@tgoodington/intuition 8.1.3 → 9.2.1

package/docs/v9/test/phase4/blueprints/financial-analyst-T2.md

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+# Blueprint: Rental Market Analysis (Task 2)
+
+---
+
+## 1. Task Reference
+
+- **Plan Task**: Task 2 — Rental Market Analysis
+- **Domain**: financial/analysis
+- **Depth**: Standard
+- **Dependencies**: None
+- **Output File**: `deliverables/02_rental_analysis.xlsx`
+- **Acceptance Criteria**:
+  1. At least 5 comparable properties identified with sources
+  2. Price range recommendation with upper/lower bounds justified
+  3. Key differentiators for the ADU identified (new construction, location, amenities)
+  4. Seasonal considerations noted
+
+---
+
+## 2. Research Findings
+
+### Property Profile
+- 1BR ADU above converted two-bay garage at 24 Meadow St, Concord NH 03301
+- New construction (garage conversion with 8-foot rear extension); original garage built 1971
+- RS District (Residential Single-Family), ADU protected under NH HB 577
+- Private entrance planned, dedicated parking spot TBD
+- Long-term rental only (not short-term/Airbnb)
+- Owner-occupied primary residence on same property
+
+### Regulatory Factors
+- Security deposit capped at one month's rent or $100 (whichever greater)
+- Lead paint disclosure required (1971 structure) — mitigated if full abatement occurs during construction [VERIFY]
+- Utilities: tenant-paid via sub-metering (per user decision)
+
+### Market Context [ESTIMATE]
+- Concord: NH state capital, population ~44,000, steady demand from state workers, Concord Hospital employees, college-adjacent renters
+- 1BR apartments typically range $1,100-$1,600/month (NH market trends through 2025-2026)
+- Newer/renovated units command 10-20% premium over older stock
+- ADUs with private entrances are competitive due to limited new supply
+- NH rental vacancy generally tight (<5% statewide) [VERIFY for Concord specifically]
+
+### Key Differentiators
+- **Positive**: New construction/full renovation, private entrance, residential neighborhood, owner on-site (perceived safety/maintenance responsiveness), dedicated parking
+- **Negative/Neutral**: Above-garage unit (some tenants perceive as less desirable), shared driveway, square footage unknown [VERIFY], laundry situation unknown [VERIFY]
+
+---
+
+## 3. Approach
+
+Produce a four-sheet Excel workbook that analyzes the Concord NH 1BR rental market for pricing a newly constructed ADU. The analysis uses a **broad comparable set** (all 1BR rentals in Concord, not limited to ADUs) and prices rent **exclusive of utilities** (tenant pays via sub-metering).
+
+**Methodology:**
+1. Compile 7 comparable 1BR rentals across unit types (apartments, duplexes, small houses, ADUs if available) within Concord city limits
+2. Normalize comparison by noting utility inclusion status and adjusting effective rent accordingly
+3. Calculate statistical summary (median, mean, range) of the comparable set
+4. Apply adjustment factors for the ADU's differentiators (new construction premium, above-garage discount, private entrance premium)
+5. Derive lower/target/upper rent recommendation with justification
+6. Document seasonal patterns and recommended listing timing
+
+---
+
+## 4. Decisions Made
+
+### Decision 1: Utility Billing Structure
+- **Options Considered**:
+  - (A) Rent includes all utilities
+  - (B) Tenant pays utilities via sub-metering; rent quoted exclusive of utilities
+  - (C) Fixed utility surcharge added to base rent
+- **User's Choice**: **Option B** — Tenant pays utilities via sub-metering
+- **Rationale**: Cleanest approach. Aligns with how most Concord listings quote rent. Avoids risk of absorbing variable NH winter heating costs ($150-300/month). Requires sub-meter installation during construction.
+- **Impact on Analysis**: All comparable rents normalized to exclude utilities. Recommended rent range reflects base rent only. Utility cost estimates provided separately for tenant disclosure.
+
+### Decision 2: Comparable Selection Criteria
+- **Options Considered**:
+  - (A) Strict: only ADUs and garage conversions in Concord
+  - (B) Broad: all 1BR rentals in Concord including standard apartments and duplexes
+- **User's Choice**: **Option B** — Broad comparable set
+- **Rationale**: True ADU comps in Concord are scarce (emerging market post-HB 577). Standard 1BR apartments and duplexes are what prospective tenants will compare against, so they set the effective price ceiling. Broad set gives a defensible range.
