Property Update (04/05/2026):

Cross-check against Yhome Transition Reconciliation.xlsx shows 1315 E 114th St, Cleveland, OH 44106 flagged as ECO (Sold).

Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

Property Update (10/03/2025):

Governance Results for 1315 E 114th St:

The Governance Voting results are back for the owner-proposed votes.

The first winning vote is:

Approve Sale – Authorize Property Manager to complete closing as outlined.

This voting option received 651/657 token votes, which is equal to 99% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3243739296

The second winning vote is:

Distribute remaining funds to DAO members via share redemption on Lofty rails. DAO LLC shall be subsequently terminated.

This voting option received 536/657 token votes, which is equal to 82% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3243740745

Property Update (10/02/2025):

Owner-Proposed Governance Vote for 1315 E 114th St:

The property manager, ECO Systems LLC with the following wallet address, is proposing a governance vote.

Due to the urgency of the vote, the results will be determined tomorrow on Friday, October 3rd.

The PM holds 0 tokens in this property.

The owner's reasoning is below, word-for-word:

*Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.

Overview

Black Cannon LFTY0300 DAO LLC currently holds the property at 1315 East 114th St, Cleveland, OH 44106 (Parcel #120-04-119). After inspection revealed significant deferred maintenance, mechanical failures, and health/safety risks, the DAO received a cash purchase offer of $55,000 from Branchick Properties, LLC.

The property is being sold strictly as-is, with no warranties, disclosures beyond statutory forms, and no utilities restored. Estimated rehab costs likely exceed any equity recovered from ARV and requires many more months of holding. The sale provides immediate liquidity to DAO members.

Inspection Highlights

Roof: Shingles disintegrating, gutters collapsed.

Exterior: Rear shed roof failing, porch framing weak, siding damaged, backyard full of debris.

Interior: Water damage from failed CPVC plumbing, ceilings cracked, pest intrusion (squirrels, cats).

Systems: Unsafe wiring (knob-and-tube, improper bus bar routing), broken plumbing lines, old HVAC.

Health/Safety: Fungus growth treated but present, structural risks, pest issues.

Photos: https://photos.app.goo.gl/pycmLMVduBAMVdtb6

Report: https://www.dropbox.com/scl/fi/jer43nprvhoq04s98qtgm/1315-East-114th-St-Cleveland-Ohio.docx?rlkey=w5hcaxpuvjyg63rwi5v9ksutu&dl=0

Purchase Offer Terms

Buyer: Branchick Properties, LLC

Purchase Price: $55,000 cash

Earnest Money: $500

Closing Agent: Foundation Midwest Title / Golden Eagle Title

Closing: On or before October 5, 2025

As-Is Sale: Buyer accepts condition, Seller provides no repairs

DAO Financials (Pre-Sale Position)

Unpaid Taxes Due: ($3,848.10)

Balance Due To Universal Lending DAO: ($315.52)

Lofty Operating Reserve: ($7,251.81) - May or may not include above balances due

ECO Operating Cash: ($1,677.09)

DAO Net Cash: ($13,092.52)

Estimated Net Asset Value: $15.75/share

If sold at $55,000, the net proceeds after closing costs will allow settlement of outstanding DAO obligations at escrow.

If rejected, the DAO must fund a capital call to cover deficits while continuing to hold the vacant property with major repair needs. This is an unrealistic prospect unless a hard money loan was secured against the property, which the PM cannot do.

Voting Options

Vote #1: Approve the sale of 1315 East 114th St. to Branchick Properties, LLC for $55,000 cash.

Property will be conveyed strictly as-is, with no further warranties or obligations.

ECO Systems, LLC c/o Earl Vanze Co is authorized to sign closing documents and settle all outstanding obligations on behalf of the DAO.

ECO systems LLC shall be paid $500 as a one-time fee at closing for managing a vacant property and coordinate the sale on behalf of the DAO.

Options:

Approve Sale – Authorize Property Manager to complete closing as outlined.

Reject Sale – Retain property and explore alternative strategies (rehab, relist, etc.). Requires immediate capital call of $13,100 to cover deficits plus additional funds for repairs.

Recommendation: Accept the Offer. PM, sub-PM,and Agent concur that this is on the high end of what this property is worth as-is. Property is in a declining area, and there is no realistic path to funding the necessary capital call to renovate the property.

Vote #2: If Vote #1 passes, determines the allocation of proceeds.

Lend remaining funds to EARLDAO at 12% simple interest for outstanding property taxes, insurance, and repairs across the remaining ECO Systems LLC management portfolio (similar to 254 Bowmanville sale). Monthly rental yield of 1% of funds lent out shall resume mid-November. EARLDAO shares held in private DAO wallet.

Distribute remaining funds to DAO members via share redemption on Lofty rails. DAO LLC shall be subsequently terminated.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Friday, October 3rd, once the voting period ends.

Property Update (05/15/2025):

Owner-Proposed Governance Vote for 1315 E 114th St:

An Owner with the following wallet address is proposing a governance vote.

This owner holds 1 token in this property.

The owner's reasoning is below, word-for-word:

*Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.

Hello 1315 E 114th St investors,

Short story:

Please vote now to switch to ECO Systems, a proven property manager.

Longer story:

We have wisely voted to stop using our current property manager (Yhome) after they tried to impose onerous new terms on us -- but we have not yet voted on a new property manager, and now must do so.

I propose we transition management of 1315 E 114th St to ECO Systems, effective May 20th. ECO Systems’ owner has been a dedicated and loyal member of Lofty for the past four years, consistently demonstrating his ability to manage some of the platform’s best-performing properties, in terms of both income and appreciation (e.g., 86, 88 and 90 Madison Ave).

ECO Systems is an active participant on Lofty and in the Lofty Discord (@earlvanze), offering consistent communication and being readily available to answer any questions from investors, unlike Yhome. ECO Systems’ management fees are 10% of gross rent, first month rent to place a tenant. No fees for re-lease and no maintenance upcharge.

Option 1: Vote to change to ECO Systems property management.

Option 2: Do not change to ECO Systems property management and leave 1315 E 114th St and keep Yhome and face higher fees and 20% upcharge in maintenance cost.

Thanks,

Alec

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 20th, once the voting period ends.

Property Update (05/15/2025):

Governance Results for 1315 E 114th St:

The Governance Voting results are back for the owner-proposed governance vote to change property managers.

The winning vote is:

Yes [change property managers to ECO Systems LLC]

This voting option received 604/629 token votes, which is equal to 96% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3007513980

Property Update (03/04/2025):

Cal, the new owner-elected property manager with Yhome Nusing LLC, provided the following update:

"Dear Investors, I want to extend my gratitude for entrusting this property to Yhome. Following the vote, we took over on February 16, 2025, and have since conducted a thorough examination of the property and collected estimates.

