (format json)	read	—	ZIP and metro home values from the vendored Zillow ZHVI table; static, undated.
om_comps.rent	Sample Property Offering Memorandum.pdf	p.20	read	—	4 rent comparable(s) the memorandum states; every figure verified inside its own quote.
pricing.price_per_unit	Illustrative price	—	read	—	Per-unit price chosen for the sample, inside the sale-price band; every cap rate and pricing ladder is computed from it.
pricing.unit_count	Sample Property RR 8.4.26.xlsx	—	derived	summary.unit_count	The same count the summary carries, counted from the rows of the uploaded rent roll.
rent_roll.as_of	Sample Property RR 8.4.26.xlsx	as-of line	read	—	Read as the end of the period the roll's own header states.
rent_roll.units	Sample Property RR 8.4.26.xlsx	roll	read	—	Read from the uploaded rent roll.
summary.address_provenance	Illustrative address	—	read	—	Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.
summary.assessment_ratio	Vendored county rate table	property_tax_table.STATE_RULES['AZ']	read	—	10% — legal class 4.2, residential rental. A.R.S. sec. 42-15003 (class four assessed at 10%); A.R.S. sec. 42-12004 (class four includes residential rental property).
summary.city	Illustrative address	—	read	—	Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.
summary.county	Illustrative address	—	read	—	Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.
summary.deal_name	Illustrative name	—	read	—	An illustrative name for the public sample. The real asset's name is withheld; the memorandum's own name for it does not appear anywhere in this set.
summary.in_place_rent_avg	Sample Property RR 8.4.26.xlsx	—	derived	rent_roll.units	Unit-weighted across the uploaded roll.
summary.listing_brokerage	Illustrative name	—	read	—	An illustrative name. The real party is withheld from the public sample.
summary.market_rent_for_model	Sample Property RR 8.4.26.xlsx	—	derived	rent_roll.units	Unit-weighted across the uploaded roll.
summary.msa	Illustrative address	—	read	—	Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.
summary.pricing_guidance	Illustrative price	—	read	—	Every price and cap rate below is illustrative. The per-unit price is a round number chosen for the sample inside the band a real per-unit sale price occupies; it is not a quote, an offer, or a broker's guidance.
summary.product_detail	Sample Property Offering Memorandum.pdf	p.3	read	—	the property offers a diversified mix of one-, two-, and three-bedroom residences averaging 856 square feet
summary.product_type	Sample Property Offering Memorandum.pdf	p.3	read	—	Stated in the memorandum; withheld from the public sample because it identifies the real asset.
summary.school_elementary_name	Internal underwriting agent — attendance-zone school lookup	2151 E Southern Ave, Mesa, AZ 85204 on 2026-09-14	read	—	Looked up for the illustrative address by the internal underwriting agent; the public demo does not run this on an uploaded deal.
summary.school_high_name	Internal underwriting agent — attendance-zone school lookup	2151 E Southern Ave, Mesa, AZ 85204 on 2026-09-14	read	—	Looked up for the illustrative address by the internal underwriting agent; the public demo does not run this on an uploaded deal.
summary.school_middle_name	Internal underwriting agent — attendance-zone school lookup	2151 E Southern Ave, Mesa, AZ 85204 on 2026-09-14	read	—	Looked up for the illustrative address by the internal underwriting agent; the public demo does not run this on an uploaded deal.
summary.seller_entity	Illustrative name	—	read	—	An illustrative name. The real party is withheld from the public sample.
summary.state	Illustrative address	—	read	—	Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.
summary.street_address	Illustrative address	—	read	—	Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.
summary.structure	Sample Property Offering Memorandum.pdf	p.10	read	—	Number of Stories 1 & 2
summary.tax_basis_label	Vendored county rate table	property_tax_table.STATE_RULES['AZ']	read	—	What the assessed basis is in this state.
summary.tax_basis_note	Vendored county rate table	property_tax_table.STATE_RULES['AZ']	read	—	How the basis behaves on a sale, with the authority.
summary.tax_billed_amount	Sample Property Offering Memorandum.pdf	p.10	read	—	2025 Property Tax $249,122
summary.tax_billed_year	Sample Property Offering Memorandum.pdf	p.10	read	—	2025 Property Tax $249,122
summary.tax_divisor	Vendored county rate table	property_tax_table.STATE_RULES['AZ']	read	—	The rate's unit in Arizona: per $100 of assessed value.
summary.tax_parcel_id	Sample Property Offering Memorandum.pdf	p.10	read	—	Tax Parcel Number 301-04-002K
summary.tax_per_unit_flag	Vendored county rate table	property_tax_table.band_check	derived	summary.tax_statement_amount, summary.unit_count, summary.state	A sanity check against the state's typical per-unit range. It flags; it never changes a figure.
summary.tax_rate_as_billed	Vendored county rate table	property_tax_table.COUNTY_RATES[('AZ', 'maricopa')]	read	—	Tax area code 971300 — City of Phoenix / Deer Valley Unified School District #97, tax year 2025. Maricopa County, '2025 Tax Rates, Maricopa County, Arizona' (the treasurer's rate table by tax area code), row 971300: primary 6.7007, approx residential primary 5.1401, secondary 3.5566. Verified 2026-09-04.
summary.tax_rate_evidence	Vendored county rate table	property_tax_table.evidence_text	derived	summary.state, summary.county, summary.tax_parcel_id, summary.tax_billed_amount, summary.tax_billed_year	The citation, tax year and jurisdiction stack behind the rate, or the honest note that none is on file. Also records what the uploaded document stated for the field(s) it cites.
summary.tax_rate_year	Vendored county rate table	property_tax_table.COUNTY_RATES[('AZ', 'maricopa')]	read	—	The tax year of the rate on file. A bill from another year is displayed, not tied out.
summary.tax_statement_amount	Sample Property T-12 June 26.xlsx	Property Taxes lines	computed	t12.rows	The statement's lines categorised as Property Taxes, summed over its twelve months. As billed in the statement, not the county's bill.
summary.unit_count	Sample Property RR 8.4.26.xlsx	—	derived	rent_roll.units	Counted from the rows of the uploaded rent roll.
summary.year_built	Sample Property Offering Memorandum.pdf	p.10	read	—	Y ear Built 1981
summary.zip	Illustrative address	—	read	—	Illustrative address — not the asset's real location. The market tabs were pulled for this address on 2026-10-06.
supply.projects	Public permit and entitlement records (the operator's supply pipeline), via the market-report service	POST /report (format json)	derived	supply.rings	The developments the counts are made of, within 3 mi: one row per development, reconciled across the pipeline's lifecycle layers and shown at the furthest stage any layer carries.
supply.rings	Public permit and entitlement records (the operator's supply pipeline), via the market-report service	POST /report (format json)	read	—	Projects and units by cumulative ring and tracked stage, counted from the service's project rows.
t12.month_labels	Sample Property T-12 June 26.xlsx	statement	read	—	Read from the uploaded statement.
t12.source_subtotals	Sample Property T-12 June 26.xlsx	header block	read	—	—
t12.units	Sample Property T-12 June 26.xlsx	statement	read	—	Read from the uploaded statement.

