Property Update (01/06/2026):

This property received an insurance refund check of $517.17, which will be added to its Operating Reserve.

Property Update (09/03/2025):

Governance Results for 3024 W 103rd St:

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

The winning vote is:

1. give Earl sole discretion on the sale process, trusting that the better the deal he gets for us will also be a better deal for his 800+ token

This option received 694 / 717 token votes, which is equal to 97% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3195328944

Property Update (08/28/2025):

Owner-Proposed Governance Vote for 3024 W 103rd St:

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

This owner holds 55 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.

Hello, I believe this area poses significant vacancy/vandalism risk, and do not believe the market is suitable for a long term hold.

I would like to propose we sell this property now while it is in good condition and has a tenant

Earl purchased a large number of the capital call tokens and is now holding 800+, so I believe his interests are strongly aligned with the rest of ours.

Vote options:

1. give Earl sole discretion on the sale process, trusting that the better the deal he gets for us will also be a better deal for his 800+ tokens

2. no change. Do not sell

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

Property Update (07/16/2025):

Per the results of the previous governance vote for the dilutive capital call, 1,970 tokens have been listed for sale at $20 each to raise $39,405.53.

Click the "Buy" button to purchase tokens.

Property Update (05/20/2025):

Owner-Proposed Governance Vote for 3024 W 103rd St:

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

This owner holds 32 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.

COMBINED GOVERNANCE PROPOSAL: DEBT RESOLUTION & PROPERTY MANAGEMENT

DAO: Lofty Holding 3024 W 103rd St DAO LLC

Proposal Date: 5/20/2025

Voting Deadline: 5/27/2025

Background:

The property at 3024 W 103rd St has completed renovations and is currently listed for rent by Aligned:

3 bed / 1 bath | New furnace & water heater | Fresh paint | Refinished hardwood | Porches | Fenced yard | Corner lot

Redfin Listing

However, the DAO currently owes:

Creditor Amount

Aligned Properties Group $17,614.39

Yhome Nursing LLC $16,500.00

Lofty / Previous PM $5,291.14

Total DAO Liabilities $39,405.53

If the DAO fails to act, Aligned has stated they may file a mechanic’s lien for the $16,885.22 in unpaid bills, encumbering future sale/refinance.

Rent & Value Potential

Market Rent Estimate: $1,295–$1,400/month

Estimated Sale Price (Redfin): $110,474

Token Value If Sold:

(110,474 × 0.91 − 39,240.53) ÷ 1,824 ≈ $33.60/token

VOTE #1 – DEBT RESOLUTION (Choose One)

Option 1 – List Property for Sale w/ Aligned

Authorize Aligned to list and sell the property. Proceeds pay off all debts. Tokens cashed out post-sale.

Option 2 – Capital Call from EARLDAO @ 12% APR

Borrow $39,405.53 from EARLDAO. Interest-only payments at 12% APR, 1-year balloon. Non-dilutive. Repaid from rent or sale.

Option 3 – Capital Call via Dilutive Equity @ $20/share

Issue 1,970 new governance tokens at $20 to raise $39,405.53. Offered pro-rata. Dilutive.

Option 4 – Demand Aligned Settle With Yhome

No capital call. DAO remains under Yhome until resolved and a lien may be placed on the property.

VOTE #2 – ONGOING PROPERTY MANAGEMENT (Only if not selling)

Option 1 – Keep Aligned as Sub-PM at 15% PM Fee

PM Fee: 15% of gross rents (10% Aligned + 5% ECO Systems)

Leasing Fee: 1 full month’s rent (charged by Aligned)

Aligned remains sub-manager, ECO provides oversight

Option 2 – Migrate to Hemlane at 10% PM Fee

PM Fee: 10% of gross rents (ECO only, via Hemlane platform)

Leasing Fee: 50% of first month’s rent or $695, whichever is higher

(Matches Hemlane’s self-guided tenant placement rate. Rent-ready service of $495 is not required.)

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 27th, once the voting period ends.

