Glossary
2,204 terms. Zero jargon.
From ROI to Cap Rate — clear definitions with practical examples for every phase of your investing journey.
From ROI to Cap Rate — clear definitions with practical examples for every phase of your investing journey.
Monthly rent should hit at least 1% of what you paid. That's the 1% rule. A $185,000 house? $1,850/month or more. Quick screen — not a full analysis.
10-Year Wealth Plan is a financial strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of rental strategy buy and hold deals.
1031 Exchange Advisor is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of building your team deals.
1031 Exchange Rules is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of portfolio scaling 1031 exchanges deals.
2-of-5-Year Rule is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tax optimization deals.
200-Percent Rule is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of portfolio scaling 1031 exchanges deals.
Absorption Rate is a market analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market research location analysis deals.
An abstract of title is a summary of the property's ownership history and public records—deeds, liens, and other documents—used to verify clear title.
Accelerated Depreciation is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tax optimization deals.
Acceleration of Debt is a legal strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of legal protection asset structuring deals.
Access Control is a property management concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of property management deals.
A financial professional who prepares and manages tax returns, tracks expenses, and advises on investments for real estate transactions.
An appraisal gap is the difference between your agreed purchase price and the appraised value—when the appraisal comes in below what you offered to pay.
Back-End Ratio is a real estate lending concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of financing deals.
Background Check is a tenant relations concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tenant screening system deals.
Backsplash is a construction and renovation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of value add renovations deals.
Bad Debt is a financial strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
Balance Sheet is a real estate accounting concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
An acceleration clause is a provision in a promissory note or deed of trust that allows the lender to declare the entire loan balance due immediately when the borrower defaults on payment or violates other loan terms.
Acquisition Fee is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of syndication deals.
Amortization front-loading is the structural reality that early mortgage payments are heavily weighted toward interest rather than principal, meaning investors build equity slowly in the first years of a loan and accelerate dramatically in later years.
An appraisal contingency is a contract clause that lets the buyer renegotiate the price or walk away and recover earnest money if the appraisal comes in below a specified amount—protecting you from overpaying when the lender won't finance the full price.
ARV calculation is the process of estimating a property's fair market value after repairs—using comparable sales with adjustments for size, condition, and features.
Asset Management Fee is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of syndication deals.
The $25,000 rental loss allowance is an IRS exception that lets "active participants" in rental real estate deduct up to $25,000 of rental losses against their non-passive income (W-2, business income) each year — a carve-out from the usual passive loss rules that would otherwise suspend those losses.
Annual Property Operating Data (APOD) is a standardized one-page financial summary showing a property's gross income, operating expenses, net operating income, debt service, and before-tax cash flow over a 12-month period.
The Closing Disclosure (CD) is the 5-page TRID document that shows your final loan terms, projected payments, and all costs at closing—required at least 3 business days before you sign.
Damage Protection is a real estate insurance concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of str airbnb investing deals.
Dashboard (Portfolio) is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
Data Center REIT is a investment strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of passive real estate investing deals.
A 1031 fatal flaw is any procedural error, timeline violation, or structural mistake that disqualifies a like-kind exchange and triggers immediate taxation on the full capital gain — potentially costing tens of thousands of dollars.
An ADU scale strategy is a portfolio growth approach that increases door count by building accessory dwelling units (ADUs) on existing properties rather than acquiring new ones, adding rental income without additional land purchases.
Base-Case Scenario is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of deal analysis deals.
A blanket loan is a single mortgage that covers multiple investment properties, simplifying portfolio management with one payment and one lender relationship — but creating cross-collateral risk where defaulting on one property can jeopardize the entire portfolio.
The bonus depreciation phase-out is the scheduled reduction of the 100% first-year bonus depreciation introduced by the Tax Cuts and Jobs Act — declining by 20% per year (80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, 0% in 2027) unless Congress extends it.