Unfortunately, the area is challenging, and the property itself is in poor condition. We are currently assessing the best approach moving forward and are still reviewing the numbers internally. It’s worth noting that the last buyer requested a $38,000 credit.

At this time, we are focused on securing funding and determining the optimal strategy for this property. We appreciate your patience and support as we navigate this process.

Best regards,

Yhome Team"

Property Update (02/16/2025):

The listing agent confirmed that the property was de-listed.

The previous buyer backed out due to inspection concerns, citing major issues including:

A new roof needed ($12-15K)

Mold in the basement and attic ($3K)

Active leaks ($6K)

Siding issues ($4K)

A 40-year-old furnace ($10K)

Other minor repairs

Additionally, the surrounding homes and a fallen tree from last year's storm added to concerns, making the $75K asking price too high for the buyer.

Furthermore, Yhome Nursing LLC has started onboarding the property, per the results of the previous governance vote.

Property Update (01/23/2025):

Governance Results:

The Governance Voting results are back for vote to accept or deny the buyer's offer of $75k.

The winning vote is:

Accept the offer of $75k

This voting option received 578/837 token votes which is equal to 69% of the votes.

The voting results can be found on chain here or by searching the application ID: 2714671732

The purchase contract will be signed and the listing agent will follow up with any updates on the closing process.

Property Update (01/21/2025):

Governance Vote:

The buyer has decided to rescind his price reduction, and is now offering $75k again to purchase the property.

Owners will now have the opportunity to accept this offer, or continue delisting the property and transferring management to Yhome Nursing LLC.

Offer details:

Buyer's Name: Ohio Real Estate LLC

Purchase Price: $75,000.00

Title Company: TitleCo Title Agnecy Ltd

EMD: $1,000 (Upon satisfactory conclusion of due diligence)

Financing: Private Lender / Hard Money

The property is currently listed for $84,999.

The estimated token price based on a sale price of $75k is below:

Offer price: $75k

Commission: $3,750

Closing costs: $2,250

Unpaid bills: $2,201

Estimated sales price: $66,799

The estimated token price based on a total token amount of 2,346 is $28.47/token.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, January 23rd, once the voting is complete.

Property Update (01/21/2025):

Governance Results:

The Governance Voting results are back for vote to accept, counter, or deny the buyer's price reduction of $60k.

The winning vote is:

Delist the property and transfer management to Yhome Nursing LLC. Yhome will obtain a loan at 6% interest to complete the repairs, and re-rent the property.

This voting option was declared the winner in Round 5 with 873 token votes via the Ranked Choice Voting Method.

The voting results can be found on chain here or by searching the application ID: 2709572636

The property will be delisted and migrated to Yhome Nursing LLC right away.

Property Update (01/20/2025):

Governance Vote:

The buyer has reduced their offer from $75k to $60k. The Buyer was initially asking to reduce purchase price to $40k in lieu of HVAC installation, replace ductwork, repair pipes, and remove/replace carpeting, but due to the lower repair estimates provided by the property manager and listing agent, they have increased their counter to $60k.

More details:

The listing agent visited the property and confirmed that while the electric and water were on, there was no heat in the home.

The property manager was notified and dispatched a vendor to assess the situation.

DMV Renovation and Maintenance LLC provided an estimate of $14,596.89 for a furnace replacement, citing a leak that rendered the system inoperable.

Photo of Furnace

While the property manager was working to obtain a second HVAC estimate, the agent reported that a pipe in the home burst.

The listing agent noted that it was localized to one area and the water had evaporated.

Photo of Burst Pipe

Lula then provided a second estimate for the furnace replacement, amounting to $3,415.

They noted the system was rusted throughout and had a faulty limit switch, recommending replacement as further operation was not advised.

The property manager assigned a vendor to assess the burst pipe issue; However, the vendor noted that the furnace must be operational before any work/estimates can proceed due to freezing conditions.

Vendor’s note:

"We are at the property now and have found some issues. The drywall and carpet are frozen due to the water. I'd turn up the furnace, but it’s not working. My HVAC technician is coming out to inspect the furnace since it needs to be operational before we can begin work. Everything is frozen."

Patriot has provided an estimate, amounting to $2,778, to complete the needed repairs for the burst pipe.

Updated offer details:

Buyer's Name: Ohio Real Estate LLC

Purchase Price: $60,000

Title Company: TitleCo Title Agnecy Ltd

EMD: $1,000 (Upon satisfactory conclusion of due diligence)

Financing: Private Lender / Hard Money

Closing Date: TBD

The property is currently listed for $84,999.

The estimated token price based on a sale price of $60k is below:

Offer price: $60k

Commission: $3,000

Closing costs: $1,800

Unpaid bills: $2,201

Estimated sales price: $52,999

The estimated token price based on a total token amount of 2,346 is $22.59/token.

Owners will also have the ability to vote to delist the property and change property managers to Yhome Nursing LLC. Yhome will obtain a loan at 6% interest to complete the repairs, and re-rent the property.

Cal, with Yhome, currently manages 35 properties on Lofty in Ohio, and has launched 7 Co-Ownership properties on the marketplace.

The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to owners on Tuesday, January 21st, once the voting is complete.

Property Update (12/23/2024):

Governance Results:

The Governance Voting results are back for vote to accept, counter, or deny the offer of $75k.

The winning vote is:

Accept the offer of $75k (Listing agent's recommendation)

This voting option was declared the winner in Round 5 with 982 token votes via the Ranked Choice Voting Method.

The voting results can be found on chain here or by searching the application ID: 2631368427

The purchase agreement will be signed, and the listing agent will follow up with any updates on the closing process.

Property Update (12/21/2024):

Governance Vote:

The property received an offer of $75k. Owners now have the ability to vote to accept, counter, or deny this offer.

Offer details:

Buyer's Name: Ohio Real Estate LLC

Purchase Price: $75,000.00

Title Company: TitleCo Title Agnecy Ltd

EMD: $1,000 (Upon satisfactory conclusion of due diligence)

Financing: Private Lender / Hard Money

Closing Date: Thursday, January 16th, 2025

Inspections: General Inspection (Within 10 days)

Notes from the listing agent are below:

So we’ve only received one offer for this property and I honestly think we should accept this offer. It has been on the market now for 164 days. This property is located in an area that might be considered to be under some sort of a gentrification, but this neighborhood has certainly not seen it. I visited this property about a month ago as one of my wellness checks and I swore I heard a gun shot in the distance. No joke. It might have been a nail gun but I didn’t see any construction going on. As we know from the previous offer, the property needs several updates that include new exterior and a new roof. Inside there is a hole in the ceiling while the previous property managers feel there is about $10k worth of repairs that is needed inside. So yes, the owners should run to accept this.

