Real Estate Investment Analyzer v2.1
Adaptive Multi-Agent Analysis System
This skill uses an adaptive orchestrator that classifies each deal and deploys the right combination of specialist agents. You don't need to pick which skill to use — describe the deal and the orchestrator handles routing.
Quick Start
User says anything about a real estate investment → Read the Orchestrator first:
view → ../../agents/orchestrator.md
The Orchestrator will tell you which specialist reference files to read based on the deal type.
Architecture
┌─────────────────────┐
│ ORCHESTRATOR │
│ (../../agents/orchestrator.md) │
│ │
│ 1. Classify deal │
│ 2. Select agents │
│ 3. Sequence work │
│ 4. Synthesize output│
└──────────┬──────────┘
│
┌──────────────┼──────────────┐
│ │ │
┌─────▼─────┐ ┌─────▼─────┐ ┌─────▼─────┐
│ CORE │ │ EXPANDED │ │ SYNTHESIS │
│ AGENTS │ │ AGENTS │ │ AGENTS │
│ │ │ │ │ │
│ A1 Research│ │ A8 Syndic. │ │ A12 Report │
│ A2 Screen │ │ A9 Int'l │ │ Compiler │
│ A3 Underwr.│ │ A10 Hospit.│ └────────────┘
│ A4 ProForma│ │ A11 Legal │
│ A5 Finance │ └────────────┘
│ A6 Tax │
│ A7 Stress │
└────────────┘
Agent → Reference File Map
| Agent |
Reference File |
Use When |
| A1 Research Scout |
(uses web search tools) |
Always — gather market data first |
| A2 Deal Screener |
../../agents/deal-screener/reference.md |
Quick pass/fail filtering |
| A3 Property Underwriter |
../../agents/property-underwriter/reference.md |
Full financial analysis |
| A4 Pro Forma Builder |
../../agents/pro-forma-builder/reference.md |
Multi-year projections |
| A5 Financing Analyzer |
../../agents/financing-analyzer/reference.md |
Loan comparison & leverage |
| A6 Tax Strategist |
../../agents/tax-strategist/reference.md |
Depreciation, 1031, cost seg |
| A7 Stress Tester |
../../agents/stress-tester/reference.md |
Scenario analysis |
| A8 Syndication Analyzer |
../../agents/syndication-analyzer/reference.md |
SPV, fund, passive deals |
| A9 Int'l Risk Assessor |
../../agents/international-risk-assessor/reference.md |
Cross-border investments |
| A10 Hospitality Underwriter |
../../agents/hospitality-underwriter/reference.md |
Hotels, resorts, STRs |
| A11 Legal Reviewer |
../../agents/legal-reviewer/reference.md |
Document red flags |
| A12 Report Compiler |
../../agents/orchestrator.md (synthesis section) |
Final recommendation |
| — Data Sources |
../../agents/data-sources/reference.md |
API lookups, batch screening, market data |
Routing Quick Reference
| Deal Type |
Route |
Agents |
| Domestic rental (SFR/MF) |
Route 1 |
A1→A2→A3→A5→A6→A7→A12 |
| Commercial property |
Route 2 |
A1→A2→A3→A4→A5→A7→A12 |
| Fix-and-flip |
Route 3 |
A1→A2→A3→A5→A12 |
| Domestic syndication |
Route 4 |
A1→A8→A3→A4→A7→A6→(A11)→A12 |
| International direct |
Route 5 |
A1→A9→A2→A3→A4→A5→A7→A12 |
| Int'l hospitality syndication |
Route 6 |
A1→A9→A10→A8→A11→A3→A4→A7→A12 |
| REIT / public market |
Route 7 |
A1→A8(partial)→A12 |
Execution Instructions
Step 1: Read the Orchestrator
Always start by reading ../../agents/orchestrator.md. It contains the classification logic and routing rules.
Step 2: Classify the Deal
Use the Orchestrator's classification matrix to determine:
- Property type, strategy, geography, stage, complexity
- Which route (1-7) applies, or create a custom route
Step 3: Read Required Reference Files
Read ONLY the reference files for agents selected by the Orchestrator. Don't read all files for a simple rental analysis.
Step 4: Execute Each Agent's Analysis
Follow each reference file's framework. Pass outputs forward where agents depend on prior results (e.g., A10 Hospitality outputs feed into A3 Underwriter).
Step 5: Compile the Report
Use the Orchestrator's synthesis template to produce the final Investment Analysis Memo.