Values this run does not carry, and why

A MISSING value with its reason. Available in the internal underwriting agent only means the operator's pipeline produces it and the public demo deliberately does not; the other reasons name what the uploaded documents did not state or what the run did not do.

Reason	Values	Which	Detail
Not run in the upload demo	2	closing_costs.mortgage_tax.amount, closing_costs.transfer_tax.amount	Not run in the upload demo. This section needs data sources the demo does not reach, so it is left empty rather than filled with placeholders.
Internal pipeline only — Licensed community unit counts	2	comps.nearby[].units, comps.rows[].units	A community's own unit count comes from a licensed data export, so the public demo holds it back; where a public record states a count (a county property record, a Florida DBPR apartment licence, a City of Austin permit), that count is shown with its source and as-of.
Not stated in the uploaded documents	5	rent_roll.lookback_months, rent_roll.new_tenant_tolerance_days, summary.construction_status, summary.deal_status, summary.delivery_date	No uploaded document stated this, so the value reads MISSING. Nothing was assumed to fill it. · This demo's default of 12 — the months of lease history the turnover figures look back over. No uploaded document or note set it. · This demo's default of 31 — the days a lease start may sit from a move-in and still count as the same event. No uploaded document or note set it.
Internal pipeline only — Assessor parcel and bill	3	summary.assessed_value_basis, summary.tax_area_code, summary.tax_exemption	See parcel: read off the county assessor's portal by the internal pipeline only.
Internal pipeline only — Fair market value	1	summary.fair_market_value	The internal pipeline pulls a market value by web lookup; the demo does not reach the web.
Internal pipeline only — Lease trade-out	1	trade_out.rows	The internal pipeline reads a lease trade-out report (new versus renewal rents); the demo does not ask for one.

Statement lines read (130)

Every line of the trailing-twelve statement, the category it was placed under, and its twelve-month total. A line without a category is a subtotal or a memo line the P&L does not sum.