The property is currently listed for $84,999.

The estimated token price based on a sale price of $75k is below:

Offer price: $75k

Commission: $3,750

Closing costs: $2,250

Unpaid bills: $1,644

Estimated sales price: $67,356

The estimated token price based on a total token amount of 2,346 is $28.71/token.

Owners will also have the ability to vote to delist the property and change property managers to Yhome Nursing LLC. Yhome will obtain a loan at 6% interest to complete the repairs, and re-rent the property.

Cal, with Yhome, currently manages 35 properties on Lofty in Ohio, and has launched 7 Co-Ownership properties on the marketplace.

The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to owners on Monday, December 23rd, once the voting is complete.

Property Update (12/14/2024):

Days on market: 155

In the last 7 days, the property had 0 showings.

Agent's note: "Price has recently been lowered in an attempt to bring more attention to this property."

The property is currently listed at $84,999.

Property Listing

Property Update (12/07/2024):

Days on market: 148

In the last 7 days, the property had 0 showings.

Agent's note: "Price has recently been lowered in an attempt to bring more attention to this property. Let’s see how the new price change does among the competition in the area."

The property is currently listed at $84,999.

Property Listing

Property Update (12/02/2024):

Governance Results:

The Governance Voting results are back for the owner-proposed vote to lower the listing price.

The winning vote is:

List the property at $84,999 with 5k in credits towards repairs

This voting option was declared the winner in Round 4 with 581 token votes via the Ranked Choice Voting Method.

The voting results can be found on chain here or by searching the application ID: 2560414514

Property Update (12/01/2024):

Days on market: 134

In the last 7 days, the property had 1 showing.

No feedback was received from the showing.

Agent's note: "I maintain we lower the purchase price be lowered to $89,900 to attract more Buyers..."

The governance results to lower the listing price will be determined on Monday, December 2nd.

The property is currently listed at $99,900.

Property Listing

Owners have the ability to propose a governance vote anytime to delist the property for sale and migrate the property management to Yhome Nursing LLC.

The Yhome Nursing LLC management terms, provided by the owner, Calixte Duffaut, can be viewed here.

If owners elect to migrate to Yhome Nursing LLC, new repair estimates will be obtained, a loan will be provided at a 6% interest rate (amortized over 15 years) to complete the repairs, and the property will be rented out again.

There are no Operating Reserves for properties managed by Yhome, so owners will begin receiving a portion of the daily rent as soon as positive cash flow comes in.

Cal manages 30 other properties in the Cleveland & Akron markets on Lofty, and is the co-owner and Property Manager of the following co-ownership properties:

402 N Wild Olive Ave

122 Florida Park Dr

49 Bannbury Ln

27 Pillar Ln

20 Sederholm Path

752 Gelaso St SW

5 Warwick Pl

Property Update (11/25/2024):

Owner-Proposed Governance Vote:

An Owner with the following wallet address is proposing a governance vote.

This owner holds 181 token in this property.

The owner's reasoning is below, word-for-word:

*Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.

Please put this property up for vote to sell for the following options:

Option 1: $84,999 with 5k in credits towards repairs

Option 2: $79,999

Option 3: $74,999

Option 4: $69,999

Option 5: none of the above options

Thank you!

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, December 2nd, once the voting period ends.

Property Update (11/16/2024):

Days on market: 127

In the last 7 days, the property had 0 showings.

Agent's note: "I maintain we lower the purchase price be lowered to $89,900.00 to attract more Buyers..."

The property is currently listed at $99,900.

Property Listing

Property Update (11/10/2024):

Days on market: 120

In the last 7 days, the property had 0 showings, and 5 within the last 30 days.

Agent's note:

"In weeks past, I’ve suggested we lower the purchase price $5K. Now its been on the market now for nearly 4 months. I want to sell this property but the market (in this area) will not allow it to be sold at this purchase price. I suggest lowering the purchase price to $89,900.00. Property was previously under contract but was released after failed negotiations. That Buyer asked to reduce the purchase price to $80k and the owners decided to ask for a release. The exterior itself needs a ton of work, including a huge tree that fell down in the backyard from the storms we experienced awhile back. I maintain we lower the purchase price be lowered to $89,900.00 to attract more Buyers..."

The property is currently listed at $99,900.

Property Listing

Property Update (11/02/2024):

Days on market: 113

The property had 0 showings in the past 7 days.

The listing agent still recommends lowering the purchase price to $89,900 to attract more buyers.

The property is currently listed at $99,900.

Property Listing

Property Update (10/26/2024):

Days on market: 106

The property had 4 showings in the past 7 days.

The following feedback was received:

“My clients are no longer interested in this property. There concerns were the open parts in the ceilings.” Chandra Hawkins, Century 21 (10/18/25)

“Not interested” Caroline Jeza, Keller Williams (10/22/2024)

“Did not like it much. Very poor curb appeal.” Caroline Jeza, Keller Williams (10/22/2024)

Note from listing agent: "In weeks past, I’ve suggested we lower the purchase price $5K. Now its been on for more than three months. I want to sell this property but the market (in this area) will not allow it to be sold at this purchase price. I know suggest lowering the purchase price to $89,900."

The property is currently listed at $99,900.

Property Listing

Owners have the ability to propose a governance vote anytime to delist the property for sale and migrate the property management to Yhome Nursing LLC.

The Yhome Nursing LLC management terms, provided by the owner, Calixte Duffaut, can be viewed here.

If owners elect to migrate to Yhome Nursing LLC, new repair estimates will be obtained, a loan will be provided at a 6% interest rate to complete the repairs, and the property will be rented out again.

There are no Operating Reserves for properties managed by Yhome, so owners will begin receiving a portion of the daily rent as soon as positive cash flow comes in.

Cal manages 22 other properties in the Cleveland & Akron markets on Lofty, and is the co-owner and Property Manager of the following co-ownership properties:

402 N Wild Olive Ave

122 Florida Park Dr

49 Bannbury Ln

27 Pillar Ln

20 Sederholm Path

752 Gelaso St SW

Property Update (10/11/2024):

DOM: 92

The property had 0 showings in the past 7 days.

