The Comps section pulls recent sales and asking comps from the submarket and ranks them by similarity to the subject property. It's a sanity check on your underwriting price and rent assumptions.
What's on this card
For each comp:
- Address + distance to the subject property.
- Asset class & sub-class.
- Sale date (if a sale comp) or listing date (if asking).
- Sale price (gross and per-unit / per-SF).
- Cap rate at sale, where derivable.
- Year built, unit count, size, site characteristics.
- Source — the listing platform, the institutional property graph, or county records — with a citation chip.
How Relm picks comps
The agent ranks candidate comps by:
- Asset class & sub-class match (a garden multifamily compared to a high-rise loses a lot of points).
- Distance — typically 1–3 miles for urban, broader for exurban.
- Vintage proximity — comps within 10–15 years of the subject's year built rank higher.
- Size — within a band of ±50% on units (multifamily) or rentable SF (commercial).
- Recency — within 24 months for sales, 6 months for asking.
You'll see typically 5–10 ranked comps. Below that, "near misses" are listed with a reason they didn't score well.
Editing
- Pin a comp as required if you want to anchor a specific comp into the AI summary's narrative.
- Reject a comp if you have inside knowledge ("that sale was an inter-family transfer", "they took back paper at 6%"). Rejected comps are excluded from cap-rate medians.
- Add a manual comp if you have one Relm didn't surface (off-market, broker network).
Cap rate
Where source data permits, Relm derives a cap rate per comp from sale price and the underlying NOI (best-effort — sometimes only T-12 NOI is published). The submarket median is the metric the AI Summary leans on most heavily.
Cap rates are stored and displayed as decimals (e.g. 0.051 for 5.1%) under the hood. The UI formats them as percentages — never copy a "raw" cap-rate value out of an export and expect a % symbol.
Caveats
- Comp coverage is best for multifamily and retail. Office and industrial sale comps are sparser due to lower trade volumes; supplement with broker conversations.
- Asking comps over-represent listed inventory. Real trades sometimes price below ask; treat asking medians as a ceiling.
- Pocket listings never show up here — that's still a relationship conversation.