• Property Update (06/27/2026):

• 4183 E 146th St has now closed. Sale proceeds of $80,928.95 have been wired to Lofty, and $1,147.98 remains due to ECO. The remaining 6/1/25 intercompany balances have been resolved, and Yhome is fully settled from the DAO’s perspective.

• Final close-out metrics:

• ECO Operating Cash: $1,147.98

• Estimated Lofty Operating Cash: $58,849.36

• Estimated DAO Net Cash (Capital Call): $57,501.38

• Tokens Outstanding: 1,939

• Estimated NAV per Token: $29.76

• Property Update (04/06/2026):

• Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):

• Yhome Net Due TO DAO: $-2,756.91

• Lofty Operating Cash: $-2,380.28

• ECO Operating Cash: $2,844.84

• Outstanding Liabilities (Unpaid Bills): $0.00

• DAO Net Cash (Capital Call): $-5,883.14

• Estimated Owners' Equity: $89,300.00

• DAO Estimated NAV Per Token: $43.02

• DAO Tokens: 1939

• Current PM: ECO

• Property Update (01/28/2026):

• This property is stable, no-fuss, and one of the better ones in the Cleveland market. The tenant has been paying on-time every month since they moved in.

• However somehow, Lofty is owed $21,879.59 in negative operating reserves, which have been continuously gone more and more negative since July 2023.

• There is no updated Transaction History since Sept. 2025, yet the OR balance dropped by another $7,178.28 in Oct. 2025. The reason is unclear.

• A capital call was previously approved to borrow $18k from EARLDAO, but not enough funds are available due to other expenses taking precedent. Even so, it would take several years to return these funds owed to Lofty.

• A lead clearance certificate is required, which means Lead Renovation, Repair, and Painting is needed for the porch and basement. This will cost $1-2k and will be handled by the Aligned team. It will be paid for using DAO funds held by ECO Systems.

• If any owners would like to provide or secure a low-interest low-LTV DSCR loan to pay off the DAO's balances and perhaps do a share buyback and pad reserves using excess funds, please email ecosystemspm@gmail.com to coordinate. Otherwise, the property may have to be sold to a third-party buyer, which would net ~$36/share after broker fees and closing costs.

• Note that Lofty may freeze trading once a DAO approves a vote to list the property for sale, so it's best to stack your shares prior to announcement of results.

• View HRG's General Ledger

• View Aligned Statements

• View ECO Systems General Ledger

• View Full Accounting Summary

• Property Update (05/28/2025):

• Owner-Proposed Governance Vote for 4183 E 146th 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.

• VOTE #1 - CAPITAL CALL (Choose One)

• Outstanding Financial Items

• Repairs reimbursement due to Yhome: $3,951.91

• PM fees due to Yhome: $75.69

• Security deposit from Yhome (due to ECO Systems): ($1,195.00)

• Capital call due to Lofty (to restore Operating Reserve): $12,005.25

• Delinquent property taxes: $1,918.63

• Universal Lending DAO balance @ 13.5%: $644.96

• Total (Full Resolution): $17,525.94

• Total (OR & Tax Only): $14,000.00 (rounded)

• Note: $200.19 owed to Aligned will be paid from June rent. No funds will be sent to Yhome until legal disputes are resolved. Excess funds raised will remain in the reserve.

• Option 1 - Approve Capital Call of $18,000 via EARLDAO

• Covers all obligations (Lofty, taxes, and Yhome)

• Non-dilutive, 12% APR, interest-only loan

• 1-year balloon repayment term

• Option 2 - Approve Capital Call of $18,000 via Equity at $24/share

• Funds the same obligations as Option 1

• Issued by minting 773 governance tokens

• Dilutive, but no interest payments

• Option 3 - Approve Capital Call of $14,000 via EARLDAO

• Covers only taxes and reserve shortfall

• No payment to Yhome

• Non-dilutive, debt structure identical to Option 1

• Option 4 - Reject Capital Call

• DAO remains undercapitalized

• Tax payment, PM transition, and rental disbursements may be delayed

• DAO may remain subject to continued Yhome control

• VOTE #2 - PROPERTY MANAGEMENT STRUCTURE (Choose One)

• Option 1 - ECO Systems as PM with Aligned as Sub-PM

• Total PM Fee: 15%

• 10% to Aligned

• 5% to ECO

• Leasing Fee: 1 full month's rent to Aligned

• Repairs: 10% markup by Aligned

• Benefit: No service disruption

• Option 2 - ECO Systems as PM with Hemlane as Sub-PM

• Total PM Fee: 10% to ECO

• Leasing Fee: $695 or 50% of first month's rent (whichever is greater)

