# Expected answer: fictional screen, human review required

Training Parcel A has24 units and a fictional asking price of $2,400,000. It fits this exercise's20–40 unit/$2.5 Mphysical mandate. Its later fictional deed names Training Holder A LLC as recorded grantee. The stale assessor names a different entity and is retained as a conflict. A fictional filing lists a manager and registered agent. Beneficial owner, authorized contact and permission to contact remain unknown.

The12-month operating statement covers October 2025 through September 2026: rental income $294,000 plus other income $6,000 = revenue $300,000; operating expenses $120,000; NOI $180,000. Capital expenditure $24,000 is excluded from NOI. At the asking price, NOI/price =7.5%. With explicitly assumed annual debt service $144,000, illustrative DSCR =1.25 x. After that assumed debt service and the fixture's capital expenditure, cash is $12,000 before tax and other unknown costs. No equity return or valuation recommendation is calculated.

The September 30 rent roll separately annualizes to scheduled rent $331,200, vacancy $27,600 and occupied rent $303,600. Occupancy is22/24=91.6667%. Those snapshot figures do not replace T12 rental income $294,000; they describe different periods and measures. No additional vacancy deduction is applied to the already net occupied-rent figure.

The economic screen meets the fixture's7%cap/1.25 xDSCR thresholds, but the next action is research and source validation, not an investment or outreach decision.

Training Parcel B has48 units and is outside the mandate. No NOI is inferred. Training Parcel C fits the physical mandate but lacks a deed and financial documents. Its NOI and economics stay unknown, not zero. A shared registered agent between A and B does not merge the properties or ownership entities.

The constructed draft contains three deliberately seeded mistakes: stale owner selection, treating a manager as beneficial owner, and subtracting capex in NOI. The correction ledger explains all three. This is not an observed model failure sample or an accuracy denominator.