Property Update (05/20/2025):

Governance Results for 3024 W 103rd St:

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

The first winning vote is:

Capital Call via Dilutive Equity @ $20/share: Issue 1,970 new governance tokens at $20 to raise $39,405.53. Offered pro-rata. Dilutive.

This option was declared the winner in Round 2 with 284 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 3020400401

The second winning vote is:

Option 2 – Migrate to Hemlane at 10% PM Fee

This option received 375/452 token votes which is equal to 82.9% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3020403224

Property Update (05/05/2025):

Governance Results for 3024 W 103rd St:

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

The winning vote is:

Vote to change to ECO Systems property management and NOT give away 3.5% equity to Yhome.

This option received 488 / 491 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: 2974585679

Property Update (04/30/2025):

Owner-Proposed Governance Vote:

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

This owner holds 80 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.

Short story:

Please vote now to switch to ECO Systems, a proven property manager and AVOID an immediate dilutive equity giveaway to our current property manager (Yhome).

Longer story:

If we take no action in the next three weeks, our current property manager (Yhome) will be granted an immediate 3.5% dilutive equity stake in this DAO, worth over $8,500. This giveaway is a consequence of Yhome's unilateral change of contract terms, which we (possibly inadvertently) voted to approve in the vote earlier this month, in a confusing vote in which we had no clear option to refuse, and were presented with a menu of terrible options.

Although I think in some rare cases, equity stakes can be an effective way to align a property manager's incentives with co-owners, I strongly object to one that vests immediately and which the manager can keep even if they decide to stop managing our property right after the grant, or even if they perform poorly. Yhome was asked to agree to a vesting schedule and refused, which is a red flag that they do not have our long-term interests in mind.

I urge you to vote against this by transitioning management of 3139 West Blvd to ECO Systems, effective May 15th. 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 and NOT give away 3.5% equity to Yhome.

Option 2: Vote to retain Yhome as property manager, giving them an immediate 3.5% dilutive equity grant, which they can keep or sell regardless of performance.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 5th, once the voting period ends.

Property Update (01/27/2025):

Cal, the new owner-elected Property Manager with Yhome Nursing LLC, provided an update:

Dear Investors,

I would like to provide an update on the property located at 3024 W 103rd St, Cleveland, Ohio. This property has presented significant challenges. The initial condition was quite poor, and we have been working diligently to restore it.

Currently, we are facing several issues: we have encountered nine gas leaks, dealt with a harsh winter, and are now faced with a non-functional, outdated boiler. The freezing temperatures prevented us from making progress, and we are experiencing pipe bursts related to the boiler's failure, which has now been removed. Without heat, we cannot continue our renovation work.

Additionally, YHome is reviewing several renovation-related expenses and our dealings with the contractor, and we may need to consider changing contractors. Given these circumstances, we will require more time to complete the necessary work. The cost to replace the boiler and restore the heating system is estimated to be around $13,900. ( I am still working on other option but this is the best so far) It is essential to keep you informed about the ongoing needs of this property. Thank you for your understanding.

Best regards, Cal

Property Update (12/20/2024):

Cal, the new owner-elected Property Manager with Yhome Nursing LLC, provided an update:

"The property at 3024 West 103rd Ave has presented several challenges from the outset, particularly regarding repair conflicts. The previous property manager indicated that some work had been completed( not completed, please see pictures [coming soon]), but we have since undertaken repairs.

Yhome is currently reviewing certain aspects of these repairs, and the numbers are under evaluation. We are nearing completion, with pictures forthcoming to showcase the progress.

While there are still some unresolved issues, we are committed to addressing them and will provide a comprehensive update to all investors in due course. Thank you for your understanding."

Property Update (11/06/2024):

Governance Results:

The Governance Voting results are back for the vote to accept, counter, or deny the buyer's counter-offer of $59k.

The winning vote is:

Deny the offer and rent the property with Yhome Nursing LLC as the manager

This voting option was declared the winner in Round 4 with 584 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 2456032875

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

Under the management terms, Yhome Nursing LLC will cover the upfront costs for any repairs and expenses, and will recoup these funds, plus 6% interest, from a portion of the property’s cash flow.

