{
  "_meta": {
    "as_of": "2024-Q4",
    "source": "Estimated from CBRE U.S. Cap Rate Survey ranges, NCREIF metro tiers, and brokerage market reports",
    "notes": "Benchmark cap rate bands by metro tier and property type. 'Below market' = result is lower (price too high / yield too thin). 'Above market' = stronger yield."
  },
  "metro_tiers": {
    "Tier 1": { "label": "Gateway / Major metro (e.g., Austin, Dallas, Denver)" },
    "Tier 2": { "label": "Secondary metro (e.g., Columbus, Indianapolis, Kansas City)" },
    "Tier 3": { "label": "Tertiary / cash-flow (e.g., Memphis, Cleveland, Birmingham)" }
  },
  "property_types": ["single_family", "small_multifamily_2_4", "multifamily_5_plus", "condo"],
  "benchmarks": {
    "Tier 1": {
      "single_family":         { "low": 4.5, "mid": 5.5, "high": 6.5 },
      "small_multifamily_2_4": { "low": 5.0, "mid": 6.0, "high": 7.0 },
      "multifamily_5_plus":    { "low": 4.5, "mid": 5.5, "high": 6.5 },
      "condo":                 { "low": 4.0, "mid": 5.0, "high": 6.0 }
    },
    "Tier 2": {
      "single_family":         { "low": 6.0, "mid": 7.0, "high": 8.0 },
      "small_multifamily_2_4": { "low": 6.5, "mid": 7.5, "high": 8.5 },
      "multifamily_5_plus":    { "low": 5.5, "mid": 6.5, "high": 7.5 },
      "condo":                 { "low": 5.0, "mid": 6.0, "high": 7.0 }
    },
    "Tier 3": {
      "single_family":         { "low": 7.5, "mid": 8.5, "high": 9.5 },
      "small_multifamily_2_4": { "low": 8.0, "mid": 9.0, "high": 10.5 },
      "multifamily_5_plus":    { "low": 7.0, "mid": 8.0, "high": 9.5 },
      "condo":                 { "low": 6.0, "mid": 7.0, "high": 8.0 }
    }
  },
  "zip_to_tier": {
    "78701":"Tier 1","78704":"Tier 1","78745":"Tier 1",
    "85003":"Tier 1","85016":"Tier 1",
    "33602":"Tier 1","33606":"Tier 1",
    "28202":"Tier 1","28209":"Tier 1",
    "37203":"Tier 1","37206":"Tier 1",
    "75201":"Tier 1","75204":"Tier 1",
    "30303":"Tier 1","30309":"Tier 1",
    "80202":"Tier 1","80206":"Tier 1",
    "46202":"Tier 2","46220":"Tier 2",
    "43215":"Tier 2","43201":"Tier 2",
    "32202":"Tier 2","32207":"Tier 2",
    "27601":"Tier 1","27607":"Tier 1",
    "89101":"Tier 1","89109":"Tier 1",
    "38103":"Tier 3","38104":"Tier 3",
    "64108":"Tier 2","64111":"Tier 2"
  }
}