stef-openclaw-skills/skills/property-assessor/references/underwriting-rules.md

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

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

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