• Repairs: No markup

• Subject to Hemlane appointing a Local Agent in Charge in Cleveland

• Option 3 - Reject Vote #2

• DAO remains under Yhome Nursing LLC

• DAO continues to be subject to unilateral term changes by Yhome until new PM is selected and ratified

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

• Property Update (05/28/2025):

• Governance Results for 4183 E 146th St:

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

• The first winning vote is:

• Option 1 - Approve Capital Call of $18,000 via EARLDAO

• Covers all obligations (Lofty, taxes, and Yhome)

• Non-dilutive, 12% APR, interest-only loan

• 1-year balloon repayment term

• This voting option was declared the winner in Round 1 with 221 token votes.

• The voting results can be found on chain here or by searching the application ID: 3038014960

• The second winning vote is:

• Option 2 - ECO Systems as PM with Hemlane as Sub-PM

• Total PM Fee: 10% to ECO

• Leasing Fee: $695 or 50% of first month's rent (whichever is greater)

• Repairs: No markup

• Subject to Hemlane appointing a Local Agent in Charge in Cleveland

• This voting option was declared the winner in Round 1 with 219 token votes.

• The voting results can be found on chain here or by searching the application ID: 3038020533

• Property Update (05/21/2025):

• Governance Results for 4183 E 146th St:

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

• The winning vote is:

• No [do not change property managers to Whalec Property Management]

• This voting option received 222/413 token votes, which is equal to 53.7% of the total votes.

• In order for the vote to pass to change managers, it needed to receive 60%+ of the total votes.

• The voting results can be found on chain here or by searching the application ID: 3007514725

• Property Update (05/16/2025):

• Owner-Proposed Governance Vote for 4183 E 146th 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 4183 E 146th St investors,

• TL;DR:

• Urgent vote: If we don't act by May 20, the current PM, Yhome, will finalize their terms, including an undisclosed 10% gross operating expense markup within the aligned 20% charges.

• I propose we transition to Whalec Property Management, where I commit to no maintenance markups and full transparency via Hemlane.

• I'm an active investor and Lofty Discord member (@Whalec), with a track record of onboarding 20+ Lofty properties and managing two of Lofty's top-performing properties (440 Louden Ave and 1580 Andover Dr).

• PM fee starts at 15%, but automatically drops to 10% once stabilized - with the 5% savings directed into the Operating Reserve.

• Avoid increased costs and ensure better communication and transparency by voting to switch before the May 20 deadline.

• Hello 4183 E 146th St investors,

• I, Alec VanBeek (@Whalec on the Lofty Discord), am proposing a vote to switch to Whalec Property Management due to concerns with the current manager, Yhome. If we do not act by May 20th, the 30-day transition into Yhome's new terms will take effect. Additionally, it was recently discovered that Yhome is charging a 10% gross operating expense, hidden within the 20% aligned charges. In contrast, I offer maintenance services through Hemlane with no markups, and all invoices are transparently shared in Discord. As a DAO owner myself, I want to help guide this property onto a better path. Whalec Property Management has successfully onboarded over 20 Lofty properties with measurable improvements in communication and response times. We also manage two of the platform's most successful properties: 440 Louden Ave and 1580 Andover Dr.

• Vote Proposal:

• Approve the transition of property management services from Yhome to Whalec Property Management

• Proposed Property Manager:

• Whalec Property Management

• Key Terms:

• Management Fee:

• 15% of Gross Monthly Rent initially

• Drops to 10% once the property is stabilized

• The 5% savings go directly to the Operating Reserve

• Definition of Stabilized:

• 4 consecutive months of rent collection

• Full operating reserve funded

• Tenant Placement Fee:

• Equal to First Month's Rent (only for new tenant placements)

• No Renewal Fees:

• $0 for lease renewals or re-leasing to existing tenants

• No Maintenance Upcharge:

• Maintenance costs billed at actual cost through Hemlane

• All repairs and invoices shared transparently in Discord

• Maintenance Thresholds:

• $500 for emergency repairs

• $150 for non-emergency repairs

• Repairs under the threshold will proceed automatically

• Feel free to ping or DM me on Discord - I'm @whalec in the Lofty server.

• 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 (03/14/2025):

• The PM confirmed the tenant moved in as scheduled.

• The tenant signed a 12-month lease at $1,195/month.