Note from listing agent: "Property was most recently under contract and was released after failed negotiations. That Buyer asked to reduce the purchase price to $80k and the owners decided to ask for a release. The exterior itself needs a ton of work, including a huge tree that fell down in the backyard from the storms we experienced awhile back. This property has been shown several times and all of the feedback we have received has not been very favorable. As you can see, this feedback was not in the past 7 days:"

“Client did not go inside the house. The exterior needs too much work.” Edith Ross Russell, Real Estate (7/13/2024)

“Client drove past home before viewing it. Did not feel comfortable in the area. Looking for something closer to college.” Nicole Crenshaw, Keller Williams (8/15/2024)

“Buyers feel that the home needs too much work for them. Thank you for showing.” Molly Malloy, Berkshire Hathaway (9/7/2024)"

The listing agent recommends to lower the listing price by $5,000.

The property is currently listed at $99,900.

Property Listing

Owners have the ability to propose a governance vote anytime to delist the property for sale and migrate the property to Yhome Nursing LLC.

The Yhome Nursing LLC management terms, provided by the owner, Calixte Duffaut, can be viewed here.

If owners elect to migrate to Yhome Nursing LLC, new repair estimates will be obtained, a loan will be provided at a 6% interest rate to complete the repairs, and the property will be rented out again.

Cal manages 15 other properties in the Cleveland & Akron markets, and is the co-owner and Property Manager of the following co-ownership properties on Lofty:

402 N Wild Olive Ave

122 Florida Park Dr

49 Bannbury Ln

27 Pillar Ln

20 Sederholm Path

752 Gelaso St SW

Property Update (10/11/2024):

Days on market: 99

The property had 1 showing in the past 7 days.

The listing agent recommends to lower the listing price by $5,000 to attract more buyers.

The property is currently listed at $99,900.

Property Listing

Property Update (10/06/2024):

The property had 0 showings in the past 7 days.

The listing agent recommends to lower the listing price by $2,000, as the property was recently under contract and was released after failed negotiations.

The property is currently listed at $99,900.

Property Listing

Owners have the ability to propose a governance vote anytime to delist the property for sale and migrate the property to Yhome Nursing LLC.

The Yhome Nursing LLC management terms, provided by the owner, Calixte Duffaut, can be viewed here.

If owners elect to migrate to Yhome Nursing LLC, new repair estimates will be obtained, a loan will be provided at a 6% interest rate to complete the repairs, and the property will be rented out again.

Cal manages 9 other properties in the Cleveland & Akron markets, and is the co-owner and Property Manager of the following co-ownership properties on Lofty:

402 N Wild Olive Ave

122 Florida Park Dr

49 Bannbury Ln

27 Pillar Ln

20 Sederholm Path

752 Gelaso St SW

Property Update (10/01/2024):

Governance Results:

The Governance Voting results are back for the governance vote to accept, counter, or deny the price reduction of $15k.

The winning vote is:

Counter at $12k price reduction (Listing agent's recommendation)

This voting option was declared the winner in Round 5 with 645 token votes.

The voting results can be found on chain here or by searching the application ID: 2330260231

The listing agent sent the counter to the buyer's agent and they advised the buyer has decided to pull the offer. The buyer initially asked again if owners would still take a $15k price reduction, but then decided to pull the offer before a vote could be sent out.

Property Update (09/27/2024):

Governance Vote:

The Buyer is asking for a price reduction of $15k, reducing the price to $80k, because a new roof needs to be installed among other interior repairs noted in the inspection report.

View Inspection Report

The listing agent advises to counter at $12k because that should at least cover the cost of the roof.

The property was originally purchased on 01/03/2023 for $92,319.49. The HouseCanary Valuation as of May, 2024 is $97,496.

The estimated token price based on a sale price of $80k ($15k price reduction) is below:

Offer price: $80k

Commission: $4,000

Closing costs: $2,400

Unpaid bills: $942

Estimated sales price: $72,658

The estimated token price based on a total token amount of 2,346 is $30.97/token.

The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to owners on Monday, September 30th, once the voting is complete.

Property Update (09/15/2024):

Governance Results:

The Governance Voting results are back for the vote on whether to accept, counter, or deny the buyer's offer of $93k.

The winning vote is:

Counter the offer at $95k

This option was declared the winner in Round 4 with 825 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 2295980521

The buyer has accepted the counter-offer. The purchase contract will be signed and the listing agent will provide any updates on the closing process, which is estimated to be on October 2nd.

The other voting options were eliminated in the following rounds:

Round 1:

Counter the offer at $97k

12 token votes

Round 2:

Counter the offer at $99k

51 token votes

Round 3:

Deny the offer

141 token votes

Round 4:

Accept the offer of $93k

454 token votes

Property Update (09/11/2024):

Governance Vote:

The property received an offer of $93k. Owners now have the ability to vote to accept, counter, or deny this offer.

Offer details:

Buyer's Name: Charles Hayes

Purchase Price: $93,000.00

Title: Company: First Title Services

EMD: $1,000

Financing: Conventional

Closing Date: 21 Days (Est. 10/2/2024)

Inspections: General Inspection within 10 days...

*** All utilities to be turned on prior to inspections, Seller is to be responsible for re-inspection if utilities are not turned on.

Notes from the agent are below:

So this home has been on the market now for 77 days. This is the only offer we have received thus far. I ran a few comps for the owners and it seems as though this offer comes in just way above the Avg-Med sales prices that sold between $34K-$39K.

That being said, their have been homes that sold outside this median...

1374 E 89th (4 BD /1 Bath, Built 1900, Sold at $20k)

2307 E 103rd (4BD / 1 Bath, Built 1920, Sold at $39k)

1409 E 86th Street (4BD / 1 Bath, Built 1900, Sold at $40k)

1365 E 89th Street (4BD / 1 Bath, Built 1900, Sold at $40.5k)

These homes are the four properties that have sold within 0.25 miles of the subject property.

The property is currently listed for $99,900.

The property was originally purchased on 01/03/2023 for $92,319.49. The HouseCanary Valuation as of May, 2024 is $97,496.

The estimated token price based on a sale price of $93k is below:

Offer price: $93k

Commission: $4,650

Closing costs: $2,790

Unpaid bills: $591

Estimated sales price: $84,969

The estimated token price based on a total token amount of 2,346 is $36.21/token.

The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to owners on Friday, September 13th, once the voting is complete.

Property Update (09/07/2024):

The property had 0 showings in the last 7 days and 10 showings total since listing.

The agent received feedback that the Buyers did not enter the home as they did not feel safe in the area.

The agent advised that this area changes block-by-block.

The agent is working on a lead with an out-of-town investor and has scheduled a showing for early next week.

Property Listing

Property Update (08/31/2024):

The property had 0 showings in the last 7 days.