+- **Impact on Analysis**: 7 comparables drawn from apartments, duplexes, and small rentals. Unit type noted as a field so the owner can weight accordingly.
+
+---
+
+## 5. Deliverable Specification
+
+### Workbook Structure: `02_rental_analysis.xlsx`
+
+Four sheets: **Comparable Properties**, **Market Trends**, **Price Recommendation**, **Seasonal Analysis**
+
+---
+
+### Sheet 1: Comparable Properties
+
+**Sheet name**: `Comparable Properties`
+
+**Columns** (A through L):
+
+| Col | Header | Width | Format |
+|-----|--------|-------|--------|
+| A | Comp # | 8 | Integer (1-7) |
+| B | Property Description | 35 | Text |
+| C | Address / Area | 25 | Text |
+| D | Unit Type | 15 | Text (Apartment / Duplex / ADU / House) |
+| E | Bedrooms | 10 | Integer |
+| F | Approx Sq Ft | 12 | Integer |
+| G | Asking Rent ($/mo) | 16 | Currency, no decimals |
+| H | Utilities Included? | 18 | Text (Yes / No / Partial) |
+| I | Adjusted Rent (excl. utilities) | 22 | Currency, no decimals |
+| J | Key Amenities | 30 | Text |
+| K | Condition / Age | 20 | Text |
+| L | Source | 25 | Text |
+
+**Row 1**: Headers (bold, frozen)
+**Rows 2-8**: Comparable properties (7 total)
+**Row 9**: [BLANK row]
+**Row 10**: Summary statistics row
+
+**Comparable Property Data** (all values [ESTIMATE]):
+
+**Comp 1** (Row 2):
+- B: "1BR apartment in downtown Concord, mid-rise building"
+- C: "Main St area, Concord NH" [ESTIMATE]
+- D: Apartment
+- E: 1
+- F: 650 [ESTIMATE]
+- G: $1,350 [ESTIMATE]
+- H: No
+- I: $1,350 (formula: =IF(H2="Yes", G2-175, IF(H2="Partial", G2-75, G2)))
+- J: "In-building laundry, off-street parking, updated kitchen"
+- K: "Renovated 2022, building 1980s"
+- L: "Apartments.com [ESTIMATE]"
+
+**Comp 2** (Row 3):
+- B: "1BR unit in converted Victorian duplex"
+- C: "South Main St area, Concord NH" [ESTIMATE]
+- D: Duplex
+- E: 1
+- F: 720 [ESTIMATE]
+- G: $1,275 [ESTIMATE]
+- H: No
+- I: $1,275
+- J: "Hardwood floors, shared yard, on-street parking"
+- K: "Updated interior, building 1900s"
+- L: "Zillow [ESTIMATE]"
+
+**Comp 3** (Row 4):
+- B: "1BR apartment in garden-style complex"
+- C: "Loudon Rd area, Concord NH" [ESTIMATE]
+- D: Apartment
+- E: 1
+- F: 600 [ESTIMATE]
+- G: $1,150 [ESTIMATE]
+- H: Partial (water/sewer included)
+- I: $1,075 (formula adjusts -$75 for partial)
+- J: "Laundry on-site, parking lot, basic finishes"
+- K: "Original condition, built 1990s"
+- L: "Craigslist [ESTIMATE]"
+
+**Comp 4** (Row 5):
+- B: "1BR second-floor apartment, small multi-family"
+- C: "N State St area, Concord NH" [ESTIMATE]
+- D: Apartment
+- E: 1
+- F: 580 [ESTIMATE]
+- G: $1,200 [ESTIMATE]
