Two-method valuation per unit: Method 1 = P80 waterfall (TH+Condo pool for new units). v8.3 carry-over for the front house: base PPSF = midpoint(SFR_P80, TH+Condo_P80) = ($1,636 + $1,130) / 2 = $1,383/SF. The midpoint naturally captures SFR uplift; replaces the v8.0-v8.2 flat +5% post-blend premium.
Method 2 = Seekly AVM (avm_router_v2 baseline) with Townhouse → Condo → SFR subtype fallback. Headline = 0.70 × Waterfall + 0.30 × AVM. No post-blend premium.
AMI recommendation: 2@120% AMI threshold hit at small cost ($115,471 below market)
Comp depth: TH+Condo n=29 at tier T1 (≤1250 SF — v8.5 tightened from 1300). SFR n=81 at tier T1. New-con comps in TH+Condo (YB≥2015): 0. Weighted P80 lift: -0.55%. v8.5 target-band depth: 9 comps of 29 in the 800-1000 SF band (1.5× weight, stacks with the 3.0× new-con weight).
Front house preserved. Three new TIC units added (1× 1000 SF + 2× 800 SF — fits the v8.5 target band). Common configuration for Genesis LA Homeownership Innovation Fund + SLBI Private Land RFI.
| Unit | SF | BR | M1 Base PPSF | M1 Waterfall | M2 AVM | Headline | Confidence |
|---|---|---|---|---|---|---|---|
| Front House | 917 SF | 2 BR | Midpoint($ 1,636, $ 1,130) $1,383/SF |
$1,141,555 | $915,232 | $1,073,658 | WIDE 22.0% |
| Unit B | 1000 SF | 2 BR | $1,130/SF | $952,659 | $814,453 | $911,197 | MODERATE 15.6% |
| Unit C | 800 SF | 2 BR | $1,130/SF | $807,855 | $716,813 | $780,542 | MODERATE 11.9% |
| Unit D | 800 SF | 2 BR | $1,130/SF | $807,855 | $716,813 | $780,542 | MODERATE 11.9% |
| Total Headline Gross | $3,545,940 | ||||||
v8.5 changes: TH+Condo pool tightened to ≤1250 SF (was 1300). New: target-band weighting with comps in the 800-1000 SF band getting 1.5× weight (matches the subject new-unit size). 700-800 or 1000-1100 SF = 1.0×. 600-700 or 1100-1250 SF = 0.7×. The band weight STACKS multiplicatively with the new-construction weight, so an 850 SF new-con comp from 2022 within 2 mi gets 1.5 × 3.0 = 4.5× total.
Front-house methodology: Base PPSF = midpoint(SFR_P80, TH+Condo_P80). TIC -10% discount applied unless the pool is curated.
Method 1 (Waterfall): P80 PPSF over the comp pool. New-construction comps in TH+Condo within 2 mi (YB ≥ 2015) weighted 3.0× (or 5.0× for parcels in the v8.4 override dict — currently only Granville rank 12).
Method 2 (AVM): Seekly avm_router_v2 baseline. Same apples-to-apples ledger as M1.
Headline = 0.70 × Waterfall + 0.30 × AVM.
Each unit valued by Seekly's AVM (backend/avm_router_v2.py — same engine that powers the Comparables tab on the main Seekly UI). Subtype fallback: Townhouse → Condominium → SingleFamilyResidence. The ARV column is the raw P80 from the comp pool; Adjusted applies the same TIC / parking / no-yard ledger as Method 1 so the two methods compare apples-to-apples.
| Unit | SF | Subtype Used | Low (P25) | Avg (P50) | ARV (P80) | Adjustments | Adjusted | AVM Confidence |
|---|---|---|---|---|---|---|---|---|
| Front House | 917 SF | Condominium | $912,345 | — | $1,016,924 | TIC discount -10.0% | $915,232 | directional 35/100 · n=19 |
| Unit B | 1000 SF | Condominium | $966,981 | — | $1,082,474 | TIC discount -10.0%No parking (Venice) -12.0%No private yard -5.0% | $814,453 | directional 35/100 · n=23 |
| Unit C | 800 SF | Condominium | $803,150 | — | $898,776 | TIC discount -10.0%No parking (Venice) -12.0%No private yard -5.0%Small-unit premium (≤850 SF) +6.0% | $716,813 | directional 35/100 · n=16 |
| Unit D | 800 SF | Condominium | $803,150 | — | $898,776 | TIC discount -10.0%No parking (Venice) -12.0%No private yard -5.0%Small-unit premium (≤850 SF) +6.0% | $716,813 | directional 35/100 · n=16 |
Each parcel scored under 4 configurations. 100% AMI 2BR cap = $578,245 · 120% AMI 2BR cap = $722,807. A cap only changes the price when a unit's market price exceeds it (binding); when the unit already prices below the cap it sells at market and the affordability threshold is earned at no cost.
| Line Item | Amount |
|---|---|
| For-sale value (2 Units at 120% AMI) | $3,430,468 |
| Less: Acquisition (list price) | ($2,000,000) |
| Less: Build cost (2,600 new SF × $400, all-inclusive) | ($1,040,000) |
| Less: Holding (3-loan interest 18 mo) | ($268,577) |
| Less: Origination (1% × 3 loans) | ($40,647) |
| Less: Closing fixed | ($20,000) |
| Less: Brokerage (2.5%) | ($85,762) |
| Projected Profit | -$24,517 |
| Profit as % of for-sale | -0.7% |
v8.5 change: TH+Condo pool tightened to ≤1250 SF + per-comp target-band weighting (1.5× for 800-1000 SF) layered on top of the existing 3×/5× new-construction weight. Build cost stays all-inclusive at $400/SF; loan stack and brokerage unchanged from v8.1.
v8.5 change: The TH+Condo comp pool's hard SF cap was tightened from 1300 → 1250 SF (50 SF tighter — better match for the standard SLBI new-TIC unit envelope). NEW: a per-comp target-band weighting was introduced on the TH+Condo pool. Comps in the 800-1000 SF band (matching the subject new-unit size) get 1.5× weight. 700-800 / 1000-1100 SF = 1.0×. 600-700 / 1100-1250 SF = 0.7×. The band weight STACKS multiplicatively with the existing new-construction weight (3.0× default, 5.0× for parcels in NEW_CON_WEIGHT_OVERRIDES). So an 850 SF new-construction comp from 2022 within 2 mi gets 1.5 × 3.0 = 4.5× total. This parcel had 9 comps in the 800-1000 SF target band (of 29 total in the TH+Condo pool).
v8.3 carry-over: Front-house base PPSF = midpoint(SFR_P80, TH+Condo_P80). The midpoint naturally captures SFR uplift; replaces the v8.0-v8.2 flat +5% premium.
Two-method blend: Headline = 0.70 × Waterfall + 0.30 × AVM. Both methods use the midpoint base for the front house. AVM Method 2 replaces v6's paired-sale adjustments entirely.
New-construction weighting: Inside the TH+Condo comp pool, comps within 2 mi (YB ≥ 2015) weighted 3.0× in the P80 calc. This parcel had 0 qualifying new-con comps; weighted P80 vs unweighted lift: -0.55%.
Build cost basis: $400/SF all-inclusive (hard + soft + pre-dev rolled in). Genesis LA pre-dev loan still sized on the financing side.
Loan stack: Genesis LA Homeownership Innovation Fund. Acq 95% LTC/$1M max @ 4.25% · PreDev 100% LTC/$800K max @ 3.00% · Construction 95% LTV/$6M max @ 4.50%. All 18mo terms, simple-full-term interest.
Brokerage: 2.5% gross.