The capital stack is the complete structure of debt and equity used to finance a real estate investment, organized in layers from the most secure position (senior debt) to the highest-risk position (common equity).
The Bathroom ROI Formula calculates the financial return on bathroom renovation spending by comparing improvement costs to the resulting increase in property value or rental income, helping investors determine the right level of bathroom investment.
Bridge-to-permanent financing is a two-stage lending strategy where an investor uses a short-term bridge loan (6-18 months) to acquire and renovate a property, then refinances into long-term permanent financing once the property is stabilized with tenants and proven cash flow.
Cash flow is what's left in your pocket after a rental pays all its expenses — including the mortgage. NOI minus debt service. What actually hits your bank account each month or year.
Cash Flow Per Door is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of rental strategy buy and hold deals.
Cash flow per door benchmark is the metric that measures net monthly income per rental unit after all expenses—mortgage, taxes, insurance, management, maintenance, vacancy reserve, and CapEx reserve—used to evaluate individual property performance and portfolio health.
Creative financing refers to any method of funding a real estate purchase outside of conventional bank mortgages, using negotiated structures like seller financing, subject-to deals, lease options, wraparound mortgages, or private lending.
Closing costs are the fees and charges paid at the time of a real estate transaction's settlement, typically ranging from 2-5% of the purchase price for buyers and including lender fees, title insurance, escrow charges, prepaid items, and government recording fees.
An encumbrance is any claim, lien, or restriction on a property that affects its title or how you can use it—without transferring ownership.
Gain to Lease is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of small multifamily investing deals.
Gap Funding is a real estate financing concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of financing deals.
A garage conversion is the process of converting an existing garage into a habitable living space—typically an ADU, in-law suite, or additional bedroom—with proper insulation, HVAC, plumbing, and electrical.
Garage Door is a construction and renovation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of fix and flip deals.
An adjustable-rate mortgage (ARM) is a loan whose interest rate changes periodically after an initial fixed period (e.g., 5, 7, or 10 years). The rate is tied to an index plus a margin: Rate = Index (e.g., SOFR) + Margin.
Analysis Tools is a foundational investing concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
An assumable mortgage allows a buyer to take over the seller's existing loan, keeping the original interest rate, remaining balance, and repayment terms intact.
Construction Management Fee is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of syndication deals.
A fixed-rate mortgage is a home loan where the interest rate remains the same for the entire term, giving the borrower a predictable monthly payment of principal and interest from the first month through the last.
Habitability is a legal strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of property management deals.
A 1031 exchange (IRC Section 1031) lets you sell an investment property and defer capital gains and depreciation recapture by reinvesting the proceeds into a like-kind replacement property of equal or greater value, using a Qualified Intermediary to hold the funds.
Active investing means you directly own, manage, or oversee rental property—you're hands-on with acquisitions, operations, and exit strategy, as opposed to passive investing where you provide capital and others manage.
An anchor tenant is the primary, high-profile tenant in a commercial property—typically the largest lessee by square footage—whose presence attracts other tenants, drives foot traffic, and stabilizes the property's income stream.
Automatic investing is the strategy of scheduling regular, predetermined transfers from your income to investment or savings accounts, removing emotional decision-making and ensuring consistent capital accumulation for real estate investing.
The Big Beautiful Bill tax impact refers to the effects of major tax legislation on real estate investors — including changes to depreciation schedules, 1031 exchange rules, pass-through deductions, and capital gains rates that directly affect investment property economics.
Billboard investment involves owning or leasing outdoor advertising structures on strategically located land, generating rental income from advertisers at cash-on-cash returns typically ranging from 20% to 50% on smaller installations.
Advisory Board is a foundational investing concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of building your team deals.
Job Growth is a economic fundamentals concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market cycles deals.
The job market is the availability of employment and the health of local employers—a key driver of rental-income demand and median-household-income.
A joint venture (JV) is a partnership where two or more parties combine capital, skills, or resources for a real estate project—one brings the deal or the work, the other brings the money or the expertise.