+- H: Yes (heat + hot water)
+- I: $1,025 (formula adjusts -$175 for full utilities)
+- J: "Coin laundry in basement, 1 parking space"
+- K: "Dated but clean, built 1970s"
+- L: "Apartments.com [ESTIMATE]"
+
+**Comp 5** (Row 6):
+- B: "1BR renovated apartment near hospital"
+- C: "Pleasant St area, Concord NH" [ESTIMATE]
+- D: Apartment
+- E: 1
+- F: 700 [ESTIMATE]
+- G: $1,450 [ESTIMATE]
+- H: No
+- I: $1,450
+- J: "In-unit washer/dryer, granite counters, modern bath"
+- K: "Fully renovated 2024, building 1960s"
+- L: "Zillow [ESTIMATE]"
+
+**Comp 6** (Row 7):
+- B: "1BR in-law apartment, single-family property"
+- C: "South End, Concord NH" [ESTIMATE]
+- D: ADU
+- E: 1
+- F: 550 [ESTIMATE]
+- G: $1,100 [ESTIMATE]
+- H: Yes (all utilities)
+- I: $925 (formula adjusts -$175)
+- J: "Private entrance, shared driveway, no laundry"
+- K: "Basic renovation, older structure"
+- L: "Craigslist [ESTIMATE]"
+
+**Comp 7** (Row 8):
+- B: "1BR cottage-style rental, detached unit"
+- C: "Penacook (Concord) NH" [ESTIMATE]
+- D: House
+- E: 1
+- F: 680 [ESTIMATE]
+- G: $1,325 [ESTIMATE]
+- H: No
+- I: $1,325
+- J: "Private yard, dedicated parking, pet-friendly"
+- K: "Renovated 2023, structure 1950s"
+- L: "Zillow [ESTIMATE]"
+
+**Row 10 — Summary Statistics**:
+- B: "SUMMARY"
+- G: Formula `=AVERAGE(G2:G8)` (label in F10: "Avg Asking Rent")
+- I: Formula `=AVERAGE(I2:I8)` (label in H10: "Avg Adjusted Rent")
+
+**Row 11**:
+- G: Formula `=MEDIAN(G2:G8)` (label in F11: "Median Asking Rent")
+- I: Formula `=MEDIAN(I2:I8)` (label in H11: "Median Adjusted Rent")
+
+**Row 12**:
+- G: Formula `=MIN(G2:G8)` (label in F12: "Min Asking Rent")
+- I: Formula `=MIN(I2:I8)` (label in H12: "Min Adjusted Rent")
+
+**Row 13**:
+- G: Formula `=MAX(G2:G8)` (label in F13: "Max Asking Rent")
+- I: Formula `=MAX(I2:I8)` (label in H13: "Max Adjusted Rent")
+
+**Utility Adjustment Formula** (column I, rows 2-8):
+```
+=IF(H2="Yes", G2-175, IF(H2="Partial", G2-75, G2))
+```
+- "Yes" deducts $175/month [ESTIMATE] for typical full utility value (heat, electric, water/sewer)
+- "Partial" deducts $75/month [ESTIMATE] for water/sewer only
+- "No" passes through asking rent unchanged
+
+**Row 15**: Note text merged across A15:L15:
+"All comparable data marked [ESTIMATE]. Verify against live listings on Zillow, Apartments.com, and Craigslist NH at time of ADU completion. Utility adjustment assumes $175/mo full utilities, $75/mo water/sewer only."
+
+---
+
+### Sheet 2: Market Trends
+
+**Sheet name**: `Market Trends`
+
+**Layout**: Narrative-style with data table. Not a columnar data sheet — use merged cells for readability.
