# Property Assessor Underwriting Rules

## Goal

Turn messy property data into a fast investor or buyer decision without pretending precision where the data is weak.

## Practical heuristics

### 1. Use the most comparable comp set first
- For condos: same-building active and sold comps first.
- For houses or townhomes: same subdivision or immediate micro-area first.
- Expand outward only when the close comp set is thin.

### 2. Fixed carrying costs can kill a deal
High HOA, insurance, taxes, or unusual maintenance burden can make a property unattractive even when price-per-sqft looks cheap.

### 3. Waterfront, coastal, older, or unusual properties deserve extra skepticism
Assume elevated insurance, maintenance, and assessment risk until proven otherwise.

### 4. DOM and price cuts are negotiation signals, not automatic value
Long market time helps the buyer, but a stale listing can still be a mediocre deal if the economics are weak.

### 5. Unknowns must stay visible
If reserve studies, bylaws, STR rules, assessment history, lease restrictions, or condition details are missing, list them explicitly as unresolved diligence items.

## Minimum comp stack

For each property, aim to collect:
- target listing facts
- same-building or same-micro-area active listings
- sold listings if available
- nearby similar properties
- rent or lease signals when investment analysis matters

## Condition normalization

Listings with similar asking prices can have very different real basis once make-ready work is included.

Assess photos for:
- flooring condition and carpet presence
- appliance package completeness and age
- kitchen and bath refresh level
- paint and trim condition
- lighting, fans, doors, and visible wear
- any obvious repair or moisture concerns

Use a rough make-ready range such as:
- Light: cosmetic cleanup / paint / fixtures
- Medium: flooring plus partial appliance or bath refresh
- Heavy: major interior updates or visible deferred maintenance

When carpet is present, note it explicitly and include an estimated removal or replacement adjustment in the make-ready range.

When major appliances are missing, note the likely replacement burden rather than pretending the asking price is fully comparable to turnkey units.

## Carry framework

At minimum, estimate:
- P&I
- taxes monthly
- HOA monthly if applicable
- insurance assumption or uncertainty note
- effective carry range after maintenance / vacancy / property friction
- make-ready burden when condition is not turnkey

If the listing already provides an estimated payment, use it as the starting point, then explain what it leaves out.

## STR / rental notes

Never assume STR viability from location alone. Confirm or explicitly mark as unknown:
- HOA restrictions
- minimum stay rules
- city or building constraints
- whether the micro-location is truly tourist-driven or just adjacent to something attractive

## Verdict language

Use one of these:
- `Buy` — pricing and risk support action now
- `Pass` — weak economics or too much unresolved risk
- `Only below X` — decent candidate only if bought at a materially lower basis

## Suggested memo template

### Snapshot
- Address
- Source links checked
- Price / type / beds / baths / sqft / HOA / taxes / DOM

### Market read
- Same-building or same-area active inventory
- Nearby active comps
- Any sold signals

### Economics
- Base carry
- Effective carry range
- Rent / STR comments when relevant

### Risk flags
- HOA or fixed-cost burden
- insurance / waterfront / age
- reserves / assessments / restrictions if relevant
- liquidity / DOM

### Recommendation
- Fair value range
- Opening offer
- Ceiling offer
- Final verdict