Joint Venture Partner is a investment strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of building your team deals.
Judgment Collection is a legal strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tenant screening system deals.
K-1 (Schedule K-1) is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of syndication deals.
Key Exchange is a tenant relations concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tenant screening system deals.
Key Management is a property management concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of property management deals.
Kitchen Renovation is a construction and renovation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of value add renovations deals.
KPI (Key Performance Indicator) is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
A builder's fire sale occurs when homebuilders aggressively discount completed or near-completed inventory homes through price cuts, rate buydowns, and incentive packages to clear unsold units and meet quarterly financial targets.
Competitive bidding is the practice of soliciting multiple contractor quotes for the same scope of work so you can compare price, timeline, and terms before awarding a job.
The Core Four are the four essential team members every real estate investor needs: a real estate agent, a lender, a property manager, and a contractor.
The Fixer-Upper Trap occurs when investors purchase distressed properties expecting profitable renovations but encounter cost overruns, extended timelines, and hidden structural issues that erode or eliminate the projected profit margin.
The Great Stabilization is the post-pandemic market phase where home prices plateau, interest rates normalize, and the extreme volatility of 2020-2023 gives way to predictable, fundamentals-driven real estate conditions.
Labor Costs is a construction and renovation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of value add renovations deals.
An abundance mindset is the belief that there are enough deals, capital, and opportunities in real estate for everyone to succeed—and that collaboration beats competition.
An appreciation market is a real estate market where the primary return driver is property value growth rather than monthly cash flow. Investors buy expecting the property to be worth significantly more in 5-10 years, even if it barely breaks even on rent.
A buyer's market is a real estate market condition where housing supply exceeds buyer demand, giving purchasers negotiation leverage on price, terms, and concessions.
Capital improvements are major property upgrades that add value, extend useful life, or adapt a property to a new use. The IRS requires you to capitalize these costs and depreciate them over 27.5 years (residential) instead of deducting them immediately. Roof replacements, HVAC systems, kitchen renovations, and new windows all qualify.
The Catalyst Investing Model focuses on acquiring properties with identifiable value-add triggers — such as below-market rents, cosmetic renovation potential, or operational inefficiencies — that allow investors to force appreciation and accelerate returns within 12-24 months.
The Class C Playbook is a value-add investment strategy focused on acquiring older, below-average-condition multifamily properties (typically built 1960-1990) in working-class neighborhoods, improving them to generate cash-on-cash returns of 8-14% through increased rents and reduced vacancy.
Door Count is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
Your financial freedom number is the amount of income — usually passive income — that covers your living expenses. Hit that number and you don't need a paycheck. Work becomes optional.
Your magic number is your annual living expenses multiplied by 25—the total investment portfolio needed to generate enough passive income to cover those expenses indefinitely.
Named Peril Policy is a real estate insurance concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of legal protection asset structuring deals.
Natural Appreciation is a real estate investing concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
NAV (Net Asset Value) is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of passive real estate investing deals.
A BPO (broker's price opinion) is an informal property valuation performed by a licensed real estate broker—using comparable sales and market knowledge to estimate fair market value at a fraction of the cost of a full appraisal.
A float-down is an option that allows you to reduce your locked mortgage rate if market rates drop between the time you lock and closing. You pay a fee (or accept a slightly higher initial lock) for the right to "float down" to the lower rate.
A lease option is a contract that gives a tenant the right --- but not the obligation --- to purchase a property at a predetermined price during or at the end of the lease term. The tenant pays a non-refundable option fee upfront and typically pays above-market rent, with a portion credited toward the eventual purchase price.
Lowball Offer is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of purchase process deals.
Occupancy Certificate is a legal strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of property management deals.
Occupancy Fraud is a legal strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of house hacking deals.
The 1031 exchange deadline comprises two critical timeframes: 45 days from the sale of your relinquished property to identify replacement properties, and 180 days to close on those replacements — missing either deadline disqualifies the exchange and triggers full capital gains taxes.