• The lease term is from 2/21/25 - 2/20/26.

• The tenant paid a deposit of $1,195.

• The property manager charges a leasing commission of first month's rent, which will be deducted from February's rent.

• Lease Agreement

• Property Update (02/23/2025):

• A new tenant has been approved and will move in on 2/21/25.

• The tenant signed a 12-month lease at $1,195/month.

• The lease term is from 2/21/25 - 2/20/26.

• The tenant paid a deposit of $1,195.

• The property manager charges a leasing commission of first month's rent, which will be deducted from February's rent.

• The lease agreement is currently being redacted and will be uploaded to the property page once the redaction is complete.

• Property Update (01/18/2025):

• The property manager confirmed the property has been listed for rent at $1,195/mo.

• Property Listing

• Property Update (12/17/2024):

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

• Cal is available in this property's specific Discord channel to answer questions from owners.

• "We have an update regarding 4183 East 146th Street: the work on the property has been completed, and we are currently preparing photographs. Additionally, there is an outstanding tax bill of $1,146.35, which we will settle shortly to prevent any liens from the city. As we proceed with listing the property for rent, we will keep you informed of any developments."

• Property Update (12/07/2024):

• The new owner-elected property manager, Yhome Nursing LLC, provided the following photos from their initial visit to the property.

• View Photos

• Property Update (11/18/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept or deny the offer of $56k, or delist the property.

• The winning vote is:

• Deny the offer, de-list the property, and change property managers to Yhome Nursing LLC

• This voting option was declared the winner in Round 1 with 570 token votes.

• The voting results can be found on chain here or by searching the application ID: 2514120639

• 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, expenses, and unpaid bills, and will recoup these funds, plus 6% interest, from a portion of the property's cash flow.

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

• Property Update (11/15/2024):

• Governance Vote:

• The governance results are back for the vote to accept, counter, or deny the offer of $56k.

• The winning vote is:

• Counter the offer at $79k (Listing agent's recommendation)

• This voting option was declared the winner in Round 9 via the Ranked Choice Voting method with 682 token votes.

• The voting results can be viewed on chain here.

• The buyer responded to the offer with the following:

• I appreciate the counter but I really would need to be at 56K so if they change their mind or anything changes about the property can you please let me know?

• Owners can now vote to accept, deny, or delist the property and migrate management to Yhome Nursing LLC.

• The property was originally purchased on 07/01/2022 for $83,500.

• The estimated token price based on a sale price of $59k is below:

• Counter-Offer price: $59k

• Commission: $2,950

• Closing costs: $1,770

• Unpaid bills: $16,533

• Estimated sales price: $37,747

• The estimated token price based on a total token amount of 1,939 is $19.46/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 all investors on Monday, November 18th.

• Property Update (11/13/2024):

• Governance Vote:

• The property received an offer for $56k. Owners now have the ability to vote to accept, counter, or deny this offer, or delist the property and migrate property managers to Yhome Nursing LLC.

• Offer terms:

• Buyer's Name: Rising Star Investment LLC

• Purchase Price: $56,000.00

• Title Company: First Title Services

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

• Financing: Cash

• Closing Date: Within three weeks of final signature

• Inspections: General Inspection (Within 5 days)

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

• Listings: Sold

• 1 5055514 4122 E 142nd St Cleveland 3 1 (1/0) 2 1920 1,058 0.11 10/10/24, Listed $30,000 Closed at $20,000

• 2 5032798 3794 E 151st St Cleveland 3 1 (1/0) 2 1929 0.12 05/21/24, Listed at $85,000, Closed at $77,000

• 3 5029323 16201 Talford Ave Cleveland 3 1 (1/0) 2 1939 0.11 06/18/24, Listed at $99,900, Closed at $78,000

• 4 5050292 16816 Talford Ave Cleveland 3 1 (1/0) 2 1942 1,388 0.13 09/20/24, Listed at $99,900, Closed at $95,880

• 5 5070440 16401 Judson Dr Cleveland 3 1 (1/0) 2 1944 1,056 0.16 11/01/24, Listed at $119,000, Closed at $112,500

• The property is currently listed for $89,900

• The listing agent provided the following recommendation:

• So this home has been on the market now for 231 days. This property has been on and off market a few times and I serviced countless calls from curious investors. Once they find out the property does no have mechanicals in the basement, they loose interest quickly. This investor is purchasing in its AS-IS condition. I would suggest countering back at $79k. As you can see from the comps above, they were all in pretty good condition. I do not know how much this particular Buyer can go up in price but we know our last few offers have been around our counter price.