+
+**Row 1**: Title (bold, 14pt): "Concord NH Rental Market Overview"
+**Row 2**: [BLANK]
+
+**Row 3-4** (merged A3:H4): Subheading (bold): "Market Fundamentals"
+**Row 5-11** (merged A5:H11, wrap text):
+```
+Concord is New Hampshire's state capital with a population of approximately 44,000. The city has a diversified employment base anchored by state government, Concord Hospital (the region's largest employer), and a growing professional services sector. Rental demand is steady, driven by government workers, healthcare professionals, and young professionals. [ESTIMATE]
+
+New Hampshire has among the tightest rental markets in the Northeast, with statewide vacancy rates estimated below 5%. Concord's vacancy rate is believed to track near 3-4%, reflecting limited new multifamily construction and steady population. [ESTIMATE] [VERIFY current Concord vacancy rate]
+```
+
+**Row 12**: [BLANK]
+**Row 13-14** (merged A13:H14): Subheading (bold): "Rent Trends"
+
+**Rows 15-19**: Data table:
+
+| Col A | Col B | Col C |
+|-------|-------|-------|
+| **Year** | **Estimated Avg 1BR Rent** | **YoY Change** |
+| 2023 | $1,150 [ESTIMATE] | — |
+| 2024 | $1,225 [ESTIMATE] | +6.5% [ESTIMATE] |
+| 2025 | $1,300 [ESTIMATE] | +6.1% [ESTIMATE] |
+| 2026 (projected) | $1,375 [ESTIMATE] | +5.8% [ESTIMATE] |
+
+**Row 20**: [BLANK]
+**Row 21-22** (merged): Subheading (bold): "Supply and Demand Factors"
+**Row 23-28** (merged, wrap text):
+```
+DEMAND DRIVERS:
+- State government employment (stable, recession-resistant)
+- Concord Hospital and affiliated healthcare sector
+- Limited affordable housing alternatives — high home prices push would-be buyers into rental market
+- ADU-friendly legislation (HB 577, effective July 2025) increasing awareness of ADU rentals
+
+SUPPLY CONSTRAINTS:
+- Minimal new multifamily construction in Concord in recent years
+- Zoning historically limited density; ADU legislation is a recent opening
+- Older housing stock dominates — renovated units command significant premiums
+[ESTIMATE for all above]
+```
+
+**Row 29**: [BLANK]
+**Row 30** (merged): Note: "All trend data is estimated. Consult NH Housing Finance Authority reports and Census ACS data for verified figures. [VERIFY]"
+
+---
+
+### Sheet 3: Price Recommendation
+
+**Sheet name**: `Price Recommendation`
+
+**Row 1**: Title (bold, 14pt): "Recommended Rental Price — 24 Meadow St ADU"
+**Row 2**: Subtitle: "1BR New Construction ADU | Rent Exclusive of Utilities | Tenant Pays via Sub-Meter"
+**Row 3**: [BLANK]
+
+**Rows 4-5**: Subheading (bold): "Comparable Market Summary (from Sheet 1)"
+
+**Rows 6-9**: Reference data table:
+
+| Col A | Col B |
+|-------|-------|
+| Median Adjusted Rent (comps) | Formula: `='Comparable Properties'!I11` |
+| Mean Adjusted Rent (comps) | Formula: `='Comparable Properties'!I10` |
+| Min Adjusted Rent | Formula: `='Comparable Properties'!I12` |
+| Max Adjusted Rent | Formula: `='Comparable Properties'!I13` |
+
+**Row 10**: [BLANK]
+**Row 11**: Subheading (bold): "ADU Adjustment Factors"
+
+**Rows 12-17**: Adjustment table:
+
+| Col A (Factor) | Col B (Adjustment) | Col C (Rationale) |
+|---|---|---|
+| New construction premium | +10% [ESTIMATE] | Modern finishes, code-compliant systems, energy efficiency vs. older Concord stock |
+| Private entrance premium | +3% [ESTIMATE] | Perceived independence, no shared hallways — valued by tenants |
+| Above-garage discount | -5% [ESTIMATE] | Some tenants perceive as less desirable than ground-level or traditional apartment |
+| Residential neighborhood | +2% [ESTIMATE] | Quiet setting, street parking, proximity to Concord amenities |
+| Owner on-site (neutral/slight negative) | -2% [ESTIMATE] | Some tenants prefer full independence; offset by faster maintenance response |
+| **Net Adjustment** | **+8%** | Formula: `=SUM(B12:B16)` |
+
+**Row 18**: [BLANK]
+**Row 19**: Subheading (bold): "Recommended Price Range"
+
+**Rows 20-24**: Price recommendation table:
+
+| Col A | Col B (Monthly Rent) | Col C (Calculation) | Col D (Strategy) |
+|---|---|---|---|
+| **Lower Bound** | $1,250 [ESTIMATE] | Median adjusted rent, minimal premium. Conservative. | Fast-fill: minimize vacancy, attract large applicant pool. Best if listing in off-season (Nov-Feb). |
+| **Target** | $1,400 [ESTIMATE] | Median adjusted rent + 8% net adjustment, rounded. | Market-rate: reflects new construction quality and ADU advantages. Recommended starting point. |
+| **Upper Bound** | $1,550 [ESTIMATE] | Target + premium for exceptional amenities (in-unit W/D, high-end finishes). | Premium positioning: only if ADU includes in-unit laundry, high-end finishes, and dedicated outdoor space. Expect longer time-to-fill. |
+
+**Formulas for Column B**:
+- B20 (Lower): `=ROUND('Comparable Properties'!I11 * 1.0, -1)` — rounds median to nearest $10, no premium
+- B21 (Target): `=ROUND('Comparable Properties'!I11 * (1 + 'Price Recommendation'!B17), -1)` — median * (1 + net adjustment)
+- B22 (Upper): `=ROUND('Comparable Properties'!I11 * (1 + 'Price Recommendation'!B17) * 1.10, -1)` — target + 10% amenity premium
+
+Note: The formulas will produce values close to the [ESTIMATE] figures above. The hardcoded [ESTIMATE] values are provided as fallback if formula references need manual adjustment.