A 203k loan is an FHA loan that finances both the purchase price and rehab costs in a single mortgage. You buy a fixer-upper and fund the renovation with one loan, one closing.
Acquisition Price is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of brrrr strategy deals.
Analysis paralysis is the state of over-analyzing potential investments to the point where you never take action. It is the most common obstacle preventing new investors from buying their first property—and it costs more in missed opportunities than any bad deal ever could.
A balloon payment is a large lump-sum payment due at the end of a loan term. Instead of amortizing to zero, the loan has a shorter term than its amortization schedule—or it's interest-only—and the full principal balance comes due at maturity.
Below Replacement Cost is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of deal analysis deals.
Qualified Business Income (QBI) is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tax optimization deals.
Qualified Intermediary is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of portfolio scaling 1031 exchanges deals.
Qualified Intermediary (1031) is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of passive real estate investing deals.
Qualified Mortgage (QM) is a real estate lending concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of financing deals.
Quantitative easing (QE) is when the federal-reserve buys government and mortgage-backed securities to inject money into the economy and push long-term rates (including mortgage-rate) down—a monetary-policy tool used when federal-funds-rate is already near zero.
A quick sale is selling a renovated property in a short period—often days or weeks—reducing holding costs and protecting flip profit.
The 70% rule is a fix-and-flip guideline: your maximum purchase price should not exceed 70% of ARV minus renovation costs, leaving room for profit and holding costs.
Base rent is the fixed, minimum amount a tenant pays to occupy a space—before any additional charges for property taxes, insurance, maintenance, or percentage rent are added.
Bathroom Renovation ROI is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of fix and flip deals.
The break-even ratio (BER) is the percentage of gross rental income needed to cover debt service and operating expenses—the point at which cash flow is zero.
The breakeven ratio measures the minimum occupancy percentage a property needs to cover all operating expenses and debt service—calculated as (Operating Expenses + Debt Service) / Gross Operating Income.
Cap Rate Range is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
Accountability Partner is a foundational investing concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of building your team deals.
Action bias is the psychological tendency to favor doing something—anything—over inaction, even when waiting or gathering more information would produce a better outcome. In real estate investing, it shows up as rushing into deals without adequate due diligence, but its opposite—analysis paralysis—can be equally costly.
Assumptions in real estate investing are the projected values for income, expenses, vacancy, growth rates, and exit conditions that an investor uses to underwrite a deal—the inputs that drive every financial model and determine whether a property looks like a winner or a loser on paper.
Conservative underwriting means analyzing deals with pessimistic assumptions—higher vacancy rate, higher operating expenses, lower rent growth—to stress-test whether the deal still works when reality is worse than the pro forma.
A cost overrun occurs when actual rehab-costs or construction expenses exceed the original budget—often by 10–30% on rehabs if not managed.
Curing title is the process of resolving defects, claims, liens, or encumbrances on a property's title so that ownership can transfer cleanly to a new buyer. Until a title is cured, most lenders won't fund a mortgage and most title companies won't issue title insurance.
A bird dog fee is the payment an investor gives to a person (the "bird dog") who locates potential investment properties and brings them to the investor's attention. Typical fees range from $500 to $5,000 per deal, paid either as a flat amount or a percentage of the investor's profit. The term comes from hunting—bird dogs flush out game for the hunter.
Cap rate (capitalization rate) is the annual percentage return a property generates based on its net operating income divided by its purchase price or current market value. It strips out financing entirely — showing what you'd earn if you paid all cash — making it one of the fastest ways to compare deals across different markets.
Churn rate is the percentage of tenants who vacate a rental property or portfolio during a specific period—typically measured annually. It's the inverse of tenant retention and one of the most direct indicators of property management effectiveness.
Compound growth rate measures the annual rate at which an investment grows when returns are reinvested, creating a snowball effect where you earn returns on your returns — and real estate supercharges this through leverage.