• The property was originally purchased on 07/01/2022 for $83,500.

• The estimated token price based on a sale price of $79k is below:

• Counter-Offer price: $79k

• Commission: $3,900

• Closing costs: $2,340

• Unpaid bills: $15,721

• Estimated sales price: $57,039

• The estimated token price based on a total token amount of 1,939 is $29.42/token.

• Owners also have the ability to delist the property 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 just under 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

• The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to all investors on Friday, November 15th.

• Property Update (11/10/2024):

• Days on market: 225

• In the last 7 days, the property had 2 showings.

• The following feedback was received:

• "Work that needs to be done is more than what the client wants to handle. Thank you for the showing!" - Christopher Reindle, Realty ONE Group Refined

• Agent's note:

• "We've had a few showings and a ton of calls about this property. Once I tell them the property needs mechanicals they lose interest pretty quickly but a lot of folks call pushing for owner financing. I suggest lowering the purchase price to $84,900 in an attempt to draw more Buyers to this property. Our buyer is out there!"

• The property is currently listed at $89,900.

• Property Listing

• Property Update (11/02/2024):

• Days on market: 218

• The property had 2 showings within the last 7 days.

• The following feedback was received:

• "Client is interested. Writing an offer today." London Ervin, Keller Williams

• Additionally, the listing agent noted that they "have written an offer up for this property for a Buyer who reached out to me (randomly) named Sean Change has officially declined to sign the offer I've been reminding him of every few days. Interestingly enough, we're supposed to receive another offer for the property but the DSCR loan. The agent called me this evening stating her loan cannot be approved if there is not an HVAC or Hot Water Tank installed. I told her to check out the FHA 203k loan meant for homes that need rehabbing, so her buyer is looking into that."

• The property is currently listed at $89,900.

• Property Listing

• Property Update (10/26/2024):

• Days on market: 204

• The property had 3 showings within the last 7 days.

• The following feedback was received:

• "Thank you for allowing us to see. The buyer felt the property needed a little more work than they wanted to take on. Great property though…" Leilani Bowersock, Coldwell Banker Schmidt Realty (10/22/2024)"

• Additionally, the listing agent provided an update regarding the offer that was mentioned last week: "The Buyer claims he had a death or an accident in his family and that he's trying to deal with that but he'd get back to me later that day and that was Tuesday. Since then, I've been trying to follow up with phone calls and text messages."

• The property is currently listed at $89,900.

• 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 (10/19/2024):

• The listing agent advised that the buyer has asked to be released from the agreement, and a mutual release has been sent. No further context from the buyer has been provided.

• The property has been in and out of contract several times for various reasons.

• Showings:

• 1 showing in the last 7 days

• 9 showings in the last 30 days

• 44 showings in total

• On 10/15/2024, Brett Munich of Keller Williams stated that his client is "not interested at this time."

• The listing agent mentioned that an offer has been written for a buyer named Sean Change, who reached out to them randomly.

• However, the buyer has not yet signed off on the offer for it to be presented to the owners.

• The offer is for $75k, with a requested closing date on or before 11/21.

• The agent will provide further updates as they become available.

• The property is currently listed at $89,900.

• Property Listing

• Property Update (10/06/2024):

• The Buyer signed the Purchase and Sale Agreement.

• The inspection contingency period ends on 10/13.

• Buyer will submit EMD of $780 after inspections are completed.

• Closing date is set for 10/22.

• Property Update (09/27/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept, counter, or deny offer of $78k.

• The winning vote is:

• Accept the offer of $78k

• This voting option was declared the winner in Round 8 with 524 token votes.

• The voting results can be found on chain here or by searching the application ID: 2324634115

• The purchase agreement will be signed and the listing agent will provide any updates on the closing process. The closing date is expected to occur within 3 weeks.

• The other voting options were eliminated in the following rounds:

• Round 1:

• Counter the offer at $86k

• 17 token votes

• Round 2:

• Counter the offer at $88k

• 1 token vote

• Round 3:

• Counter the offer at $84k

• 16 token votes

• Round 4:

• Counter the offer at $82k

• 16 token votes

• Round 5:

• Counter the offer at $80k

• 49 token votes

• Round 6:

• Deny the offer

• 51 token votes

• Round 7:

• Counter the offer at $89,900

• 210 token votes

• Property Update (09/25/2024):

• Governance Vote:

• The property received a cash offer for $78k. Owners now have the ability to vote to accept, counter, or deny this offer.