+
+**Row 25**: [BLANK]
+**Row 26**: Subheading (bold): "Differentiators Summary"
+
+**Rows 27-35** (merged A27:D35, wrap text):
+```
+KEY DIFFERENTIATORS FOR 24 MEADOW ST ADU:
+
+STRENGTHS (support Target-to-Upper pricing):
+- New construction with modern finishes — rare in Concord's older housing stock
+- Private entrance — independence valued by tenants, especially in ADU setting
+- Owner on-site — responsive maintenance, perceived safety
+- Dedicated parking — important in NH where car ownership is near-universal
+- Residential neighborhood — quiet, established area near downtown Concord
+
+WEAKNESSES (push toward Lower-to-Target pricing):
+- Above-garage unit — less desirable than ground-floor or traditional apartment for some tenants
+- Shared driveway — minor friction point with owner occupant
+- Unknown square footage — if below 550 sq ft, pricing should trend toward lower bound [VERIFY]
+- Unknown laundry situation — in-unit W/D supports upper bound; no laundry supports lower bound [VERIFY]
+
+RECOMMENDATION: Price at Target ($1,400/month) and adjust after 2-3 weeks based on inquiry volume. If fewer than 5 inquiries in first two weeks, reduce to $1,300. If more than 15 inquiries, ADU may be underpriced — consider $1,450-$1,500.
+```
+
+**Row 36**: [BLANK]
+**Row 37**: Subheading (bold): "Estimated Tenant Utility Costs (for disclosure)"
+
+**Rows 38-43**: Utility estimate table:
+
+| Col A (Utility) | Col B (Est. Monthly — Summer) | Col C (Est. Monthly — Winter) | Col D (Est. Annual Avg) |
+|---|---|---|---|
+| Electric | $75 [ESTIMATE] | $100 [ESTIMATE] | $85 [ESTIMATE] |
+| Heat (if electric/heat pump) | $30 [ESTIMATE] | $200 [ESTIMATE] | $100 [ESTIMATE] |
+| Heat (if gas/propane) | $25 [ESTIMATE] | $175 [ESTIMATE] | $85 [ESTIMATE] |
+| Water/Sewer (if sub-metered) | $40 [ESTIMATE] | $40 [ESTIMATE] | $40 [ESTIMATE] |
+| **Total (electric heat scenario)** | **$145** | **$340** | **$225** |
+
+**Row 44**: Note (merged): "Utility estimates are rough. Actual costs depend on insulation quality, heating system type, and tenant behavior. Disclose estimates to prospective tenants for transparency. [ESTIMATE] [VERIFY heating system type]"
+
+---
+
+### Sheet 4: Seasonal Analysis
+
+**Sheet name**: `Seasonal Analysis`
+
+**Row 1**: Title (bold, 14pt): "Seasonal Rental Considerations — Concord NH"
+**Row 2**: [BLANK]
+
+**Rows 3-4**: Subheading (bold): "Monthly Demand Pattern"
+
+**Rows 5-17**: Seasonal data table:
+
+| Col A (Month) | Col B (Relative Demand) | Col C (Avg Days to Fill) | Col D (Notes) |
+|---|---|---|---|
+| January | Low | 35-45 [ESTIMATE] | Post-holiday lull, harsh weather deters moving |
+| February | Low | 35-45 [ESTIMATE] | Continued winter slowdown |
+| March | Moderate | 25-35 [ESTIMATE] | Early spring uptick, lease-break season begins |
+| April | Moderate-High | 20-30 [ESTIMATE] | Spring moving season begins |
+| May | High | 15-25 [ESTIMATE] | Peak season starting, college/grad transitions |
+| June | Highest | 10-20 [ESTIMATE] | Peak demand — summer moves, job relocations |
+| July | Highest | 10-20 [ESTIMATE] | Peak continues — most lease turnovers |
+| August | High | 15-25 [ESTIMATE] | Late-summer demand, back-to-school |
+| September | Moderate-High | 20-30 [ESTIMATE] | Demand easing but still solid |
+| October | Moderate | 25-35 [ESTIMATE] | Fall slowdown begins |
+| November | Low-Moderate | 30-40 [ESTIMATE] | Pre-holiday drop |
+| December | Low | 35-50 [ESTIMATE] | Holiday season, minimal activity |
+
+**Row 18**: [BLANK]
