Underwriting in uncertain windows: a non‑prescriptive checklist

Scenarios: pressure‑test a range of inputs (rates, exit assumptions, build costs) to understand resilience.
Trade‑Area Quality: triangulate income distributions, employer diversity, and renter share as guardrails.
Phasing: consider whether breaking projects into stages reduces timing risk.
Option Value: preserve alternatives (timing, scope, partners) so you can pivot as conditions shift.