There are no Operating Reserves for properties managed by Yhome. As a result, owners will begin receiving daily rent as soon as the property generates positive cash flow. Any future repairs or expenses will also be covered by Yhome, with reimbursement through the same process, plus 6% interest.

Cal is available in this property's Discord channel to chat with owners, answer questions, and provide updates on the property.

Property Update (11/04/2024):

Governance Vote:

On 8/19, Owners voted to accept an offer of $103,920.

The Buyer would complete the purchase after the property was vacant.

The tenants vacated the property and a trash out and cleaning were completed for the property.

The Buyer completed the inspection over the weekend and provided the update on their offer below.

"The link are the pics of 3024 w103rd, Cleveland, Ohio 44111

My letter of intent was at 103k, but understand that is for a very light rehab cost

In this case here are estimated cost to convert this property.

Removal of plaster walls and replaced with dry wall 10k-15k this will include attic

Front porch 3k

Front door 3k

Glass block windows for basement 3k

For the yard on corner grate it all down and fill to level 8k-10k at the same time we would put in a gravel driveway

Roof we would assume it will need replaced 10k-15k

We would have to be around 59k

I hope this helps, and I hope we can work together on this and come up with a plan thank you."

Owners will now have the ability to vote to accept, counter, or deny the offer, and rent the property with the new owner-elected property manager, Yhome Nursing LLC. The property was originally purchased on 01/05/2022 for $81,000.

The estimated price per token (1,824 tokens) if the property sells for $59k is $32.34/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 Wednesday, November 6th, once the voting is complete.

Property Update (10/27/2024):

Evernest advised that the first trash-out estimate, from Ramos, amounting to $800, was for the exterior trash-out only.

The property manager has provided a second estimate, from GPP, amounting to $1,450.

View Pre-Trash Out Photos

The estimate includes a trash-out of the interior and exterior of the home, as well as a complete flea treatment throughout.

Evernest recommends to proceed with the estimate from GPP.

The estimated completion date has been set for 10/30/24.

Owners previously voted to accept an offer of $103,920, as well as changing property managers to Yhome Nursing LLC.

After the trash-out is completed, the buyer will visit the property and advise if they'd still like to move forward, or if they will be asking for a repair credit.

Owners will have the ability to vote to sell the property or have Yhome Nursing LLC make the necessary repairs and continue renting the property.

The tenant paid a Security Deposit of $2,250.

Property Update (10/14/2024):

Governance Results:

The Governance Voting results are back for the owner proposed governance vote to migrate property managers to Yhome Nursing LLC.

The winning vote is:

Change Property Managers to Yhome Nursing LLC

This voting option received 824 / 944 token votes, which is equal to 87.2% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2364910068

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

Under the management terms, Yhome Nursing LLC will cover the upfront costs for any repairs and expenses, and will recoup these funds, plus 6% interest, from a portion of the property’s cash flow.

There are no Operating Reserves for properties managed by Yhome. As a result, owners will begin receiving daily rent as soon as the property generates positive cash flow. Any future repairs or expenses will also be covered by Yhome, with reimbursement through the same process, plus 6% interest.

Property Update (10/12/2024):

The property manager noted that the home will need to be trashed out before the move out inspection can be completed.

The property manager has provided the first trash-out estimate, from Ramos, amounting to $800.

The second estimate is expected to be received by Tuesday, 10/15.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (10/07/2024):

Owner-Proposed Governance Vote:

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

This owner holds 101 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.

I would like to propose that we ask Yhome to manage this property going forward. Yhome will front the cost for repairs for properties they're managing, and collect half of the cash flow to get paid back + 6%. There will be 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. Any future repairs/expenses that come up will simply be paid for by Yhome as well + 6% interest.

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

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, October 14th, once the voting period ends.

Property Update (09/28/2024):

The property manager confirmed that the set-out has been completed and the property is secured, however they noted that the property is in poor condition.

According to the tenants, everything in the basement was considered trash, so the movers did not remove those items as part of the set-out, following the bailiff's instructions.

Other debris labeled as trash by the tenants was also left behind.