+**Row 19**: Subheading (bold): "Listing Strategy Recommendations"
+
+**Rows 20-30** (merged A20:D30, wrap text):
+```
+OPTIMAL LISTING WINDOW: May through August
+- Highest demand, fastest fill times, strongest pricing power
+- List at Target or Upper pricing tier
+- Begin marketing 4-6 weeks before unit is move-in ready
+
+SHOULDER SEASON LISTING: March-April, September-October
+- Moderate demand, reasonable fill times
+- List at Target pricing, be prepared to negotiate $25-50/month
+- Highlight winter-readiness features (insulation, efficient heating)
+
+OFF-SEASON LISTING: November through February
+- Lowest demand, expect 30-50 days to fill
+- Consider pricing at Lower bound to attract tenants quickly
+- Alternatively, offer a move-in incentive (e.g., first month $100 off) rather than reducing base rent
+- Tenants signing in winter often stay longer (less likely to be transient/seasonal)
+
+LEASE TERM STRATEGY:
+- 12-month lease recommended regardless of listing season
+- If listing off-season (e.g., January), a 12-month lease expires in January — consider offering a 14-16 month initial term to push renewal into spring/summer when re-listing (if needed) is easier
+- Month-to-month after initial term at $50-100/month premium to incentivize renewal
+
+All seasonal data is estimated based on general NH/New England rental patterns. [ESTIMATE]
+```
+
+---
+
+## 6. Acceptance Mapping
+
+| # | Acceptance Criterion | Where Addressed |
+|---|---|---|
+| 1 | At least 5 comparable properties identified with sources | Sheet 1 (Comparable Properties): 7 comparables, each with source in Column L. All flagged [ESTIMATE] with note to verify against live listings. |
+| 2 | Price range recommendation with upper/lower bounds justified | Sheet 3 (Price Recommendation): Lower ($1,250), Target ($1,400), Upper ($1,550) with calculation methodology, adjustment factors, and strategic rationale for each tier. |
+| 3 | Key differentiators for the ADU identified | Sheet 3 (Price Recommendation), Rows 27-35: 5 strengths and 4 weaknesses listed with pricing impact. Also reflected in adjustment factor table (Rows 12-17). |
+| 4 | Seasonal considerations noted | Sheet 4 (Seasonal Analysis): 12-month demand pattern with days-to-fill estimates, plus listing strategy recommendations for peak, shoulder, and off-season windows. |
+
+---
+
+## 7. Integration Points
+
+### Task 3: Listing Copy
+- Needs the **Target rent figure** ($1,400/month [ESTIMATE]) for listing price
+- Needs the **"utilities not included"** framing for listing language
+- Needs the **key differentiators** (strengths list from Sheet 3) to highlight in marketing copy
+- Needs **estimated tenant utility costs** (Sheet 3, Rows 38-43) if listing includes utility disclosure
+- Consumer: Task 3 should reference `deliverables/02_rental_analysis.xlsx`, Sheet 3 for pricing and differentiators
+
+### Task 5: Expense Tracker / Financial Projections
+- Needs the **recommended monthly rent** (Target: $1,400 [ESTIMATE]) as the income line item
+- Needs the **price range** (Lower/Upper bounds) for sensitivity analysis / scenarios
+- Needs **seasonal vacancy assumptions** (Sheet 4) to model annual effective gross income
+- May reference utility cost estimates if modeling owner-paid utility scenarios
+- Consumer: Task 5 should reference `deliverables/02_rental_analysis.xlsx`, Sheet 3 for rent figures and Sheet 4 for vacancy modeling
+
+---
+
+## 8. Open Items
+
+### [VERIFY] Items (require user input or external data)