Statement line	Category	12-month total
MARKET RENT (1016)	Gross Potential Rent	$5,827,604
LOSS/GAIN TO LEASE (1017)	Gain / (Loss) to Lease	$249,595
VACANCY (1020)	Vacancy	($422,400)
MANAGEMENT OFFICE/MODEL (1030)	Non-Revenue Units	($14,982)
STAFF UNITS (1040)	Non-Revenue Units	($3,413)
ONE-TIME CONCESSION (1052)	Concessions	($116,906)
VALET TRASH REIMBURSEMENTS (3001)	Utility Reimbursements	$92,098
LATE CHARGES (3011)	Other Income	$52,406
NSF FEE (3012)	Other Income	$1,210
APPLICATION FEES (3030)	Other Income	$18,081
ADMINISTRATIVE FEE (3036)	Other Income	$25,806
TENANT DAMAGE REIMBURSEMENT (3040)	Other Income	$64,769
UTILITIES RECOVERY (3050)	Utility Reimbursements	$6,319
FEE CONCESSION (3053)	Concessions	$0
VENDING INCOME (3060)	Other Income	$239
CABLE INCOME (3066)	Other Income	$16,880
LAUNDRY INCOME (3070)	Other Income	$17,628
COURT COST REIMBURSEMENT (3080)	Other Income	$42,645
BAD DEBT WRITE-OFF - OTHER (3086)	Delinquency	($191,607)
TERMINATION FEE (3112)	Other Income	$115,089
CONCIERGE SERVICES INCOME (3117)	Other Income	$20,115
PET FEES (3118)	Other Income	$7,040
PET RENT (3119)	Other Income	$27,043
PEST CONTROL FEES (3121)	Other Income	$7,915
DEPOSIT WAIVER INCOME (3156)	Other Income	$16,973
DEPOSIT WAIVER EXPENSE (3157)	Other Income	($6,411)
RENTER'S INSURANCE INCOME (3175)	Other Income	$63,100
RENTER'S INSURANCE EXPENSE (3176)	Other Income	($55,891)
TRANSFER FEE (3179)	Other Income	$2,475
MISCELLANEOUS INCOME (3180)	Other Income	$3,266
UTILITY FEE REIMBURSEMENT (3183)	Utility Reimbursements	$14,581
WATER/SEWER REIMBURSEMENT (3186)	Utility Reimbursements	$209,956
TRASH REIMBURSEMENT (3187)	Utility Reimbursements	$48,981
SALES TAX COLLECTED (3192)	Other Income	$22
OTHER REIMBURSEMENTS (3198)	Other Income	($192)
BAD DEBT DEPOSIT WAIVER FEE (3081)	Delinquency	$28,923
BAD DEBT WRITE-OFF (3084)	Delinquency	($76,525)
BAD DEBT- ALLOWANCE FOR DOUBTFUL ACCOUNTS (3085)	Delinquency	$286
BAD DEBT COLLECTED - DEPOSIT ALTERNATIVE CLAIMS (3087)	Delinquency	$61,573
BAD DEBT COLLECTED - IN HOUSE (3088)	Delinquency	$2,248
BAD DEBT COLLECTED - COLLECTION AGENCY (3089)	Delinquency	$2,000
BAD DEBT ADJUSTMENTS (3091)	Delinquency	$8,121
PROMOTIONAL MATERIALS (5010)	Leasing and Marketing	$830
MARKETING COLLATERAL (5020)	Leasing and Marketing	$785
ONLINE ADVERTISING (5070)	Leasing and Marketing	$65,268
SPECIALTY MARKETING (5090)	Leasing and Marketing	$2,924
MARKETING PERFORMANCE MEASUREMENT (MPM) & LEAD MGM (5099)	Leasing and Marketing	$8,520
COMMUNITY FUNCTIONS (5120)	Leasing and Marketing	$2,339
TENANT REFERRAL FEES (5160)	Leasing and Marketing	$190
OFFICE SUPPLIES (5410)	General and Administrative	$1,889
TRAINING/SEMINARS (5430)	General and Administrative	$2,108
OFFICE EQUIP/LEASE/PURCHASE (5440)	General and Administrative	$208
CAREER APPAREL (5455)	General and Administrative	$1,077
TRAVEL (5460)	General and Administrative	$3,895
DUES/SUBSCRIPTIONS (5470)	General and Administrative	$6,137
BLUE MOON LICENSE (5475)	General and Administrative	($1,523)
CREDIT REPORTS (5480)	General and Administrative	$15,310
LEGAL EXPENSE (5510)	Legal and Professional	$32,785
MRI FEES (5515)	General and Administrative	$11,124
LRO FEES (5525)	General and Administrative	$6,503
TELEPHONE - LOCAL LINES (5530)	General and Administrative	$6,949
HIGH SPEED INTERNET (5531)	General and Administrative	$6,620
ANSWERING SERVICE (5535)	General and Administrative	$1,083
MISCELLANEOUS (5550)	General and Administrative	$42
TECHNOLOGY COSTS (5590)	General and Administrative	$32,190
MANAGEMENT FEES (5700)	Management Fee	$147,690
MANAGEMENT FEE - OTHER (5740)	Management Fee	$7,182
PROPERTY MANAGER/ADMINISTRATOR (5810)	Payroll	$83,796
OFFICE OVERTIME (5815)	Payroll	$3,878
ASSISTANT MGR/LEASING AGENT (5820)	Payroll	$132,448
MAINTENANCE/ENGINEER/SUPERVISOR (5830)	Payroll	$61,646
MAINTENANCE OVERTIME (5835)	Payroll	$29,847
MAINTENANCE PAYROLL (5840)	Payroll	$102,180
TEMPORARY EMPLOYMENT (5855)	Payroll	$5,155
LEASING BONUSES (5860)	Payroll	$59,533
FRINGE BENEFITS (5870)	Payroll	$48,230
WORKERS COMP INSURANCE (5875)	Payroll	$9,479
PAYROLL TAXES (5880)	Payroll	$35,645
RECRUITING EXPENSE (5882)	Payroll	$449
PAYROLL PROCESSING (5885)	Payroll	$2,720
GROUNDS (6010)	Landscaping	$64,566
SECURITY (6030)	Repairs and Maintenance	$18,918
SECURITY SYSTEM ACCESS MONITORING (6031)	Repairs and Maintenance	$1,726
FIRE PUMP TESTING (6035)	Repairs and Maintenance	$2,297
CLEANING - COMMON (6040)	Repairs and Maintenance	$6,650
UNIT CLEANS - TURN (6041)	Unit Turns	$34,008
PLUMBING (6060)	Repairs and Maintenance	$25,707
ELECTRICAL (6070)	Repairs and Maintenance	$16,181
BUILDING EXTERIORS (6100)	Repairs and Maintenance	$10,201
R&M PRESSURE WASHING (6105)	Repairs and Maintenance	$624
ROOF (6130)	Repairs and Maintenance	$784
GLASS (6140)	Repairs and Maintenance	$2,793
CARPET REPAIR/CLEANING - TURN (6160)	Unit Turns	$18,271
CARPET REPAIR/CLEANING - OCCUPIED (6161)	Repairs and Maintenance	$694
EXTERMINATING CONTRACT (6190)	Repairs and Maintenance	$30,093
INTERIOR PAINT - TURN (6200)	Unit Turns	$45,215
HVAC REPAIRS (6220)	Repairs and Maintenance	$25,405
EQUIPMENT REPAIRS (6290)	Repairs and Maintenance	$10,277
UNIT TURNS (6300)	Unit Turns	$4,581
LOCKS & KEYS (6310)	Repairs and Maintenance	$42
GROUND SUPPLIES (6510)	Landscaping	$1,827
POOL SUPPLIES (6520)	Repairs and Maintenance	$7,070
JANITORIAL SUPPLIES (6540)	Repairs and Maintenance	$4,245
GATE/PARKING REPAIRS (6550)	Repairs and Maintenance	$1,616
ELECTRICAL SUPPLIES (6560)	Repairs and Maintenance	$4,442
PLUMBING SUPPLIES (6570)	Repairs and Maintenance	$8,472
BUILDING REPAIRS (6610)	Repairs and Maintenance	$1,759
SCREENS (6640)	Repairs and Maintenance	$143
GLASS (6660)	Repairs and Maintenance	$152
BLDG. INTERIOR MAINT. (6670)	Repairs and Maintenance	$0
INTERIOR PAINT SUPPLIES - TURN (6700)	Unit Turns	$14,023
FILTERS (6720)	Repairs and Maintenance	$1,181
HVAC PARTS (6730)	Repairs and Maintenance	$4,231
APPLIANCE PARTS (6760)	Repairs and Maintenance	$4,721
HARDWARE (6770)	Repairs and Maintenance	$188
TOOLS & EQUIPMENT (6830)	Repairs and Maintenance	$612
UNIFORMS (6870)	General and Administrative	$639
GAS (7010)	Utilities	$4,897
TRASH REMOVAL (7025)	Utilities	$57,099
VALET TRASH (7026)	Utilities	$37,188
ELECTRICITY - COMMON AREA (7030)	Utilities	$22,331
ELECTRICITY - VACANT (7040)	Utilities	$14,604
RECOVERABLE ELEC/GAS/WATER (7050)	Utilities	$4,049
WATER (7060)	Utilities	$102,297
SEWAGE (7070)	Utilities	$84,050
UTILITY BILLING EXPENSE (7075)	Utilities	$10,648
REAL ESTATE TAXES (7110)	Property Taxes	$239,567
LICENSES & FEES (7130)	General and Administrative	$1,543
LIABILITY INSURANCE (7210)	Insurance	$71,410
PROPERTY INSURANCE (7220)	Insurance	$93,740

Rent-roll units read (334)

Unit identifiers only — there is no tenant-name column in the schema. The source row is the row of the uploaded roll the unit was read from.