• Offer terms:

• Purchase price: $78k

• Title company: First Title Services

• EMD: Buyer to deposit $780 after inspection have been completed

• Financing: Cash

• Closing date: Within 3 weeks

• The property is currently listed for $89,900

• The listing agent provided the following recommendation:

• I suggest the owners should not counter and accept this offer.

• This property has been on the market now for 193 days with several showings, we have an investor from out of state who is willing to purchase as is.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The estimated token price based on a sale price of $78k is below:

• Counter-Offer price: $78k

• Commission: $3,900

• Closing costs: $2,340

• Unpaid bills: $16,200

• Estimated sales price: $55,560

• The estimated token price based on a total token amount of 1,939 is $28.65/token.

• The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will tallied end of day on Friday, September 27th, and sent to all investors.

• Property Update (09/21/2024):

• DOM 188 days

• The property has been in and out of contract several times for various reasons.

• The property had 4 showings in the last 7 days.

• The following feedback was received:

• "Hi Alex, my client feels the asking price is up there, he has several properties and now the City of Cleveland requires the windows to be replaced there was alot of chip paint. No mechanicals in the basement. Driveway needs some attention as well as some other things in the home. If he submits an offer it will be well under asking price. Thank you." - Selena Presley, Century 21 Homestar (9/17/2024)"

• "We did enter the premises. Buyer not interested..." Nathaniel Roane Ramsey, The Ramsey Team (9/14/2024)"

• The property is currently being listed at $89,900.

• The listing agent recommends to lower the price by $2,000.

• Property Listing

• Property Update (09/07/2024):

• There have been 0 showings in the past 7 days. However, the Listing Agent is working through 2 leads.

• They may be an offer coming in, but the Buyers did not give indication of the price.

• Property Listing

• Property Update (08/27/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept, counter, or deny offer of $80k.

• The winning vote is:

• Counter the offer at $84k (Listing agent's recommendation)

• This voting option was declared the winner in Round 1 with 542 token votes.

• The voting results can be found on chain here or by searching the application ID: 2263209621

• The other voting options were eliminated in Round 1:

• Accept the offer of $80k

• 25 token votes

• Deny the offer

• 76 token votes

• Counter at $87,500

• 14 token votes

• Counter at $89,900

• 164 token votes

• The buyer has decided to pass. The text message exchange between the buyer's agent and the listing agent can be viewed here.

• Property Update (08/23/2024):

• Governance Vote:

• The governance voting results are back for the vote to accept, counter, or deny the buyer's request to reduce the purchase price to $80k.

• The winning vote is:

• Deny the price reduction

• This voting option was declared the winner in Round 1 with 623 token votes

• The voting results can be found on chain here or by searching the application ID: 2250606206

• The buyer denied the offer, but another buyer has submitted a new offer at the same price of $80,000.

• Owners will now have the ability to accept, deny, or counter the new offer.

• The property is currently listed for $89,900.

• The offer terms are below:

• Address: 4183 E 146th Street, Cleveland, OH 44128

• Buyer's Name: Property Group, LLC

• Purchase Price: $80,000.00

• Title Company: First Title Services

• EMD: $1,500.00

• Financing: DSCR

• Closing Date: Within 30 Days (Est. 9/24/2024)

• Inspections: General (Within 10 Days)

• The listing agent provided the following feedback:

• This property has been on the market for 159 days. We've had 32 appointments total since listing the property for sale. We've had 9 appointments within the last 30 days with 1 of those appointments occurring within the last week. Our feedback has been mostly unfavorable in that they can't afford mechanicals for the basement, too much work… When we first listed, a Buyer thought it was priced too high. I drew up a CMA for the Owners to look at but basically 5 homes sold within a 1⁄2 a mile of 4183 E 146th Street that include 3900 E 140th That was listed at $50k but sold at $62k. Another was at 3794 E 151st Street was listed at $85k but sold $77k. The third home was located at 16201 Talford Ave that was listed at $99k but sold at $78k. The last two properties were located at 15503 Eldamere and was listed at $125k but sold at $92.5k after being on the market for 179 days. And lastly, 15712 Cloverside was originally listed at $135k but sold for $110k after being on the market for 99 days. The average sales price of these sales is between $83.9k - $78k.