This was due to Buyer's Agents not being able to get access because the lockbox was missing.

A new lockbox has been installed at the property and the Listing Agent is working on rescheduling the showings.

The Listing Agent has also been communicating with an out-of-town investor. The Listing Agent expects the offer to most likely come in at $50k.

The agent doesn't believe this is a serious offer, but will present it if it comes in.

Property Listing

Property Update (08/24/2024):

The property had 2 showings in last 7 days and 5 in the last 30 days.

There have been a total of 9 showings since listing the property.

The prospects did not provide feedback.

The Listing Agent recommends to reduce the price to $99,900.

Property Listing

Property Update (08/03/2024):

The property had 2 showings in the last 7 days.

There has been no feedback received from the showings.

The Listing Agent recommends to continue to lower the price due to the condition of the neighborhood. They advised it's better to get the property sold sooner than later to prevent break ins or damages to the property.

The Listing Agent recommends lowering the listing price to $114.9k.

Property Listing

Property Update (07/27/2024):

The property had 0 showings in the last 7 days.

Feedback from previous showings was that the property needed too much work.

The Listing Agent recommends lowering the listing price to $119.9k due to the recent feedback.

Property Listing

Property Update (07/22/2024):

The property had 4 showings in the last 7 days and 1 be-back.

The Listing Agent recommends keep the listing price at $125k as an offer may come in from the be-back showing.

Property Listing

Property Update (07/13/2024):

The property had 2 showings in the last 7 days and a total of 4 showings since listing the property.

The agent advised to reduce the price to $125,000 to increase interest for the listing.

Property Listing

Property Update (06/24/2024):

Governance Results:

The Governance Voting results are back for the vote on which price to list the property for.

The winning vote is:

List the property for $129,900 (Listing agent's recommendation)

This option was declared the winner in Round 1 with 720 token votes via the Ranked Choice Voting method.

The other voting options were eliminated in Round 1:

List the property for $135,000

70 token votes

List the property for $125,000

0 token votes

List the property for $120,000

0 token votes

The listing agent will default to be listed on Roofstock with their partner agent, Alex Johnson with Real Estate Quest, Inc., which provides exposure both on Roofstock and the MLS.

Owners can propose a vote to choose another listing agent at any time. If an offer is received, owners will have the ability to vote to accept, deny, or counter the offer.

Property Update (06/15/2024):

Governance Vote:

The PM completed an inspection after the fire repairs were completed and they advised that the property will need to have further work completed in order for the home to be rent-ready.

The PM has been in the process of obtaining multiple turn estimates for the property, and advised that they have experienced multiple delays with vendors in the area.

The PM has provided an estimate, from Moonlight Trading, amounting to $17,770.44. The PM reviewed the $17,770.44 estimate from Moonlight Trading and asked the vendor to provide a revised estimate. The revised estimate was received this past week amounting to $10,672.36. The PM confirmed all items on the estimate need to be completed to make the home rent ready. They have been unable to obtain additional estimates for repairs.

The current Operating Reserve balance is $882.

Owners now have the option to do a Capital Call for $10,500 (includes additional cushion for upcoming insurance & utilities payments), complete the turn repairs, and rent the property out again. Owners can also choose to sell the property outright.

The property was originally purchased on 01/03/2023 for $92,319.49. The HouseCanary Valuation as of March, 2024 is $97,496.

Alex Johnson, a Roofstock partner with Real Estate Quest, Inc., recommends the following:

So at a glance, when I pulled up comps, I saw your property on 115th that hasn’t sold yet because of the roof situation but then we have two other properties that are crazy high for that area. One of those sold at $150 and another for $160. I feel we’d get more traction somewhere in the middle around $129,900.

If the Capital Call option is chosen, an owner of the property or the Universal Lending DAO must be willing buy any unsold tokens if the Capital Call does not fully fund within the 15 day funding period. If an owner does not back the Capital Call within one week of this option being chosen, then the property will be listed for sale.

The terms of past Capital Calls are as follows:

The interest rate paid to owners contributing funds to the capital call will be 13.5%.

When the Operating Reserve is <50% full, half of all net rental income should go to the Operating Reserve, and half to pay off the loan; when the Operating Reserve is >=50% full, 100% of net rental income should be used to pay off the loan.

4 year repayment period

The capital call offer is open for 15 days.

The owner will back any unsold tokens from the capital call.

If a Supermajority is not reached to do a Capital Call, then the property, by default, will be listed for sale on the open market. If this occurs, a separate vote will also be sent to owners to determine the listing price. After the property is listed for sale, owners are still able to propose a governance vote to do a Capital Call and de-list the property for sale if they are willing to back it themselves.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all investors in 1315 E 114th St on Friday, June 21st once the voting period ends.

Property Update (04/13/2024):

The insurance adjuster has approved a supplemental payment of $3,585, equivalent to the Loss of Rental Income for an additional three months at $1,195 per month.

The recoverable depreciation of $2,617.74 has also been released.

The PM has scheduled a QC inspection to confirm the property is ready to rent.

Property Update (04/06/2024):

The PM confirmed the repairs have been completed.

View Completion Photos

The completion photos have been shared with the insurance adjuster.

The invoice has also been sent to the adjuster to review and release the recoverable depreciation.

The adjuster will also review if additional Loss of Rents coverage will be payable for the claim.

Property Update (03/02/2024):

The repair estimate was sent to the insurance adjuster for review.

The adjuster advised that the roof replacement is not covered under the claim due to the fire not damaging the roof, and the current condition being present prior to the loss.

The insurance adjuster discussed the estimate with Bluemoon Maintenance and they submitted a revised estimate with a total cost of $23,380, a reduction of $12,445.87 from their previous estimate of $35,825.87.

The adjuster reviewed the revised estimate and a supplemental payment of $62.44 was approved.

After receiving photos of the completed repairs and receipts for materials and labor, the insurance adjuster will issue a supplemental payment up to $2,614.74, representing the Replacement Cost difference.

This payment is contingent upon the actual Replacement Cost for the repairs exceeding $20,765.26.

The Operating Reserve now has sufficient funds in order to complete the repairs, and the PM confirmed the vendor has been dispatched.

The vendor is currently working on getting a timeline of completion for the repairs.

The insurance adjuster will review if additional Loss of Rents coverage will apply after they receive the final repair completion date for the loss.

Repair Invoice

Insurance Coverage Letter

Property Update (01/28/2024):

The PM received a repair estimate from Bluemoon Property Maintenance for the fire damages.

Repair Estimate

The repair estimate includes the following:

Roof Replacement: $11,220.00 - This cost covers labor and materials for replacing the roof, which is due for replacement due to previous patchwork.