Unit	Plan	Status	In-place rent	Lease start	Source row
1001	3X2B	Occupied	$2,258	2026-06-01	4
1002	3X2B	Occupied	$2,265	2024-12-30	5
1003	2X2R	Non-revenue	—	2025-12-01	6
1004	2X2	Non-revenue	—	—	7
1005	1X1	Occupied	$1,181	2025-09-18	8
1006	1X1R	Occupied	$1,265	2026-06-09	9
1007	1X1	Occupied	$1,108	2026-05-01	10
1008	1X1R	Occupied	$1,450	2026-01-02	11
1009	1X1R	Occupied	$1,176	2026-06-22	12
1010	1X1	Occupied	$1,153	2026-04-01	13
1011	1X1	Occupied	$1,276	2026-07-01	14
1012	1X1	Occupied	$1,163	2026-07-01	15
1013	2X2	Occupied	$1,569	2026-03-17	16
1014	2X2R	Occupied	$1,528	2025-08-10	17
1015	2X2	Occupied	$2,161	2026-05-01	18
1016	2X2R	Occupied	$1,433	2025-10-30	19
1017	2X2	Occupied	$1,586	2026-07-29	20
1018	2X2	Occupied	$1,995	2026-07-18	21
1019	2X2R	Occupied	$1,606	2025-11-27	22
1020	2X2	Occupied	$1,535	2026-07-01	23
1021	2X1	Occupied	$1,746	2026-07-22	24
1022	2X1R	Occupied	$1,388	2025-09-30	25
1023	2X1R	Occupied	$1,250	2026-04-09	26
1024	2X1R	Occupied	$1,297	2025-11-20	27
1025	2X2	Occupied	$1,570	2026-07-30	28
1026	2X2	Occupied	$1,491	2025-12-04	29
1027	2X2R	Occupied	$1,307	2026-02-28	30
1028	2X2R	Occupied	$1,870	2026-06-30	31
1029	1X1	Occupied	$1,239	2025-08-11	32
1030	1X1R	Occupied	$1,653	2026-07-31	33
1031	1X1R	Occupied	$1,296	2026-02-28	34
1032	1X1	Occupied	$1,347	2026-07-01	35
1033	1X1R	Occupied	$1,176	2026-07-03	36
1034	1X1R	Occupied	$1,255	2025-07-11	37
1035	1X1	Occupied	$1,244	2025-09-01	38
1036	1X1	Occupied	$1,302	2026-04-19	39
1037	1X1	Occupied	$1,250	2026-03-17	40
1038	1X1R	Occupied	$1,219	2026-03-01	41
1039	1X1	Occupied	$1,197	2026-04-15	42
1040	1X1	Occupied	$1,213	2025-11-01	43
1041	1X1	Occupied	$1,224	2026-03-01	44
1042	1X1R	Occupied	$1,250	2026-07-03	45
1043	1X1	Occupied	$1,512	2026-07-01	46
1044	1X1	Occupied	$1,470	2025-09-01	47
1045	2X2	Occupied	$1,822	2025-07-17	48
1046	2X2	Occupied	$1,564	2026-06-13	49
1047	2X2	Occupied	$1,752	2026-05-30	50
1048	2X2R	Occupied	$1,370	2026-04-09	51
1049	1X1R	Vacant	—	—	52
1050	1X1	Occupied	$1,307	2025-11-09	53
1051	1X1	Occupied	$1,166	2025-09-04	54
1052	1X1R	Occupied	$1,192	2026-03-29	55
1053	1X1	Occupied	$1,367	2025-09-14	56
1054	1X1	Occupied	$1,281	2025-12-18	57
1055	1X1R	Occupied	$1,124	2025-10-14	58
1056	1X1R	Occupied	$1,171	2026-01-21	59
1057	1X1R	Occupied	$1,363	2025-11-27	60
1058	1X1R	Occupied	$1,413	2025-09-06	61
1059	1X1R	Occupied	$1,234	2026-01-14	62
1060	1X1	Occupied	$1,218	2025-08-20	64
1061	1X1R	Occupied	$1,530	2026-07-14	65
1062	1X1R	Occupied	$1,197	2026-01-21	66
1063	1X1R	Occupied	$1,539	2026-03-01	67
1064	1X1	Vacant	—	—	68
1065	2X2R	Occupied	$1,500	2026-07-26	69
1066	2X2R	Occupied	$1,522	2026-01-24	70
1067	2X2R	Occupied	$1,668	2026-02-02	71
1068	2X2	Occupied	$1,507	2025-11-26	72
1069	2X2R	Occupied	$1,875	2026-07-30	73
1070	2X2R	Occupied	$1,518	2026-07-15	74
1071	2X2R	Vacant	—	—	75
1072	2X2	Occupied	$1,586	2026-06-14	76
1073	2X2R	Occupied	$1,586	2026-07-01	77
1074	2X2	Vacant	—	—	78
1075	2X2	Occupied	$1,517	2026-06-24	79
1076	2X2	Occupied	$1,748	2026-01-17	80
1077	2X2	Occupied	$2,397	2026-07-23	82
1078	2X2	Occupied	$1,522	2026-04-23	83
1079	3X2AR	Occupied	$1,998	2025-11-22	84
1080	3X2A	Occupied	$1,911	2025-11-27	85
1081	3X2AR	Occupied	$2,021	2026-06-30	86
1082	3X2AR	Occupied	$1,964	2025-11-01	87
1083	3X2A	Occupied	$1,785	2026-02-18	88
1084	3X2AR	Occupied	$2,110	2025-09-18	89
1085	2X2	Occupied	$2,024	2025-10-25	90
1086	2X2R	Occupied	$1,619	2025-10-30	91
1087	2X2	Occupied	$1,508	2026-07-20	92
1088	2X2	Occupied	$1,601	2025-09-30	93
1089	2X1	Occupied	$1,360	2026-02-24	94
1090	2X1R	Occupied	$1,408	2026-05-01	95
1091	2X1R	Occupied	$1,412	2026-02-11	96
1092	2X1R	Occupied	$1,438	2025-09-16	97
1093	2X1R	Occupied	$1,349	2026-06-16	98
1094	2X1R	Occupied	$1,912	2025-10-01	99
1095	2X1R	Occupied	$1,250	2026-03-07	100
1096	2X1	Occupied	$1,228	2026-04-12	101
1097	2X2	Occupied	$1,745	2026-07-16	102
1098	2X2R	Occupied	$1,570	2026-03-03	103
1099	2X2	Occupied	$1,628	2025-09-28	104
1100	2X2R	Occupied	$1,470	2026-05-16	105
1101	2X2R	Occupied	$1,465	2026-05-12	106
1102	2X2	Occupied	$1,570	2026-07-10	107
1103	2X2	Occupied	$1,528	2026-04-08	108
1104	2X2	Occupied	$2,067	2026-07-12	110
1105	2X1	Occupied	$1,995	2026-07-17	111
1106	2X1R	Occupied	$1,423	2025-09-18	112
1107	2X1R	Occupied	$1,250	2026-03-22	113
1108	2X1R	Occupied	$1,644	2026-07-14	114
1109	2X2	Occupied	$1,454	2026-05-19	115
1110	2X2R	Occupied	$1,449	2026-06-11	116
1111	2X2R	Occupied	$1,449	2026-06-24	117