Default Assumptions (When User Doesn't Specify)
Domestic (US) Defaults
| Parameter |
Default |
Source |
| 30-yr fixed rate |
6.11% |
Freddie Mac, Feb 2026 |
| Vacancy (residential) |
7% |
National average |
| Vacancy (office) |
18% |
National average |
| Expense ratio (residential) |
45% |
Industry standard |
| Expense ratio (NNN commercial) |
15% |
Industry standard |
| Rent growth |
2.5%/year |
Long-term average |
| Expense growth |
2.5%/year |
Inflation proxy |
| Exit cap premium |
+0.50% over entry |
Conservative |
| Closing costs |
3% of purchase |
Investment property avg |
| CapEx reserve |
$400/unit/year (MF), 8% gross (SFR) |
Industry standard |
| Management fee |
8% SFR, 6% small MF, 5% large MF |
Market rates |
| Land allocation |
20% (for depreciation) |
Standard |
| Conforming limit |
$832,750 |
2026 FHFA |
| Depreciation |
27.5yr residential, 39yr commercial |
IRS |
| Bonus depreciation |
100% (OBBBA, July 2025) |
Current law |
International / Hospitality Defaults
| Parameter |
Default |
Notes |
| OTA commission |
20% |
Booking.com/Expedia average |
| Hospitality management fee |
3-5% base + 10-15% incentive |
Standard; >20% of net rev is high |
| Hospitality OpEx ratio |
50-60% of revenue |
Luxury resort |
| Ramp-up Year 1 |
55% of stabilized RevPAR |
New property |
| Ramp-up Year 2 |
75% of stabilized RevPAR |
Building reputation |
| Ramp-up Year 3 |
90% of stabilized RevPAR |
Approaching stabilization |
| FF&E reserve |
4% of revenue |
Hospitality standard |
| Leasehold discount |
See int'l risk assessor |
Varies by years remaining |
| FX risk premium |
+3-5% required return |
Emerging market |
| International risk premium |
+2-5% required return |
Jurisdiction dependent |
Bali-Specific Defaults
| Parameter |
Default |
Notes |
| Ownership structure |
PT PMA with HGB title |
Most secure for foreigners |
| Min. investment plan (PMA) |
IDR 10 billion (~$600K) |
Per KBLI, BKPM Reg 5/2025 |
| Min. paid-up capital (PMA) |
IDR 2.5 billion (~$150K) |
New 2025 reduced threshold |
| Market-wide ADR (Bali STR) |
$178/night |
2025 average; luxury top 10% = $539+ |
| Occupancy (Bali average) |
66% |
Higher in Seminyak/Canggu, lower in emerging |
| WHT on dividends (standard) |
20% |
Reducible to 5-15% via DTAA |
| Corporate income tax |
22% |
Standard PT PMA rate |
| IDR long-term depreciation |
~3%/year vs EUR/USD |
10-year historical average |
| Active-use deadline (HGB) |
2 years |
PP 18/2021; idle land reverts to state |
Mexico/Tulum-Specific Defaults
| Parameter |
Default |
Notes |
| Ownership structure |
Fideicomiso (bank trust) |
Required in Restricted Zone (coastal) |
| Fideicomiso setup cost |
$1,500-2,500 USD |
One-time |
| Annual trust fee |
$500-1,000 USD |
Ongoing |
| ISABI (acquisition tax) |
~3.0% |
Municipality-dependent |
| Lodging tax |
6.0% |
Remitted via Airbnb or directly |
| ISR (non-resident income tax) |
25% gross or 35% net |
35% net preferred with legal rep |
| Capital gains (non-resident) |
25% gross or 35% net |
Mexico has primary taxing right |
| Tulum resale discount |
3-15% below asking |
2026 buyer's market |
| Ejido land risk |
VERIFY ALWAYS |
#1 cause of investment loss in region |
Benchmark Targets (Quick Reference)
| Metric |
Acceptable |
Good |
Excellent |
| Cash-on-Cash Return |
6–8% |
8–12% |
12%+ |
| Cash Flow per Door |
$100/mo |
$150–200/mo |
$300+/mo |
| DSCR |
1.20x |
1.25–1.35x |
1.50x+ |
| Break-Even Occupancy |
<85% |
<80% |
<75% |
| Equity Multiple (5-yr) |
1.5x |
1.7–2.0x |
2.0x+ |
| IRR (Value-Add) |
12% |
15% |
18%+ |
| GRM |
8–10 |
5–7 |
4–5 |
| GOP Margin (Luxury Hotel) |
35% |
40-45% |
50%+ |
| RevPAR Index |
90 |
100-110 |
120+ |
Cap Rate Benchmarks (2025-2026)
| Property Type |
Average |
Range |
| Multifamily |
5.9% |
3.9–7.6% |
| Industrial |
6.4% |
5.2–7.7% |
| Retail |
6.7% |
5.0–9.1% |
| Self-Storage |
6.2% |
5.3–7.6% |
| Office |
7.4% |
4.6–10.5% |
Output Principles