Third Floor: $15,580.00 - This includes rewiring the third floor to the basement, repairing damaged drywall, insulating open ceiling and walls areas, installing 5/8" drywall, texturing newly installed drywall, painting walls, trim, doors, and ceilings, removing and replacing carpet, installing a new window, replacing a light fixture, and crown molding. It also involves cleaning the third floor.

Second Floor: $3,170.35 - This covers installing missing drywall in a closet, painting the closet, and replacing carpet on the landing and stairs from the second to the first floor.

First Floor: $5,855.52 - This includes replacing carpet in the entry, living, and dining rooms, replacing missing ceiling tiles in the dining room, and demolishing and rebuilding a damaged landing at the side door entry.

The total estimated cost for all these repairs is $35,825.87.

The PM had two other vendors assigned and they declined the work due to repeated access issues when the tenant was at the property. The PM will attempt to have the vendors go back out now that the tenant has moved out.

The tenant's deposit cannot be used for the repairs since the tenant is moving due to the fire damage at the property.

The total payment received from the insurance claim is $18,202.82.

After paying unpaid bills, the property has an Operating Reserve balance of $21,129.03

The PM will continue to solicit estimates in order to complete the repairs with the current funds in the Operating Reserve.

Property Update (01/06/2024):

The PM assigned the project to two vendors. However, both were having issues getting access to the property due to the tenant being uncooperative.

The PM posted a 24 hour notice of entry and one vendor was able to get access on 12/26 to inspect the property.

The vendor will have the estimate ready by early next week.

The other vendor cancelled the work order and declined due to several failed attempts to access the property.

The tenant requested to terminate the lease due to the fire at the property.

The PM recommends to allow the tenant to terminate the lease without penalty due to the fire damage.

The PM will follow up on the tenant's move-out date.

Property Update (11/10/2023):

An insurance claim was filed for the fire damage on the third-floor ceiling caused by an electrical issue.

Necessary repairs include replacing fire-damaged carpet, roof insulation, and sheetrock.

The Replacement Cost Value of the damage is $23,317.56, while the Actual Cash Value is $20,702.82. The deductible is $2,500.

The initial payment being issued is for $18,202.82 (Actual Cash Value minus deductible)

A supplemental payment, not exceeding $2,614.74, may be issued upon completion of repairs.

The claim also covers loss of rental income due to property damage.

The tenants rent will be waived from 10/8 because the property was inhabitable from the fire damages.

A payment of $3,585 will be issued for three months of loss of rents (LOR).

The tenant currently has a credit balance of $645.16.

The Property Manager is waiting to confirm with the vendor that they can match the estimate & pricing from the insurance adjuster.

View Insurance Documents

Property Update (10/19/2023):

The tenant reported that the third floor ceiling caught fire inside due to electrical issues.

They were advised by the fire department to not turn the breaker box back on.

The PM dispatched a vendor to get repairs completed immediately.

The ceiling will need to be repaired first so the vendor can get access to the third floor and roof to properly assess the damages and repairs needed.

The first repair estimate includes framing out for sheetrock and support, cleaning up debris and disposal in the room, removing and replacing carpet, scraping and painting a door, and insulating the roof area, along with sheetrock, taping, texturing, and painting. The total cost for these services is $7,500.

The electrical wires were ripped and got wet from the fire department putting out the fire at the property.

The electrician provided an estimate of $1,029.41 to complete a full inspection and 3 hours of electrical work is expected. They will provide a detailed report of all repairs made during the inspection and will provide a bid for additional work.

The PM has received an electrical repair estimate from RevCon and is waiting for a second opinion from ZVN Properties.

An insurance claim was filed for the loss and an adjuster has been assigned to the claim.

The property insurance deductible is $2,500.

Fire Damage Photos

Electrical Inspection Photos

Electrical Repair Estimate

Ceiling Repair Estimate

Property Update (09/02/2023):

The electrical repairs were completed and the property passed the electrical inspection.

The meter installation has been ordered with the electricity provider.

Property Update (08/21/2023):

Owners voted to change Property Managers from Northpoint Asset Management to HomeRiver Group Institutional Services.

Property Update (08/12/2023):

Update 1:

The PM confirmed the tenant moved in on 8/1.

The tenant signed a 1 year lease at $1,195/month.

The lease term is 08/01/2023 - 07/31/2024

The tenant paid a Security Deposit of $1,500 (not $1,800, as the PM previously advised)

The leasing fee is $597.50 and will be deducted from August's rent.

Update 2:

Prior to the tenant moving in, the City came by to turn on the water and found leaks on the property side of the meter.

The seller provided a $2,000 repair credit at closing & the Closing Costs were increased to $12,535 to account for repairs made post-closing.

The plumber opened a wall in the basement to replace a 3/4” shutoff valve and 1’ of 3/4” copper pipe, along with turning on the water and inspecting all water and drain lines.

The cost for this service was $574.99 ($522.72 + 10% PM markup).

Repair Invoice

The plumber advised that they have to return to replace new water lines from the meter to the newly installed shut off valve. The cost of repairs is $2,250.60 ($2,046 + 10% PM markup).

The PM sent another plumber to get a second opinion and they were able to complete the same scope of work for $2,062.50 ($1,875 + 10% PM markup).

Repair Invoice

The second plumber also found 3 additional leaks and repaired them without an additional charge.

The second plumber noted that the value for the hot water tank is corroded and the tank will need to be replaced due to the corrosion and age of the tank. They quoted $1,485 ($1,350 + 10% PM markup) to replace the tank.

The PM found an alternative solution with their GC to replace the corroded valve instead for $171.07.

Repair Invoice

The property had additional plumbing repairs as the water was not moving from the basement to the rest of the house following the main line replacement job.

The plumbing repairs consist of:

Replacement of a hose spigot on the driveway side due to a burst line.

Installation of an emergency shut-off valve on the laundry tub waterline in the basement.

Replacement of 10 feet of 1/2" copper waterlines due to leaking, which involved removing the ceiling in the dining room under the bathroom, a 2'x2' section of wall in the 2nd-floor bedroom behind the hallway bathroom, and a 2'x2' wall in the 3rd-floor bedroom to repair a burst waterline leaking into the ceiling in the 2nd-floor bathroom.

Replacement of the fill valve in the 2nd-floor bathroom toilet due to constant running, including a minor rebuild with a new fill valve, flapper, and supply line.

Replacement of two 1/2" valves with new pro press ball valves.

Replacement of the existing T&P valve on the water heater due to leaking.