1112	2X2	Occupied	$1,628	2025-08-05	118
1113	2X1	Occupied	$1,570	2026-01-06	119
1114	2X1	Occupied	$1,774	2025-10-01	120
1115	2X1	Occupied	$1,460	2026-01-26	121
1116	2X1	Occupied	$1,586	2026-07-17	122
1117	1X1R	Occupied	$1,213	2025-12-14	123
1118	1X1R	Occupied	$1,176	2025-10-15	124
1119	1X1	Occupied	$1,253	2026-05-27	125
1120	1X1	Occupied	$1,134	2026-01-02	126
1121	2X1R	Vacant	—	—	127
1122	2X1	Occupied	$1,328	2026-01-02	128
1123	2X1	Occupied	$1,433	2026-03-23	129
1124	2X1	Occupied	$1,471	2026-06-05	130
1125	1X1R	Occupied	$1,197	2026-05-01	131
1126	1X1	Occupied	$1,202	2026-03-20	132
1127	1X1	Occupied	$1,438	2025-07-12	133
1128	1X1R	Occupied	$1,442	2025-09-24	134
1129	2X1R	Vacant	—	—	135
1130	2X1	Occupied	$1,328	2025-12-24	136
1131	2X1R	Occupied	$1,250	2026-02-23	137
1132	2X1R	Occupied	$1,360	2026-01-20	138
1133	1X1R	Occupied	$1,150	2026-04-04	139
1134	1X1	Occupied	$1,354	2026-06-15	140
1135	1X1	Occupied	$1,260	2026-04-07	141
1136	1X1R	Occupied	$1,097	2026-04-12	142
1137	1X1	Occupied	$1,263	2026-04-17	143
1138	1X1	Occupied	$1,200	2026-06-30	144
1139	1X1R	Occupied	$1,134	2026-05-08	145
1140	1X1	Occupied	$1,331	2026-06-25	146
1141	1X1R	Occupied	$1,113	2026-03-24	147
1142	1X1R	Occupied	$1,743	2026-07-04	148
1143	1X1	Occupied	$1,484	2026-02-15	149
1144	1X1R	Occupied	$1,351	2025-11-27	150
1145	1X1	Occupied	$1,286	2025-12-31	151
1146	1X1R	Occupied	$1,555	2026-07-11	153
1147	1X1	Occupied	$1,346	2025-10-15	154
1148	1X1	Occupied	$1,197	2026-05-29	155
1149	1X1R	Occupied	$1,244	2026-06-21	156
1150	1X1	Occupied	$1,224	2025-12-08	157
1151	1X1	Occupied	$1,522	2026-07-01	158
1152	1X1	Occupied	$1,289	2026-05-03	159
1153	1X1R	Occupied	$1,284	2026-04-24	160
1154	1X1R	Occupied	$1,260	2026-01-01	161
1155	1X1	Occupied	$1,197	2025-09-18	162
1156	1X1R	Occupied	$1,208	2026-01-17	163
1157	1X1R	Occupied	$1,354	2026-01-06	164
1158	1X1R	Occupied	$1,181	2026-04-30	165
1159	1X1	Occupied	$1,181	2025-09-11	166
1160	1X1	Occupied	$1,489	2026-01-01	167
1161	1X1R	Occupied	$1,286	2025-08-06	168
1162	1X1R	Occupied	$1,124	2025-08-17	169
1163	1X1	Occupied	$1,193	2026-05-30	170
1164	1X1	Occupied	$1,181	2025-09-15	171
1165	3X2B	Vacant	—	—	172
1166	3X2BR	Occupied	$2,453	2026-03-25	173
1167	2X2	Occupied	$1,748	2025-09-23	174
1168	2X2R	Occupied	$1,521	2025-08-10	175
1169	3X2BR	Occupied	$2,123	2026-05-25	176
1170	3X2B	Occupied	$1,948	2026-03-04	177
2003	2X2	Non-revenue	—	—	178
2004	2X2R	Non-revenue	—	—	179
2005	1X1	Occupied	$1,292	2026-01-24	180
2006	1X1	Occupied	$1,265	2026-01-15	181
2007	1X1R	Occupied	$1,571	2026-05-24	182
2008	1X1R	Occupied	$1,334	2026-07-10	183
2009	1X1	Occupied	$1,292	2026-05-16	184
2010	1X1	Occupied	$1,539	2025-08-01	185
2011	1X1	Occupied	$1,134	2025-12-24	186
2012	1X1	Occupied	$1,407	2025-08-28	187
2013	2X2	Occupied	$1,496	2025-11-24	188
2014	2X2R	Occupied	$1,793	2026-04-13	189
2015	2X2	Occupied	$1,683	2026-07-01	190
2016	2X2R	Occupied	$1,877	2026-07-05	191
2017	2X2	Occupied	$1,638	2025-08-18	192
2018	2X2R	Occupied	$1,423	2025-11-30	193
2019	2X2	Occupied	$1,623	2026-04-27	194
2020	2X2	Occupied	$1,470	2026-04-05	195
2021	2X1	Occupied	$1,823	2026-07-16	197
2022	2X1	Occupied	$1,507	2025-07-10	198
2023	2X1	Occupied	$1,349	2026-04-16	199
2024	2X1	Occupied	$1,877	2026-07-28	200
2025	2X2	Occupied	$1,694	2026-04-30	201
2026	2X2R	Occupied	$1,407	2025-12-15	202
2027	2X2R	Occupied	$1,428	2026-03-01	203
2028	2X2R	Occupied	$1,580	2025-10-13	204
2029	1X1	Occupied	$1,505	2025-05-30	205
2030	1X1R	Occupied	$1,239	2026-06-04	206
2031	1X1R	Occupied	$1,235	2026-01-23	207
2032	1X1	Occupied	$1,166	2025-09-08	208
2033	1X1R	Occupied	$1,218	2025-11-28	209
2034	1X1	Occupied	$1,230	2026-05-24	210
2035	1X1	Occupied	$1,959	2026-07-26	211
2036	1X1R	Occupied	$1,589	2026-07-12	212
2037	1X1R	Occupied	$1,466	2025-08-17	213
2038	1X1	Occupied	$1,132	2026-05-01	214
2039	1X1	Occupied	$1,181	2025-09-20	215
2040	1X1	Occupied	$1,213	2025-08-01	216
2041	1X1	Occupied	$1,624	2026-07-24	217
2042	1X1	Occupied	$1,213	2026-05-16	218
2043	1X1	Occupied	$1,281	2026-06-25	219
2044	1X1R	Occupied	$1,176	2026-04-07	220
2045	2X2R	Occupied	$1,381	2026-04-14	221
2046	2X2	Occupied	$1,659	2025-07-30	222
2047	2X2	Occupied	$1,634	2026-02-20	223
2048	2X2R	Occupied	$1,697	2026-07-05	224
2049	1X1R	Occupied	$1,194	2026-04-02	225
2050	1X1	Occupied	$1,224	2026-07-01	226
2051	1X1	Occupied	$1,250	2025-12-31	227
2052	1X1	Occupied	$1,300	2026-05-07	228
2053	1X1R	Occupied	$1,326	2025-09-30	229
2054	1X1	Occupied	$1,334	2025-10-10	230
