{"summary":{"engine":"str","engine_version":"str-2.0.0","passed":5,"failed":0,"pending":0,"all_passing":true,"workbook_sha256":"a7a2069cba66bf4307b982965e8add2fb8a5b2db44ae47b86157c673f6f6e7a3","checked_at":"2026-09-05T13:30:28.308832+00:00"},"conventions":{"basis":"Basis = purchase price x (1 + closing-cost %). Debt = LTC x basis; a loan origination fee (% of loan) is charged at close. Equity funds the balance plus renovation capex plus the origination fee.","lease_up":"Operations begin rehab_months + 1 months after purchase; renovation capex spent evenly over the rehab months; no revenue or opex before occupancy.","revenue":"Seasonal: monthly revenue = quarter ADR x round(quarter occupancy x days-in-month). Occupied nights are whole nights. ADR escalates on the calendar year.","opex":"Fixed line items (taxes, utilities, insurance, accounting, property management, cleaning) escalate on the calendar year; platform fees are a % of revenue.","debt":"Standard monthly amortisation (interest lags one month); full balance repaid at exit.","sale":"Sale value = exit-month NOI annualised / exit cap rate, less sale costs.","returns":"Unlevered and levered. IRR via the composed XIRR engine (ACT/365) on monthly month-end dated cash flows — same convention as the XIRR agent. Equity multiple = inflows / outflows. Project-level (pre-waterfall)."},"tolerances":{"cash":0.6,"irr":0.0003,"moic":0.001},"cases":[{"id":"str_project_base","status":"pass","source":{"workbook":"str.xlsx","sha256":"a7a2069cba66bf4307b982965e8add2fb8a5b2db44ae47b86157c673f6f6e7a3","cells":"Summary O24:O30, K24/K26; Proforma B12/B29/B39/B41/B44/B46/B54"}},{"id":"str_hold_5yr","status":"pass","source":{"workbook":"str_hold.xlsx","sha256":"3d81b47b644c937d319f237f106a41627a6e5ea25fc68170614b797105a4675b","cells":"Summary O24:O30, K24/K26; Proforma B12/B29/B39/B41/B44/B46/B54"}},{"id":"str_io_24mo","status":"pass","source":{"workbook":"str_io.xlsx","sha256":"e23f19b8fb65a8d5bead9a9fa585cb081346e692058342607c8b564ac047306e","cells":"Summary O24:O30, K24/K26; Proforma B12/B29/B39/B41/B44/B46/B54"}},{"id":"str_seasonality","status":"pass","source":{"workbook":"str_seasonality.xlsx","sha256":"f13ab4799571cf6303a30507a3605ef4574b23b96bc85f43173d3b35df513559","cells":"Summary O24:O30, K24/K26; Proforma B12/B29/B39/B41/B44/B46/B54"}},{"id":"str_unlevered","status":"pass","source":{"workbook":"str_unlevered.xlsx","sha256":"3ec97310fe3dc5f0cd5163250375d21598b7a118ab713670aa0ff8220da95c36","cells":"Summary O24:O30, K24/K26; Proforma B12/B29/B39/B41/B44/B46/B54"}}]}