The tenant had two dogs and eight cats that the property manager’s technician witnessed being removed.

Pet feces are scattered throughout the basement and there is evidence of bugs including fleas and other pests.

The property manager plans to complete the move-out inspection next week, however if the pest issue worsens, the technician may be unable to proceed with the inspection until the pests are addressed.

Additionally, the property manager also noted that the technician may not be able to inspect the entire basement due to the presence of pet feces.

The tenant's unpaid balance of $14,356.42 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (09/14/2024):

The property manager advised that judgement has been awarded for possession.

Possession is now pending Writ being filed and the set-out date being received from the bailiff.

The tenant's unpaid balance of $14,356.42 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (08/24/2024):

The property manager noted that the move-out was scheduled to take place on 8/19.

One hour before the movers were scheduled to be at the property, the court called the movers and cancelled the appointment.

The court did not call the property manager to inform them of this.

The property manager called to obtain details on why this was cancelled, and they were informed that the tenant called the courts and informed them that they were told they could set up a payment arrangement.

The property manager did not approve this payment plan.

The court date has been rescheduled to take place on 8/28/24 and they property manager will be present to testify to this.

The property manager will share the updates from the court hearing once it has taken place.

The tenant's unpaid balance of $14,356.42 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (08/19/2024):

Governance Results:

The Governance Voting results are back for the vote on whether accept, counter, or deny the cash offer of $103,920

The winning vote is:

Accept the offer of $103,920

This option was declared the winner in Round 4 with 800 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 2246673636

The other voting options were eliminated in the following rounds:

Deny the offer

1 token vote

Counter the offer at $110k

104 token votes

Counter the offer at $107.5k

365 token votes

Once the tenant has vacated, the buyer will perform an inspection of the property, assess the amount of repairs, and deduct the cost of repairs from the total price they are offering. They have the ability to back out at this point if the repairs are too major.

Property Update (08/14/2024):

Governance Vote:

The property received a cash offer of $103,920, which can be viewed here.

The property is not currently listed for sale.

The PM is waiting for a move-out date for the tenant. If owners accept the offer, the buyer will want to walk the property after the tenant has vacated. They will assess the amount of repairs, and deduct the cost of repairs from the total price they are offering.

This property currently has $929 in the Operating Reserve and the tenant paid a Security Deposit of $2,250.

Owners will now have the ability to vote to accept, counter, or deny this offer.

The property was originally purchased on 01/05/2022 for $81,000. The HouseCanary Valuation as of May, 2024 is $104,689.

The price per token (1,824 tokens) if the property sells for $103,920 is $56.97/token. This does not take into account any repair credits requested by the buyer.

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, August - 19th, once the voting is complete.

Property Update (08/03/2024):

The PM confirmed they are still waiting for a move-out date to be scheduled by the sheriff.

The tenant's unpaid balance of $14,356.42 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (07/27/2024):

The PM confirmed a move out date has not yet been received.

The PM spoke with the attorney and they believe it should be received no later than the end of next week.

The tenant's unpaid balance of $13,166.42 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (07/06/2024):

The PM advised that a consent judgement has been awarded.

The eviction is now pending a move out date in 2-4 weeks.

The tenant's unpaid balance of $13,166.42 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (06/29/2024):

The PM advised that the eviction hearing has been rescheduled for July 3, 2024.

With the addition of June's rent, the tenant owes a balance of $11,901.42.

If an eviction occurs, the tenant's balance will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will also be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (06/08/2024):

With the addition of June's rent, the tenant owes a balance of $11,901.42.

The PM confirmed an eviction hearing date has been set for June 20th.

If an eviction occurs, the tenant's balance will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will also be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (04/13/2024):

With the addition of April's rent, the tenant owes a balance of $9,371.42.

The PM confirmed an eviction hearing date has not yet been received.

If an eviction occurs, the tenant's balance will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will also be submitted for lost rent and any damages.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (01/13/2024):

With the addition of January's rent, the tenant owes a balance of $5,576.42.

This tenant was initially placed by the previous Property Manager before the new owner-elected Property Manager, Evernest, took over management.