The total cost of repairs is $2,524.50 ($2,295 + 10% PM markup).

Repair Invoice

The tenant got a hotel for 2 nights due to not having water service from the plumbing repairs and the PM reimbursed the tenant $226.49 via a rent credit.

Additionally, the property did not pass the inspection with the electric provider due to the panel being installed sideways.

The electrician provided an estimate of $467.50 ($425 + 10% markup) to remove and reinstall the panel right side up.

The current Operating Reserve balance after all of the repairs is $8,340.87.

Property Update (07/20/2023):

The electrician completed the repairs and is now waiting on an inspection to be scheduled, as required by the electricity provider.

The process involves the electrician obtaining permits, scheduling an inspection, and finally the inspector contacting the electricity company to install the meter.

While there's no specific timeline for completion, the PM anticipates receiving notification of approval before 7/28.

The tenant has scheduled a move in date of 8/1.

The tenant is ready to move in and is aware that the delay is a result of the electric meter installation.

The PM will send the tenant the lease to sign after the move in date is finalized.

The lease will be for 1 year at $1,195/month.

The tenant has already paid a deposit of $1,800.

Property Update (07/13/2023):

The PM received a second estimate from another electrician at $2,750 ($2,500 + 10% PM markup).

The PM recommends this estimate because it is less expensive than the first estimate. The PM advised that both vendors are reliable and provide quality work.

The PM will schedule the electric meter installation after the electrical repairs are completed.

The tenant paid their deposit and is ready to move in after the electric meter is installed.

The move-in date is dependent on how fast the electric company can schedule the meter installation.

Repair Invoice

Property Update (07/12/2023):

The tenant paid their deposit of $1,500 and is ready to move in on a 1 year lease at $1,195.

There is a delay with the electric company to schedule turn on, and they advised the tenant that there is no active meter for the building.

The PM is working with the electric company to verify the meter number.

The PM advised that if the meter is missing, then a new construction work order is required and the electric connection is at the mercy of the electric provider's schedule.

The PM completed a QC inspection and noticed that the utility tub might need repair.

Additionally, the PM is scheduling a vendor to complete an inspection for the plumbing and HVAC system to avoid unexpected leaks and issues after the tenant moves in.

The Closing Costs were increased to $12,535 to account for anticipated repairs made by the PM post-closing.

Property Update (07/12/2023):

The PM confirmed that the electric meter is missing on the property.

The PM advised that it's not common that an electric meter is stolen, but it does happen and the criminal can use the meter to steal electricity for another property.

A new Construction Work Order is now required with the electric provider in order to have a meter installed.

The process requires having an electrician assess the property and prep the building for a new meter install.

An electrician visited the property and advised that the electrical service panel and meter base will need to be upgraded to meet safety standards. This will involve connecting the grounding to the water main and adding additional ground rods (up to 2).

The total repair estimate is $3,299.96 ($2,999.96 + 10% PM markup).

Repair Estimate 1

The repairs include:

If the hot water line and gas line are not made of PVC, they will be securely connected to the cold water line for safety.

Install a bonding bridge that connects the cable and TV grounding points for proper grounding.

Replace the current meter base and wiring with a 100-amp capacity system.

Use PVC conduit to run wiring from the point where the electrical service enters the building (overhead) to the main breaker panel. The distance should not exceed 5 feet within the building.

Connect the electrical service drop to the main electrical system using secure crimp connectors.

If the existing main service panel and grounding meet safety standards, they can be reused. Separate costs may apply for these specific items.

The PM is waiting a second repair estimate from another electrician.

The Closing Costs were increased to $12,535 to account for anticipated repairs made by the PM post-closing.

Property Update (06/24/2023):

The property had 23 leads, 5 prequalified, and 0 showings in the last 7 days at $1,195.

The PM had 1 showing this week with a private pay tenant and they submitted an application.

The PM reviewed the application and the applicant did not meet the income requirement of 3 times one month's rent.

The applicant's net income totals $30,000, which falls short of the minimum income requirement of $43,020.

The tenant is ready to move in in July and has accepted the property with the current conditions, before the repairs in the Inspection Repairs List have been made.

The Closing Costs were increased to $12,535 to account for these repairs.

The PM recommends to approve the applicant with an increased deposit of $1,500.

The PM will also cover the eviction fees if an eviction is necessary.

The PM is waiting for the applicant to pay the deposit and confirm the move in date in July.

The lease will be for 1 year at $1,195.

The property was previously listed for rent at $1,295, then reduced to $1,275, $1,225, and then $1,195.

Property Listing

Property Update (06/17/2023):

The property had 21 leads, 9 prequalified, and 0 showings in the last 7 days at $1,195/month.

The PM had 3 confirmed showings for 6/15, but they did not show up.

The PM advised that they are receiving more leads from a local resource center.

Property Listing

Property Update (06/11/2023):

The property had 10 leads, 2 pre-qualified, and 0 showings in the last 7 days at $1,195.

The PM will offer a one-time concession of $200-$300 for an approved application with a move-in date in June.

The PM sent an email blast to all previous leads about the leasing special and is hosting an open rental showing this weekend.

Property Listing

The PM received a contact for another local agency in addition to the Battered Women's Shelter. The PM has reached out and is waiting to hear back.

The PM had a few vendors visit the property to write up estimates for repairs listed in the Inspection Report Repairs list.

One vendor vernally agreed to complete the repairs on the Repairs Punchlist for $1,684.62.

The PM is waiting for the vendor to confirm the price in writing as well as additional estimates from the other vendor.

The Closing Costs were increased to $12,535 to account for these repairs.

The PM advised that these repairs are not required to rent out the unit.

Property Update (06/03/2023):

The property had 11 leads, 1 pre-qualified, and 2 showings in the last 7 days.

The prospects did not apply and did not provide feedback on why they chose not to apply.

The PM recommends to hold on pricing for this weekend and revisit pricing next week.

The PM has reached out to local organizations like the Battered Women's Shelter to increase exposure for the property.

View Property Listing

The PM had a few vendors visit the property to write up estimates for repairs listed in the Inspection Report Repairs List.

The vendors advised the estimates will be ready by the end of next week.

Property Update (05/26/2023):

The Property Management company managing this property, Northpoint Asset Management, recently assigned a new Property Management team to all Lofty properties due to the delays in turning the properties and leasing up vacant units. All properties are now under institutional services, instead of retail services.

Institutional services includes a weekly and monthly financial reporting cadence, additional tools to streamline turn and repair processes, centralized SOPs with a local presence, additional local vendor contacts, and a specialized team in both Cleveland and Akron focused on leasing properties more efficiently.