Conversion Rate (Deals) is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
The cost segregation trap is the scenario where investors aggressively accelerate depreciation through cost segregation studies, enjoy large upfront tax deductions, but face unexpectedly massive depreciation recapture taxes when they sell — often exceeding the original tax savings.
Credit utilization is the percentage of your available credit you're using. $3,000 in balances on a $10,000 limit = 30%. Lenders and scoring models treat it as a key signal — high utilization suggests risk.
Highest and best use (HBU) is the legally permitted, physically possible, financially feasible, and maximally productive use of a property—the use that produces the highest market value.
UBIA (Unadjusted Basis of Qualified Property) is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tax optimization deals.
UBIT (Unrelated Business Income Tax) is the tax the IRS levies on income from an active trade or business — or from debt-financed property — held inside a tax-advantaged account like an IRA or 401(k).
Umbrella Insurance is a real estate insurance concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of legal protection asset structuring deals.
The umbrella policy threshold is the minimum net worth, portfolio size, or risk exposure level at which a real estate investor should add an umbrella liability policy on top of their standard landlord insurance to protect against catastrophic claims that exceed underlying policy limits.
Assessed value is the dollar amount a local government assigns to your property for property tax purposes—often 70–100% of fair market value, depending on the jurisdiction.
A comparable sale (or "comp") is a recently sold property with similar characteristics to a subject property, used to estimate the subject's fair market value through the sales comparison approach -- the most widely used valuation method in residential real estate.
A criminal history check is a search of public records—county courts, state databases, and sex offender registries—to see whether a tenant applicant has a criminal record.
Distressed Sale is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
Divorce Sale is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of real estate investing deals.
Economic Vacancy is a financial analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of small multifamily investing deals.
W-2 Income is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tax optimization deals.
W-2 Wages Test is a tax strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tax optimization deals.
WACC (Weighted Average Cost of Capital) is a deal evaluation concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of deal analysis deals.
Wage Garnishment is a legal strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of tenant screening system deals.
Wage Growth is a economic fundamentals concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market cycles deals.
Walk Score is a 0-100 rating from WalkScore.com that measures how walkable a location is based on proximity to amenities like grocery stores, restaurants, schools, and parks. Higher scores correlate with higher property values and stronger rental demand.
X-out pricing is an underwriting technique that works backwards from your target exit cap rate and desired return to calculate the maximum price you should pay for a property.
Xeriscaping is a landscaping approach that uses drought-tolerant plants, efficient irrigation, and soil management to dramatically reduce water consumption and maintenance costs on rental properties.
XIRR is a return metric that calculates your annualized rate of return using the actual dates of each cash flow, rather than assuming equal time intervals like standard IRR.
Yard Sign is a property management concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of property management deals.
The yield curve plots interest rates (yields) on bonds of the same credit quality across different maturities—typically Treasury securities—with inversion (short rates above long rates) often preceding recession by 12–18 months as a leading-indicators.
Yield Maintenance is a real estate lending concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of financing deals.
Yield Spread is a economic fundamentals concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market cycles deals.
YieldStreet is a investment strategy concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of passive real estate investing deals.
YIMBY is a economic fundamentals concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market cycles deals.
Opportunity Zones are 8,764 census tracts designated under the Tax Cuts and Jobs Act of 2017 where investors can defer and reduce capital gains taxes by investing through Qualified Opportunity Funds, with gains on the new investment eliminated entirely after a 10-year hold.
X-Flood Zone is a FEMA designation indicating an area with minimal to moderate flood risk, where flood insurance is not required by lenders but may still be worth carrying.
Zillow is a market analysis concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market research location analysis deals.
Zillow Home Value Index (ZHVI) is a economic fundamentals concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market cycles deals.
Zillow Rental Listing is a property management concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of property management deals.
Zoning is local government regulation that controls how land can be used—residential, commercial, industrial, or mixed-use—and what can be built (density, height, setbacks, parking).