---
name: real-estate-data
description: >
  Real estate data extraction and valuation skill. Use when parsing MLS
  feeds (RETS/RESO Web API), running comparable sales analysis, calculating
  price adjustments, generating CMA reports, or computing cap rates and
  GRM for investment properties. Knows RESO data dictionary fields,
  adjustment methodology, and market-specific valuation factors.
paths:
  - "src/mls/**/*"
  - "src/listings/**/*"
  - "src/valuation/**/*"
allowed-tools: Bash(python3 *) Read Grep
---

# Real Estate Data Extraction Skill

## MLS Feed Parsing

### RESO Standard Fields (most critical)
- ListingId (MLS number), ListPrice, OriginalListPrice
- LivingArea (square feet), LotSizeSquareFeet, YearBuilt
- BedroomsTotal, BathroomsTotalInteger, BathroomsFull, BathroomsHalf
- PropertySubType: SingleFamilyResidence, Condominium, Townhouse, MultiFamily
- StandardStatus: Active, Pending, Closed, Expired, Withdrawn
- DaysOnMarket, OriginalEntryTimestamp, CloseDate, ClosePrice
- Latitude, Longitude (for radius-based comp search)
- HOAFee, HOAFrequency (Monthly, Quarterly, Annual)
- ListingContractDate, ExpirationDate

### Data Quality Rules
1. Reject listings where LivingArea = 0 or null (bad data)
2. Flag ListPrice / LivingArea > $2,000/sqft or < $30/sqft as outlier
3. Exclude StandardStatus = Withdrawn or Expired from active inventory
4. DOM > 120: Include in analysis but flag as "stale" with reduced weight
5. ClosePrice required for sold comps (never use ListPrice as proxy)

## Comparable Sales Analysis

### Comp Selection Criteria
1. **Location**: Within 0.5 miles (urban) or 1.0 miles (suburban) radius
2. **Time**: Closed within last 6 months (extend to 12 if insufficient comps)
3. **Size**: Within 20% of subject's LivingArea
4. **Type**: Same PropertySubType (do not mix SFR with Condo)
5. **Minimum**: 3 comps, maximum 6 (report 3 best matches)

### Adjustment Factors (per-unit adjustments)
Apply adjustments from comp TO match subject:
- **Square footage**: Comp price / comp sqft x (subject sqft - comp sqft) x 0.85
  (0.85 factor accounts for diminishing returns on larger homes)
- **Bedrooms**: +/- $5,000-15,000 per bedroom (market-dependent)
- **Bathrooms**: +/- $5,000-10,000 per full bath, $2,500-5,000 per half bath
- **Garage**: +/- $10,000-20,000 per garage space
- **Pool**: +/- $15,000-30,000 (Sunbelt), $5,000-10,000 (Northern)
- **Year Built**: +/- $500-1,500 per year difference (cap at 20 years)
- **Lot Size**: +/- $1-5 per sqft difference (varies heavily by market)
- **Condition**: Excellent(+5%), Good(0%), Fair(-5%), Poor(-10%) of comp price

### Adjustment Caps
- Total net adjustment should not exceed 15% of comp's sale price
- Total gross adjustment should not exceed 25%
- If exceeded, the comp is too dissimilar -- select a better match

## Investment Property Metrics

### Cap Rate
Cap Rate = Net Operating Income (NOI) / Property Price
- NOI = Gross Rental Income - Vacancy Loss - Operating Expenses
- Vacancy factor: Typically 5-8% of gross rent
- Operating expenses: Property tax, insurance, maintenance, management (8-12% of gross rent)
- Exclude: Mortgage payments, depreciation (not operating expenses)

### Gross Rent Multiplier (GRM)
GRM = Property Price / Annual Gross Rental Income
- Lower GRM = potentially better value (market-dependent)
- Compare GRM against market median from `data/market-grm.json`

### Cash-on-Cash Return
Cash-on-Cash = Annual Pre-Tax Cash Flow / Total Cash Invested
- Cash invested: Down payment + closing costs + initial repairs
- Pre-tax cash flow: NOI - Annual Debt Service

## CMA Report Output
Generate report to `reports/cma-{address-slug}-{date}.json`:
```json
{
  "subject": { "address": "", "livingArea": 0, "listPrice": 0 },
  "comps": [
    {
      "mlsId": "", "closePrice": 0, "adjustedPrice": 0,
      "adjustments": { "sqft": 0, "beds": 0, "baths": 0 },
      "totalAdjustment": 0, "adjustmentPct": 0
    }
  ],
  "estimatedValue": { "low": 0, "mid": 0, "high": 0 },
  "pricePerSqFt": { "subject": 0, "compAvg": 0, "marketMedian": 0 }
}