2055	1X1R	Occupied	$1,202	2026-05-24	231
2056	1X1R	Occupied	$1,320	2026-05-09	232
2057	1X1	Occupied	$1,799	2026-07-15	233
2058	1X1R	Occupied	$1,244	2026-02-01	234
2059	1X1	Occupied	$1,391	2026-03-24	235
2060	1X1	Occupied	$1,466	2026-06-01	236
2061	1X1R	Occupied	$1,194	2026-04-29	237
2062	1X1R	Occupied	$1,244	2026-05-29	238
2063	1X1R	Occupied	$1,181	2026-04-13	239
2064	1X1R	Occupied	$1,232	2026-05-01	240
2065	2X2	Occupied	$1,726	2025-12-16	241
2066	1X1	Occupied	$1,932	2026-05-01	242
2067	2X2	Vacant	—	—	243
2068	2X2	Occupied	$1,496	2025-12-08	244
2069	2X2R	Occupied	$1,718	2025-07-14	245
2070	2X2	Occupied	$1,528	2026-04-04	246
2071	2X2R	Occupied	$1,896	2026-02-01	247
2072	2X2R	Occupied	$1,344	2026-03-02	248
2073	2X2R	Vacant	—	—	249
2074	2X2	Occupied	$1,677	2026-03-07	250
2075	2X2	Vacant	—	—	251
2076	2X2	Occupied	$1,785	2025-09-01	252
2077	2X2R	Vacant	—	—	253
2078	2X2	Occupied	$1,286	2025-09-01	254
2079	3X2A	Occupied	$1,831	2026-05-20	255
2080	3X2A	Occupied	$1,643	2025-12-23	256
2081	3X2A	Occupied	$1,633	2026-02-27	257
2082	3X2AR	Occupied	$1,774	2026-04-17	258
2083	3X2AR	Occupied	$1,889	2025-12-01	259
2084	3X2AR	Occupied	$1,654	2026-01-27	260
2085	2X2	Occupied	$1,804	2025-08-01	261
2086	2X2R	Occupied	$1,516	2026-03-28	262
2087	2X2	Occupied	$1,966	2026-06-30	263
2088	2X2	Occupied	$1,643	2025-08-08	264
2089	2X1	Occupied	$1,438	2026-05-17	265
2090	2X1	Occupied	$1,328	2026-01-07	266
2091	2X1R	Occupied	$1,297	2026-06-30	267
2092	2X1R	Occupied	$1,250	2026-04-30	268
2093	2X1	Occupied	$1,386	2026-04-24	269
2094	2X1	Occupied	$1,443	2026-01-11	270
2095	2X1	Occupied	$1,433	2025-08-25	271
2096	2X1	Occupied	$1,344	2026-02-15	272
2097	2X2	Occupied	$1,633	2026-01-01	273
2098	2X2	Occupied	$1,549	2026-06-06	274
2099	2X2R	Occupied	$1,433	2025-10-24	275
2100	2X2R	Occupied	$1,949	2026-06-04	276
2101	2X2	Occupied	$1,591	2025-12-11	277
2102	2X2	Occupied	$1,517	2026-06-20	278
2103	2X2	Occupied	$1,480	2025-12-09	279
2104	2X2	Occupied	$1,549	2026-02-21	280
2105	2X1	Occupied	$1,575	2026-06-13	281
2106	2X1	Occupied	$1,360	2026-02-08	282
2107	2X1	Vacant	$1,376	2026-07-11	283
2108	2X1R	Vacant	—	—	285
2109	2X2R	Vacant	—	—	286
2110	2X2R	Occupied	$1,465	2026-05-10	287
2111	2X2R	Occupied	$1,402	2026-02-28	288
2112	2X2	Occupied	$1,601	2026-07-01	289
2113	2X1	Occupied	$2,067	2026-04-14	290
2114	2X1	Occupied	$1,386	2026-04-02	291
2115	2X1	Occupied	$1,360	2026-01-10	292
2116	2X1R	Occupied	$1,396	2025-09-24	293
2117	1X1	Occupied	$1,289	2026-05-25	294
2118	1X1	Occupied	$1,223	2026-06-18	295
2119	1X1	Occupied	$1,201	2026-07-17	296
2120	1X1R	Occupied	$1,166	2025-09-30	297
2121	2X1	Occupied	$1,489	2026-07-21	298
2122	2X1	Occupied	$1,386	2026-04-06	299
2123	2X1	Occupied	$1,423	2026-06-02	300
2124	2X1	Occupied	$1,480	2026-02-19	301
2125	1X1	Occupied	$1,240	2025-08-15	302
2126	1X1	Occupied	$1,474	2026-07-06	303
2127	1X1	Occupied	$1,124	2026-06-30	304
2128	1X1	Occupied	$1,720	2026-07-24	305
2129	2X1	Occupied	$1,328	2026-01-07	306
2130	2X1	Occupied	$1,328	2025-12-16	307
2131	2X1R	Occupied	$1,461	2026-02-20	308
2132	2X1	Occupied	$1,525	2025-07-15	309
2133	1X1R	Occupied	$1,113	2025-11-01	310
2134	1X1R	Occupied	$1,458	2026-04-01	311
2135	1X1	Occupied	$1,270	2026-06-24	312
2136	1X1	Occupied	$1,706	2026-07-16	313
2137	1X1	Occupied	$1,154	2026-03-01	314
2138	1X1	Occupied	$1,400	2025-09-01	315
2139	1X1	Occupied	$1,301	2025-09-01	316
2140	1X1	Occupied	$1,129	2026-04-23	317
2141	1X1R	Occupied	$1,265	2026-01-25	318
2142	1X1	Vacant	—	—	319
2143	1X1	Occupied	$1,436	2025-11-29	320
2144	1X1R	Occupied	$1,129	2026-04-07	321
2145	1X1	Occupied	$1,286	2026-07-09	322
2146	1X1	Occupied	$1,434	2026-07-07	323
2147	1X1R	Occupied	$1,405	2026-01-01	324
2148	1X1R	Occupied	$1,234	2025-11-07	325
2149	1X1R	Occupied	$1,160	2026-02-28	326
2150	1X1R	Occupied	$1,274	2026-06-29	327
2151	1X1	Vacant	—	—	328
2152	1X1R	Occupied	$1,486	2025-07-30	329
2153	1X1R	Vacant	—	—	330
2154	1X1R	Occupied	$1,561	2025-12-01	331
2155	1X1	Occupied	$1,373	2026-07-02	332
2156	1X1R	Occupied	$1,108	2025-09-22	333
2157	1X1	Occupied	$1,352	2026-04-26	334
2158	1X1R	Occupied	$1,102	2025-09-04	335
2159	1X1	Occupied	$1,314	2026-06-08	336
2160	1X1R	Occupied	$1,348	2025-11-06	337
2161	1X1R	Occupied	$2,079	2025-12-08	338
2162	1X1R	Occupied	$1,108	2025-09-13	339
2163	1X1R	Occupied	$1,533	2026-04-04	340
2164	1X1	Occupied	$1,370	2025-08-13	341
2167	2X2R	Occupied	$1,726	2026-02-21	342
2168	2X2R	Occupied	$1,641	2026-03-10	343