The PM confirmed a hearing date has not yet been set.

If the tenant pays off their balance in full, the eviction will be cancelled.

If an eviction occurs, the tenant's balance will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will also be submitted for lost rent.

The tenant paid a security deposit of $2,250 which will be used towards unpaid rent and repairs.

Property Update (12/02/2023):

The PM confirmed the eviction was filed on 11/20 and is now pending a hearing date.

The tenant owes a balance of $4,569.84 for partial September rent and full October, November, and December rent.

If the tenant pays off their balance in full, the eviction will be cancelled.

Property Update (11/04/2023):

The new owner-elected Property Manager, Evernest, confirmed the tenant has still not activated their online payment portal.

The PM has been unable to reach the tenant, and the tenant has made no communication attempts.

The tenant now owes a balance of $3,379.84, as of 11/4, for partial September rent, and full October & November rent.

The PM will be proceeding with eviction this month after their grace period & demand notice expires.

Property Update (09/26/2023):

The tenant signed a 1 year lease renewal at $1,190, a $65 increase from the previous lease of $1,125.

The new lease term is 10/01/2023 to 09/30/2024.

The lease renewal fee is $195 and was deducted from August's rent.

The tenant will be responsible for all utilities.

The lease agreement is currently being redacted & will be uploaded to the property's Dropbox folder once the redaction is complete.

Property Update (09/19/2023):

Owners voted to change Property Managers from B2B Realty to Evernest Institutional Services.

Property Update (07/22/2023):

The tenant paid their balance of $361.92 for outstanding Utility bills.

Property Update (06/27/2023):

The PM has continued to reach out to the tenant regarding their balance of $361.92, however there has been no response.

The PM is scheduling the inspector to complete a door knock.

The inspector will investigate why the tenant is not paying their utility bills, as well as asking for updated contact information.

Property Update (06/09/2023):

The tenant made a payment of $1,250 on 6/6.

The tenant now owes a balance of $361.92 for June's rent.

The PM is actively reaching out to the tenant to arrange a payment plan for the remaining balance.

Property Update (05/31/2023):

The tenant owes a balance of $270.77 for May's rent.

The PM is actively making efforts to contact the tenant in order to establish payment arrangements for the remaining balance.

The PM has not received any communication from the tenant and if they fail to respond by end of week, the PM intends to send an inspector to perform a door-knock early next week to establish contact with the tenant.

Property Update (12/01/2022):

The Property Manager's tenant placement fee of $1,125 has been paid via November's rent and daily rental income will begin again today.

Property Update (10/13/2022):

The market rate application for the tenant was approved

The tenant signed a 12-month lease at $1,125

The lease represents a $275 increase over the previous lease

The tenant moved in on October 8th and paid a deposit of $2,250

The property management company's tenant placement fee is $1,125 and will be deducted from November's rent.

Property Update (09/19/2022):

The Property Manager has approved an applicant at $1,125 per month

The leasing team is verifying the applicant's housing voucher before sending a lease for them to sign

The approved rent is a $275 (32%) increase over the previous rent of $850.

Property Update (08/22/2022):

The property's turn services have been completed and it is now listed for rent at $1,125 per month

This represents a $275 (32%) increase over the previous rent of $850

If rented successfully at this rate, the CoC Return would increase by close to 3%

There have been a few interested tenants, but no submitted applications

The Property Manager will start listing the property with housing programs to increase rental traffic.

Property Update (07/13/2022):

The tenant has moved out before the end of their lease term on October 31, 2022

The Property Manager has performed a move-out inspection and found $5,060 worth of repairs that need to be made before the property can be rented again

The original seller will be paying for half of the damages, or $2,530

The remaining cost will be taken from the maintenance reserve, which will be replenished with 10% of the cash flow until it is full again.

Property Update (05/18/2022):

The property has officially been transferred to a new Property Manager, B2B Realty, based on a previous governance vote

B2B Realty charges a lower Property Management fee of 8% compared to the previous manager's fee of 10%

As a result, the Annual Cash Flow for the property has increased from $7,277 to $7,481.