real-estate-investment

这段内容是审核时保存的快照。外部来源才是完整且最新的版本。

---
name: real-estate-investment
description: >
  End-to-end real estate investment analysis skill. Use when users ask to analyze a property deal,
  run the numbers on a rental, evaluate real estate investments, build a pro forma, compare markets,
  calculate cap rate, cash-on-cash return, IRR, NOI, DSCR, equity multiple, or GRM. Also triggers on:
  BRRRR analysis, house hack evaluation, short-term rental (STR/Airbnb) analysis, commercial
  underwriting, multifamily deal analysis, syndication waterfall modeling, Monte Carlo simulation,
  sensitivity analysis, 1031 exchange planning, cost segregation, depreciation, real estate tax
  strategy, market comparison and scoring, rental property screening, deal screening, investor
  report generation, real estate financial modeling, rent-to-price analysis, development
  feasibility, value-add underwriting, API integration for real estate data (Census, Redfin,
  Rentcast, Mashvisor, AirDNA, ATTOM), or any real estate investment financial analysis task.
---

# Real Estate Investment Analysis

Comprehensive real estate investment analysis — from deal screening through financial modeling to investor-ready output. Covers all property types, standard and advanced metrics, code generation, and tax-aware structuring.

## Analysis Workflow

Follow this 6-step process for any deal or market analysis:

1. **Define scope** — Identify property type, investment strategy, and target output format
2. **Gather data** — Collect property financials, market data, and comps (use API reference if automating)
3. **Build pro forma** — Construct income statement: Gross Rent → Vacancy → EGI → OpEx → NOI → Debt Service → Cash Flow
4. **Calculate returns** — Apply appropriate metrics (see Quick Reference below)
5. **Stress test** — Run sensitivity analysis, scenarios, or Monte Carlo simulation
6. **Report** — Generate investor-ready output with recommendations

## Quick Reference — Core Metrics

| Metric | Formula | Typical Range |
|--------|---------|---------------|
| **NOI** | Effective Gross Income - Operating Expenses | Varies by asset |
| **Cap Rate** | NOI / Property Value | 4-10% (market-dependent) |
| **Cash-on-Cash** | Annual Pre-Tax Cash Flow / Total Cash Invested | 8-12% target |
| **DSCR** | NOI / Annual Debt Service | 1.2x+ (lender minimum) |
| **IRR** | Discount rate zeroing NPV of all cash flows | 15-20% target |
| **Equity Multiple** | Total Distributions / Total Capital Invested | 2.0x+ over hold |
| **GRM** | Property Price / Annual Gross Rent | 8-15 (lower = better) |
| **Break-even Occ.** | (OpEx + Debt Service) / Potential Gross Income | <85% preferred |

For complete formulas, Python code, and Excel equivalents → load `references/financial-metrics.md`

## Property Type Router

Select the analysis framework based on property type:

| Property Type | Key Metrics | Rules of Thumb | Reference |
|--------------|-------------|----------------|-----------|
| **SFR / Small Multi (1-4)** | CoC, Cap Rate, DSCR | 1% rule, 50% rule, 70% rule | `references/property-types.md` §Residential |
| **BRRRR** | ARV, Rehab ROI, Refi LTV | 70% rule: Max buy = 70% ARV - repairs | `references/property-types.md` §Residential |
| **House Hack** | Effective housing cost, FHA terms | 3.5% down FHA, self-sufficiency test | `references/property-types.md` §Residential |
| **Large Multifamily (5+)** | Per-unit metrics, NOI, Cap Rate | OpEx ratio 35-45% | `references/property-types.md` §Commercial |
| **Commercial (Office/Retail)** | Per-SF metrics, lease analysis | NNN vs Gross lease impact | `references/property-types.md` §Commercial |
| **Short-Term Rental** | RevPAR, ADR, Occupancy | Revenue = ADR x Occ x 365 - fees | `references/property-types.md` §STR |
| **Land / Development** | Absorption rate, dev pro forma | Total cost vs projected value | `references/property-types.md` §Land |

## Analysis Type Router

Select the analysis methodology based on what the user needs:

| Need | Method | Reference File |
|------|-----