Comp communities quoted (13)

Community	Distance	Tier	Units	Units from	Year built	Year built from	Rents as of	Source
Saltera Apartments	0.1 mi	tier 1	306	Maricopa County, AZ property record, as of 2026-10-05	1984	Maricopa County, AZ property record, as of 2026-10-05	2026-09-30	own weekly scrape
The Hamptons	0.3 mi	tier 1	249	Maricopa County, AZ property record, as of 2026-10-05	1981	Maricopa County, AZ property record, as of 2026-10-05	2026-09-29	own weekly scrape
Cielo on Gilbert	0.7 mi	tier 1	432	Maricopa County, AZ property record, as of 2026-10-05	1985	Maricopa County, AZ property record, as of 2026-10-05	2026-09-30	own weekly scrape
The Vance	0.9 mi	tier 1	464	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05	2026-09-29	own weekly scrape
Lucera Apartments	1.5 mi	tier 1	192	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05	2026-09-30	own weekly scrape
Pebble Creek	1.5 mi	tier 2	122	Maricopa County, AZ property record, as of 2026-10-05	1985	Maricopa County, AZ property record, as of 2026-10-05	2026-09-30	own weekly scrape
Gilbert Greens Apartments	1.6 mi	tier 2	164	Maricopa County, AZ property record, as of 2026-10-05	1985	Maricopa County, AZ property record, as of 2026-10-05	2026-09-29	own weekly scrape
Mesa Station	1.6 mi	tier 2	397	Maricopa County, AZ property record, as of 2026-10-05	1984	Maricopa County, AZ property record, as of 2026-10-05	2026-09-29	own weekly scrape
Dana Park Apartments	1.7 mi	tier 2	222	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05	2026-09-30	own weekly scrape
Astero Mesa East	1.8 mi	tier 2	MISSING	No public record; the licensed count is held back	1987	community registry (third-party market data)	2026-09-29	own weekly scrape
Astero Mesa West	1.8 mi	tier 2	MISSING	No public record; the licensed count is held back	1986	community registry (third-party market data)	2026-09-16	own weekly scrape
Gentrys Walk Apartments	1.9 mi	tier 2	176	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05	2026-09-30	own weekly scrape
The Orchard on Gilbert	1.9 mi	tier 2	130	Maricopa County, AZ property record, as of 2026-10-05	1986	Maricopa County, AZ property record, as of 2026-10-05	2026-09-30	own weekly scrape