+1. **Current Concord vacancy rate** — used in Market Trends sheet; statewide <5% assumed, Concord-specific rate unknown
+2. **ADU square footage** — impacts positioning within price range; if <550 sq ft, trend toward lower bound
+3. **Laundry plans** — in-unit washer/dryer supports upper bound pricing; no laundry pushes toward lower bound
+4. **Heating system type** — affects tenant utility cost estimates (electric heat pump vs. gas/propane)
+5. **Lead paint abatement scope** — whether full abatement occurs during construction (affects disclosure requirements)
+6. **Live comparable listings at time of completion** — all 7 comparables are [ESTIMATE] and must be verified against Zillow, Apartments.com, Craigslist NH before setting actual rent price
+
+### [ESTIMATE] Items (market data without live access)
+1. All 7 comparable property rents, square footages, and descriptions (Sheet 1)
+2. Utility adjustment values ($175/full, $75/partial) (Sheet 1)
+3. Year-over-year rent trend data 2023-2026 (Sheet 2)
+4. All adjustment factor percentages (Sheet 3)
+5. Price range values: $1,250 / $1,400 / $1,550 (Sheet 3)
+6. Tenant utility cost estimates (Sheet 3)
+7. Monthly demand levels and days-to-fill estimates (Sheet 4)
+
+---
+
+## 9. Producer Handoff
+
+- **Output format**: `.xlsx` (Excel workbook)
+- **Producer**: spreadsheet-builder
+- **Filename**: `deliverables/02_rental_analysis.xlsx`
+
+### Assembly Instructions
+
+**Sheet-by-sheet build order:**
+
+1. **Create Sheet 1: `Comparable Properties`**
+   - Set up 12 columns (A-L) with headers per specification
+   - Freeze Row 1
+   - Enter 7 comparable properties in Rows 2-8 with all field values as specified
+   - Column I formulas: `=IF(H2="Yes", G2-175, IF(H2="Partial", G2-75, G2))` — copy down for Rows 2-8
+   - Row 10-13: Summary statistics using AVERAGE, MEDIAN, MIN, MAX formulas on columns G and I
+   - Row 15: Merged note text across A-L
+   - Format: Currency (no decimals) for columns G and I; bold headers; column widths per spec
+
+2. **Create Sheet 2: `Market Trends`**
+   - Narrative layout with merged cells as specified
+   - Row 1: Title
+   - Rows 5-11: Market fundamentals narrative (merged, wrapped)
+   - Rows 15-19: Rent trend data table (3 columns)
+   - Rows 23-28: Supply/demand narrative (merged, wrapped)
+   - Row 30: Note
+   - Format: 14pt bold title; standard body text; light borders on data table
+
+3. **Create Sheet 3: `Price Recommendation`**
+   - Row 1-2: Title and subtitle
+   - Rows 6-9: Reference data pulling from Sheet 1 formulas
+   - Rows 12-17: Adjustment factor table with percentages and rationale; Row 17 SUM formula for net adjustment
+   - Rows 20-22: Price recommendation table with formulas referencing Sheet 1 median and adjustment factor
+   - Rows 27-35: Differentiators narrative (merged, wrapped)
+   - Rows 38-43: Utility cost estimate table
+   - Row 44: Note
+   - Format: Currency for price cells; percentage for adjustment cells; merged narrative blocks wrapped
+
+4. **Create Sheet 4: `Seasonal Analysis`**
+   - Row 1: Title
+   - Rows 5-17: 12-month seasonal data table (4 columns)
+   - Rows 20-30: Listing strategy narrative (merged, wrapped)
+   - Format: Bold headers; color-code demand levels (green=High/Highest, yellow=Moderate, red=Low) if styling is supported
+
+**Global formatting:**
+- Font: Calibri 11pt (body), 14pt bold (titles), 11pt bold (subheadings)
+- Column auto-width based on specified widths
+- Print area set to data range on each sheet
+- Tab colors if supported: Blue (Sheet 1), Green (Sheet 2), Orange (Sheet 3), Purple (Sheet 4)