- Show all math — every number should be traceable to inputs and formulas
- Flag issues prominently — red flags get their own section, not buried in text
- Compare to benchmarks — every metric compared to industry standards
- Recommend next steps — don't just analyze, tell the user what to DO
- State assumptions — every assumption clearly labeled and justified
- Provide ranges — when uncertain, give best/base/worst estimates
- Caveat legal content — always note that legal review is not legal advice
- Integrate with tools — use xlsx skill for calculators, docx for reports, web search for market data
- Generate code when asked — provide Python/JS calculators, batch scripts, or API integration code; reference
../../agents/data-sources/reference.md for API patterns and ../../agents/stress-tester/reference.md for Monte Carlo templates
- Match output format to need — narrative for reports, tables for comparisons, code for automation, spreadsheets for interactive analysis
Integration with Other Skills
- xlsx skill: Create downloadable calculator spreadsheets with the analysis
- docx skill: Generate formatted investment memos and due diligence reports
- pptx skill: Create investor presentation summaries
- web search: Research market data, sponsor track records, comparable properties
- pdf skill: Extract and analyze uploaded prospectuses and legal documents
1---2name: real-estate-analyzer3description: Adaptive multi-agent system for real estate investment analysis — deal screening, underwriting, pro forma modeling, financing strategies, tax optimization, stress testing, syndication structuring, and international deals. Use when user asks to "analyze a property", "run an underwriting model", "pro forma analysis", or mentions cap rate, NOI, cash-on-cash return, DSCR, 1031 exchange, syndication, hotel investment, international real estate, or investment documents.4---56# Real Estate Investment Analyzer v2.17## Adaptive Multi-Agent Analysis System89This skill uses an **adaptive orchestrator** that classifies each deal and deploys the right combination of specialist agents. You don't need to pick which skill to use — describe the deal and the orchestrator handles routing.1011## Quick Start1213**User says anything about a real estate investment → Read the Orchestrator first:**14```15view → ../../agents/orchestrator.md16```1718The Orchestrator will tell you which specialist reference files to read based on the deal type.1920## Architecture2122```23 ┌─────────────────────┐24 │ ORCHESTRATOR │25 │ (../../agents/orchestrator.md) │26 │ │27 │ 1. Classify deal │28 │ 2. Select agents │29 │ 3. Sequence work │30 │ 4. Synthesize output│31 └──────────┬──────────┘32 │33 ┌──────────────┼──────────────┐34 │ │ │35 ┌─────▼─────┐ ┌─────▼─────┐ ┌─────▼─────┐36 │ CORE │ │ EXPANDED │ │ SYNTHESIS │37 │ AGENTS │ │ AGENTS │ │ AGENTS │38 │ │ │ │ │ │39 │ A1 Research│ │ A8 Syndic. │ │ A12 Report │40 │ A2 Screen │ │ A9 Int'l │ │ Compiler │41 │ A3 Underwr.│ │ A10 Hospit.│ └────────────┘42 │ A4 ProForma│ │ A11 Legal │43 │ A5 Finance │ └────────────┘44 │ A6 Tax │45 │ A7 Stress │46 └────────────┘47```4849## Agent → Reference File Map5051| Agent | Reference File | Use When |52|-------|---------------|----------|53| A1 Research Scout | *(uses web search tools)* | Always — gather market data first |54| A2 Deal Screener | `../../agents/deal-screener/reference.md` | Quick pass/fail filtering |55| A3 Property Underwriter | `../../agents/property-underwriter/reference.md` | Full financial analysis |56| A4 Pro Forma Builder | `../../agents/pro-forma-builder/reference.md` | Multi-year projections |57| A5 Financing Analyzer | `../../agents/financing-analyzer/reference.md` | Loan comparison & leverage |58| A6 Tax Strategist | `../../agents/tax-strategist/reference.md` | Depreciation, 1031, cost seg |59| A7 Stress Tester | `../../agents/stress-tester/reference.md` | Scenario analysis |60| A8 Syndication Analyzer | `../../agents/syndication-analyzer/reference.md` | SPV, fund, passive deals |61| A9 Int'l Risk Assessor | `../../agents/international-risk-assessor/reference.md` | Cross-border investments |62| A10 Hospitality Underwriter | `../../agents/hospitality-underwriter/reference.md` | Hotels, resorts, STRs |63| A11 Legal Reviewer | `../../agents/legal-reviewer/reference.md` | Document red flags |64| A12 Report Compiler | `../../agents/orchestrator.md` (synthesis section) | Final recommendation |65| — Data Sources | `../../agents/data-sources/reference.md` | API lookups, batch screening, market data |6667## Routing Quick Reference6869| Deal Type | Route | Agents |70|-----------|-------|--------|71| Domestic rental (SFR/MF) | Route 1 | A1→A2→A3→A5→A6→A7→A12 |72| Commercial property | Route 2 | A1→A2→A3→A4→A5→A7→A12 |73| Fix-and-flip | Route 3 | A1→A2→A3→A5→A12 |74| Domestic syndication | Route 4 | A1→A8→A3→A4→A7→A6→(A11)→A12 |75| International direct | Route 5 | A1→A9→A2→A3→A4→A5→A7→A12 |76| Int'l hospitality syndication | Route 6 | A1→A9→A10→A8→A11→A3→A4→A7→A12 |77| REIT / public market | Route 7 | A1→A8(partial)→A12 |7879## Execution Instructions8081### Step 1: Read the Orchestrator82Always start by reading `../../agents/orchestrator.md`. It contains the classification logic and routing rules.8384### Step 2: Classify the Deal85Use the Orchestrator's classification matrix to determine:86- Property type, strategy, geography, stage, complexity87- Which route (1-7) applies, or create a custom route8889### Step 3: Read Required Reference Files90Read ONLY the reference files for agents selected by the Orchestrator. Don't read all files for a simple rental analysis.9192### Step 4: Execute Each Agent's Analysis93Follow each reference file's framework. Pass outputs forward where agents depend on prior results (e.g., A10 Hospitality outputs feed into A3 Underwriter).9495### Step 5: Compile the Report96Use the Orchestrator's synthesis template to produce the final Investment Analysis Memo.9798## Default Assumptions (When User Doesn't Specify)99100### Domestic (US) Defaults101| Parameter | Default | Source |102|-----------|---------|--------|103| 30-yr fixed rate | 6.11% | Freddie Mac, Feb 2026 |104| Vacancy (residential) | 7% | National average |105| Vacancy (office) | 18% | National average |106| Expense ratio (residential) | 45% | Industry standard |107| Expense ratio (NNN commercial) | 15% | Industry standard |108| Rent growth | 2.5%/year | Long-term average |109| Expense growth | 2.5%/year | Inflation proxy |110| Exit cap premium | +0.50% over entry | Conservative |111| Closing costs | 3% of purchase | Investment property avg |112| CapEx reserve | $400/unit/year (MF), 8% gross (SFR) | Industry standard |113| Management fee | 8% SFR, 6% small MF, 5% large MF | Market rates |114| Land allocation | 20% (for depreciation) | Standard |115| Conforming limit | $832,750 | 2026 FHFA |116| Depreciation | 27.5yr residential, 39yr commercial | IRS |117| Bonus depreciation | 100% (OBBBA, July 2025) | Current law |118119### International / Hospitality Defaults120| Parameter | Default | Notes |121|-----------|---------|-------|122| OTA commission | 20% | Booking.com/Expedia average |123| Hospitality management fee | 3-5% base + 10-15% incentive | Standard; >20% of net rev is high |124| Hospitality OpEx ratio | 50-60% of revenue | Luxury resort |125| Ramp-up Year 1 | 55% of stabilized RevPAR | New property |126| Ramp-up Year 2 | 75% of stabilized RevPAR | Building reputation |127| Ramp-up Year 3 | 90% of stabilized RevPAR | Approaching stabilization |128| FF&E reserve | 4% of revenue | Hospitality standard |129| Leasehold discount | See int'l risk assessor | Varies by years remaining |130| FX risk premium | +3-5% required return | Emerging market |131| International risk premium | +2-5% required return | Jurisdiction dependent |132133### Bali-Specific Defaults134| Parameter | Default | Notes |135|-----------|---------|-------|136| Ownership structure | PT PMA with HGB title | Most secure for foreigners |137| Min. investment plan (PMA) | IDR 10 billion (~$600K) | Per KBLI, BKPM Reg 5/2025 |138| Min. paid-up capital (PMA) | IDR 2.5 billion (~$150K) | New 2025 reduced threshold |139| Market-wide ADR (Bali STR) | $178/night | 2025 average; luxury top 10% = $539+ |140| Occupancy (Bali average) | 66% | Higher in Seminyak/Canggu, lower in emerging |141| WHT on dividends (standard) | 20% | Reducible to 5-15% via DTAA |142| Corporate income tax | 22% | Standard PT PMA rate |143| IDR long-term depreciation | ~3%/year vs EUR/USD | 10-year historical average |144| Active-use deadline (HGB) | 2 years | PP 18/2021; idle land reverts to state |145146### Mexico/Tulum-Specific Defaults147| Parameter | Default | Notes |148|-----------|---------|-------|149| Ownership structure | Fideicomiso (bank trust) | Required in Restricted Zone (coastal) |150| Fideicomiso setup cost | $1,500-2,500 USD | One-time |151| Annual trust fee | $500-1,000 USD | Ongoing |152| ISABI (acquisition tax) | ~3.0% | Municipality-dependent |153| Lodging tax | 6.0% | Remitted via Airbnb or directly |154| ISR (non-resident income tax) | 25% gross or 35% net | 35% net preferred with legal rep |155| Capital gains (non-resident) | 25% gross or 35% net | Mexico has primary taxing right |156| Tulum resale discount | 3-15% below asking | 2026 buyer's market |157| Ejido land risk | VERIFY ALWAYS | #1 cause of investment loss in region |158159## Benchmark Targets (Quick Reference)160161| Metric | Acceptable | Good | Excellent |162|--------|-----------|------|-----------|163| Cash-on-Cash Return | 6–8% | 8–12% | 12%+ |164| Cash Flow per Door | $100/mo | $150–200/mo | $300+/mo |165| DSCR | 1.20x | 1.25–1.35x | 1.50x+ |166| Break-Even Occupancy | <85% | <80% | <75% |167| Equity Multiple (5-yr) | 1.5x | 1.7–2.0x | 2.0x+ |168| IRR (Value-Add) | 12% | 15% | 18%+ |169| GRM | 8–10 | 5–7 | 4–5 |170| GOP Margin (Luxury Hotel) | 35% | 40-45% | 50%+ |171| RevPAR Index | 90 | 100-110 | 120+ |172173## Cap Rate Benchmarks (2025-2026)174175| Property Type | Average | Range |176|---------------|---------|-------|177| Multifamily | 5.9% | 3.9–7.6% |178| Industrial | 6.4% | 5.2–7.7% |179| Retail | 6.7% | 5.0–9.1% |180| Self-Storage | 6.2% | 5.3–7.6% |181| Office | 7.4% | 4.6–10.5% |182183## Output Principles1841851. **Show all math** — every number should be traceable to inputs and formulas1862. **Flag issues prominently** — red flags get their own section, not buried in text1873. **Compare to benchmarks** — every metric compared to industry standards1884. **Recommend next steps** — don't just analyze, tell the user what to DO1895. **State assumptions** — every assumption clearly labeled and justified1906. **Provide ranges** — when uncertain, give best/base/worst estimates1917. **Caveat legal content** — always note that legal review is not legal advice1928. **Integrate with tools** — use xlsx skill for calculators, docx for reports, web search for market data1939. **Generate code when asked** — provide Python/JS calculators, batch scripts, or API integration code; reference `../../agents/data-sources/reference.md` for API patterns and `../../agents/stress-tester/reference.md` for Monte Carlo templates19410. **Match output format to need** — narrative for reports, tables for comparisons, code for automation, spreadsheets for interactive analysis195196## Integration with Other Skills197198- **xlsx skill**: Create downloadable calculator spreadsheets with the analysis199- **docx skill**: Generate formatted investment memos and due diligence reports200- **pptx skill**: Create investor presentation summaries201- **web search**: Research market data, sponsor track records, comparable properties202- **pdf skill**: Extract and analyze uploaded prospectuses and legal documents
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