Have you not seen those ladyboys? They know how to hide it. Bella warns us "I know you, you are all after one thing..." which probably continues with "...and you won't find it, because she's a futa." She has a manly jawline and fake boobs as shown in this render (natural tits don't behave this way):
We know she's the only girl living in a fraternity, which means that chances are... she's not one. Bella is overprotective of her, of a 20+ y/o woman, probably because she's had a rough life caused by everyone making fun of her since her body wasn't the same gender as she saw herself as.
Now for the question, would you guys mind if she was a pre-op M to F? Knowing that she will get the procedure done before the end of the game? Same woman, same person, but just with some extra meat. You'll have to fool around with her as a futa during the game but have an ending with her as a post-op woman.