The property had 8 leads, 1 pre-qualified, and 3 showings in the last 7 days.

The PM has not received an application will lower the rent from $1,225 to $1,200.

View Property Listing

The PM completed a QA inspection following the vendor confirming that work was completed.

The PM found a piece of wood is hanging on the exterior that should have been repaired with the approved estimate.

The PM sent the vendor back to complete the repair and will not pay the invoice until it is completed.

The PM has solicited 3 vendors and they have all turned down the job for additional repairs listed in the Inspection Report Repairs document because they feel the estimate provided from Punchlist USA is too low for the scope of work.

The PM has reached out the vendors again and is soliciting additional vendors to get their cost estimate for a comparative analysis.

The Closing Costs were increased to $12,535 to account for these repairs.

The PM advised that these repairs are not required to rent out the unit.

The PM is also receiving a lot of interest from applicants with Section 8 vouchers.

The PM suggested that it might be more cost-efficient to postpone the completion of repairs listed in the Inspection Report Repairs list.

Instead, the repairs can be carried out after a Section 8 compliance inspection, but only if a Section 8 prospect applies for the property.

Property Update (05/19/2023):

The listing had 1 lead and 0 showings between 5/7 - 5/14.

The PM has received additional leads this week that they are working through to schedule showings for this weekend.

Due to the influx of new traffic this week, the PM recommends to hold the rent at $1,225.

The PM confirmed that the exterior repairs have been completed.

The PM is working on getting repair estimates or the repairs listed in the Inspection Report Repairs document

The Closing Costs were increased to $12,535 to account for these repairs.

The PM advised that these repairs are not required to rent out the unit.

The PM is also working on estimates for a new appliance package.

However, the PM recommends to wait for a tenant to request appliances because tenants in this area are used to having to supply their own appliances.

Additionally, supplying appliances will add an additional maintenance expense to repair them when they break down.

The PM can increase the rent $25-$50 if the new tenants request appliances.

$3,950 was budgeted at closing for an appliance package (refrigerator, range, W/D set) for this property.

Property Update (05/12/2023):

The listing had 18 leads, 2 prequalified, and 0 showings.

The PM had 1 showing scheduled and they drove past the property and informed the PM that they were no longer interested.

The PM reduced the rent from $1,275 to $1,225 on 5/11.

View Property Listing

The PM recommends to clean up the exterior to enhance the curb appeal and increase marketability of the property.

The repairs include installing a stair rail on the left side of the steps, remove debris from the yard and mow, and repair the cracked water line that was damaged when the meter was installed.

The total cost of repairs is $900.

The work is scheduled to be completed today.

Repair Invoice

The PM looked at the crack on the floor closer while onsite and recommended to leave it for now until a prospective tenant brings it up.

Property Inspection Report

The PM is waiting on estimates from two of their vendors for the for repairs/improvements which will be made post-closing. See the Inspection Report Repairs document for more details.

The Closing Costs were increased to $12,535 to account for these repairs.

Property Update (05/06/2023):

The listing had 21 leads, 2 qualified in the past 7 days.

The PM had an open house on 5/4 and several prospects showed up.

The PM is working on getting an application from the prospective tenants. If they do not receive an application, they will reduce the rent to increase demand.

The PM is still waiting on repair estimates from the vendor to repair the crack in the flooring by the side door, at the top of the basement steps.

The PM is expecting estimates from the vendor on Tuesday, 5/9.

View Property Listing

Property Update (04/26/2023):

The Property Manager confirmed that the water meter has been installed at the property.

However, the city installer cracked the line when they installed the water meter.

The PM pointed this out to the installer and they advised the PM to contact the City to have it repaired.

The PM advised that they will contact the City to have them return and repair the leak, but it may not be worth the time as the City will not prioritize the repair, and waiting on the City will delay leasing.

The PM has also solicited two vendors for estimates on the repairs noted in the inspection report. You can view these repairs by clicking here.

The Closing Costs were increased to $12,535 to account for these repairs.

The PM confirmed that the property has been listed for rent at $1,275 on 4/22.

The PM has received 34 leads and is working to schedule a showing for the property.

View Property Listing

Property Update (03/28/2023):

The Meter Set Inspection has been confirmed by the City for 4/3 between 8:35 am - 3:30 pm.

The meter install date will be scheduled after the set inspection is completed.

The PM is in the process of obtaining estimates for repairs for the remaining work on the property, which will be completed once the water supply has been restored.

The Closing Costs were increased to $12,535 to account for repairs/improvements made post-closing by the Property Manager.

Property Update (03/22/2023):

The PM received approval from the City to authorize scheduling the installation of the water meter after the Letter of Authorization was sent to the City.

A meter set inspection has to be scheduled before the meter can be scheduled for install.

The property was pre-listed for rent at $1,295 and the PM has been showing the property, but no applications have been submitted

The PM has removed the listing to reduce the Days on Market for the listing due to the uncertainty of when the City will schedule the water meter to be installed.

Property Update (03/18/2023):

The City has reached out to obtain authorization for the $337 charge to install the water meter.

The Closing Costs were increased to account for post-closing repairs, so these repair costs will not come out of the Operating Reserve.

A Letter of Authorization was sent to the City to authorize the charge.

The PM is waiting for the city to schedule the date to install the water meter.

The property was listed internally for rent at $1,275 on 1/27.

The property requires restoring water and gas service before a tenant can move in or for the property to be listed on the MLS.

Property Update (02/27/2023):

Per the previous update, the property requires restoring water and gas service before a tenant can move in or for the property to be listed on the MLS. It is currently listed internally for $1,275/month.

The PM contacted the City a month ago and advised that they are still waiting for the water department and gas company to address the issue of low pressure in the line, which is preventing the use of gas in the house. There have been issues getting the city departments to come out to the property, and the PM is actively trying to schedule the appointment as quickly as possible.

The two-month rent credit provided by the seller has now ended for this property. Owners will begin receiving daily rent again once a new lease begins.

Property Update (01/28/2023):

The property has been listed internally for rent at $1,275/month.

The property requires restoring water and gas service before a tenant can move in or for the property to be listed on the MLS.

The PM has contacted the City and is waiting for the water department and gas company to address the issue of low pressure in the line, which is preventing the use of gas in the house.

Additionally, there are broken pipes in the basement and disconnected heater ducts.

The PM is in the process of obtaining two estimates for repairs, which will be completed once the water supply has been restored.

The Closing Costs were increased to $12,535 at launch to account for repairs & improvements post-close. These repair costs will not come out of the Maintenance Reserve.

Owners will continue to receive daily rent via a rent credit provided by the seller.