This run

Model calls	Input tokens	Output tokens	Cache read	Cache write	Cost	Seconds	Extraction model	Classification model
7	78,414	9,286	0	0	$0.62	54.0	claude-opus-5	claude-haiku-4-5

Built by one live run of the upload pipeline on 2026-09-14 over the sample materials (7 model calls, $0.62); the market blocks were pulled for the illustrative address on 2026-10-06 and baked in. Serving the sample makes no model calls.

Notes and disclosures

Every output here is the result of decisions someone made. These are those decisions — including the ones that make the numbers look worse.

Pricing is illustrative

Applies to: Deal Summary — Pricing

Every price, per-unit figure and cap rate in this set is illustrative. The per-unit price is a round number chosen to sit inside the band a real per-unit sale price occupies, so the cap-rate arithmetic is realistic. It is not a quote, an offer, a broker's guidance, or a valuation. Cap rates move inversely with the price, so read them as a demonstration of the mechanics rather than a view on the asset.

Licensed data is excluded by design, not by omission

Applies to: Rent Comps

No subscription or licensed market-data feed appears anywhere in this set. Comps come only from an operator's own weekly scrape of public leasing pages. That is a deliberate constraint, not a gap: licensed data cannot travel outside the licence, so a portfolio piece built on it could not be shown at all. The cost is coverage, and the coverage is measured and stated rather than assumed.

Comp radius is stated, and coverage inside it is measured

Applies to: Rent Comps

The comp block states the radius it searched and how many tracked communities inside it carry live rents; that sentence is counted from the operator's own scrape, never written by hand. The detail tiers are the closest same-product communities within that radius, so a wide radius adds candidates without letting a distant one outrank a close one. A community the scrape tracks but could not quote is not dropped: it is carried, with the reason it is not a comp, in the downloadable interchange file.

Comps are matched on vintage

Applies to: Rent Comps — tiers

The detailed tiers hold only communities within ten years of the subject's year built. Widening that range changes which communities are in the set, and a set that includes materially newer product will generally report a different rent — how much, and in which direction, is a property of the particular submarket and date, not a rule. Where this output set has measured the difference between two otherwise-identical comp sets on its own subject, the figures appear in the note below.

Year built comes from a free-text note, where it exists at all

Applies to: Rent Comps — tiers

The rent tracker has no year-built column. Where a vintage appears here it was parsed out of a free-text note on the community record, and every row carries that as its source. A community with no such note keeps its place in the comp set on distance and product, shows a dash for the year, and the tier header says how many rows the vintage filter could not be applied to. Inventing a year would fabricate the evidence the filter runs on; dropping the community would hide the closest comps for want of a field the source never had.

Market rent is never a blend of new and renewal

Applies to: Rent Roll — Summary

Market rent for the model is the new move-in rent — residents whose move-in date falls inside the lookback window, whatever their lease type — where a plan has one, and in-place rent where it does not. It is never the average of every lease signed, new and renewal together. A blended figure reads as market rent and is not one: renewals are priced off the existing rent, so blending them in drags the number toward where rents used to be and understates the gap the underwriting is trying to measure. On an asset whose in-place rents sit above what the market is currently signing, the rule produces a market rent BELOW in-place — which is the correct and uncomfortable answer, and the one a blend would hide.

Estimated values are not published as facts

Applies to: throughout

Where a figure is derived rather than read, the audit trail says so and names the inputs. Where a figure is unknown, the cell shows a visible hole rather than a plausible-looking number. A blank that reads as a zero is the most expensive kind of missing data, because nothing downstream flags it.

What the public demo leaves to the internal pipeline

Applies to: throughout

This demo is a deliberately reduced copy of the operator's pipeline. A licensed data source, a county-portal login, a school-rating lookup, a web valuation or a lease trade-out report is not something a public page should reach or ask for, so the values those produce — the assessor's parcel and bill, school ratings, a fair market value, the new-versus-renewal trade-out — read 'Internal pipeline only' with the reason wherever they appear. The field manifest lists every one of them. Everything else on these tabs is produced the same way for the sample and for an uploaded deal, from the same sources.

Supply coverage is an area of ongoing work

Applies to: Supply

The supply section is real and unmodified — the rings, stages and unit counts come from a public permit and entitlement pipeline, and a zero is a genuine zero rather than a gap left blank. Coverage of that pipeline is an area of ongoing work: a ring showing no active supply means nothing was matched in the sources covered so far, which is a weaker statement than nothing being built. This section will be expanded; read it as a floor on competing supply, not a census of it.

Checks degrade to NOT CHECKED rather than passing quietly

Applies to: Error Checks & Pricing

Every cross-tie on the checks tab reports OK, FAIL, or NOT CHECKED. A check missing one of its inputs reports NOT CHECKED and claims no difference — it never reports OK. A green result that only means 'this check could not run' is worse than a red one, because it buys confidence it has not earned.

What vintage-matching changed on this deal

Applies to: Rent Comps — tiers

This subject was built 1981. Two comp sets were selected by identical criteria — same candidate pool, same product test, same tracker exclusions, same radius, same closest-20 cap, same rent rules, same mix weighting — differing only in whether the +/-10-year vintage test was applied. Set A, vintage test ON: 13 communities, vintages 1981 to 1987; this subject's rent reads 4.7% above it. Set B, vintage test OFF: 4 more communities join and none drops out — fewer than 20 qualify either way, so the cap never binds (vintages 1981 to 2018); the same rent reads 0.8% above it. Both figures are weighted by this property's own unit mix and computed over the same bed counts (95% of its units), so the two sets differ by 3.9 points. Every community that joins was built after 1987, set A's newest, so set B reaches newer product than the vintage test allowed. Both sets are listed on the Rent Comps section — this is a measurement of these two sets on this date, not an estimate of what vintage is worth in this market.

Market rent is BELOW in-place on this deal

Applies to: Rent Roll — Summary

Unit-weighted in-place rent is $1,457 and market rent for the model is $1,345 — -7.7%. That is not an error. New leases are signing below what residents in place are paying, so the no-blend rule surfaces a downward mark the model has to carry. A blended new-and-renewal average would have hidden it.

This sample sits at an illustrative address

Applies to: throughout

The address shown is illustrative and is not the asset's location; the demand, supply, rent-comp and property-tax tabs were pulled for this illustrative address from the same sources a live upload reads. The seller and brokerage names are illustrative; the real parties are withheld. Pricing is illustrative.