• I would recommend the Owners counter back at $84k in the hopes that we can get the Buyers to come up a little on their current offer.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The estimated token price based on a sale price of $80k is below:

• Counter-Offer price: $80k

• Commission: $4,000

• Closing costs: $2,400

• Unpaid bills: $16,574

• Estimated sales price: $57,026

• The estimated token price based on a total token amount of 1,939 is $29.41/token.

• The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will tallied end of day on Monday, August 26th, and sent to all investors.

• Property Update (08/20/2024):

• An owner of this property has put together a counter-proposal.

• This is in response to the previous governance vote sent out on 8/19, which can be viewed on the property page in the "Property Updates" section.

• If you have already voted, and would like to change your vote, click the button below, or at the end of this email.

• The owner who proposed the counter-proposal owns 15 tokens in this property, and his wallet can be viewed here.

• The owner's counter-proposal 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. Owners of 4183,

• I propose that we deny the 80k offer from the buyer. We have already shown considerable flexibility by reducing the price once to 84K. The buyer's "careful consideration" is simply an attempt to take advantage of our goodwill.

• Let's not be overly desperate. Instead, vote to deny their offer and relist the property. Mortgage rates are (slowly but surely) coming down, so we can expect a better offer in the near future. Thank you.

• Property Update (08/19/2024):

• Governance Vote:

• The buyer has not signed the purchase agreement. He reached out to the listing agent saying that he will sign but after "careful consideration" he cannot go higher than $80k and will sign once the agreement is amended.

• Owners previously voted to accept the buyers offer of $84k, and will now have the option to accept, deny, or counter the price reduction to $80k.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The estimated token price based on a sale price of $80k is below:

• Counter-Offer price: $80k

• Commission: $4,000

• Closing costs: $2,400

• Unpaid bills: $16,574

• Estimated sales price: $57,026

• The estimated token price based on a total token amount of 1,939 is $29.41/token.

• The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will tallied end of day on Wednesday, August 21st, and sent to all investors.

• Property Update (08/13/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept, counter, or deny the two offers.

• The winning vote is:

• Accept the cash offer of $84k (Listing agent's recommendation)

• This voting option was declared the winner in Round 4 with 547 token votes.

• The voting results can be found on chain here or by searching the application ID: 2232262910

• The other voting options were eliminated in the following rounds:

• Round 1:

• Counter the offer at $87.5k

• 1 token vote

• Round 2

• Counter the offer at $89.9k

• 40 token votes

• Round 3:

• Counter the offer at $95k

• 137 token votes

• Round 4:

• Deny the offer

• 187 token votes

• The purchase agreement will be signed and uploaded to the property's Dropbox folder. The listing agent will follow up with any updates on the closing process.

• Property Update (08/12/2024):

• Governance Vote:

• The Buyer completed inspections and decided to back out afterwards.

• The Listing Agent is waiting on the Mutual Release and inspection report from the Buyer's Agent.

• The listing agent received another cash offer, and advised to get back to the buyer by tomorrow, 8/13.

• The property is currently listed at $89,900.

• OFFER SUMMARY

• Address: 4183 E 146th Street, Cleveland, OH 44128

• Buyer's Name: MTST Holdings LLC (Allen Gilmour, Authorized Signator)

• Purchase Price: $84,000.00

• Title Company: First Title Services

• EMD: $840

• Financing: CASH

• Closing Date: 21 days after acceptance (Est 9/2/2024)

• Inspections: General Inspection

• The listing agent advised:

• This is the absolute HIGHEST this investor go. I got him up to $84K.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The property owes a total of $15,581 in unpaid bills to the Property Manager, which will be paid to them upon closing.

• The estimated token price based on a sale price of $84k is below:

• Counter-Offer price: $84k

• Commission: $4,200

• Closing costs: $2,520

• Unpaid bills: $15,581

• Estimated sales price: $61,699

• The estimated token price based on a total token amount of 1,939 is $31.82/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 Tuesday, August 13th, once the voting is complete.

• Property Update (08/06/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept, counter, or deny the two offers.

• The winning vote is:

• Accept the conventional financing offer of $90k (Listing agent's recommendation)

• This voting option was declared the winner in Round 1 with 579 token votes.

• The other voting options were eliminated in Round 1:

• Deny both offers

• 16 token votes

• Counter the conventional financing offer at $95k

• 128 token votes

• The remainder of the voting options received 0 votes.

• The purchase agreement will be signed and uploaded to the property's Dropbox folder. The listing agent will follow up with any updates on the closing process.

• Property Update (08/05/2024):

• Governance Vote:

• The listing agent received two offers, which can be viewed below. Owners now have the ability to accept, counter, or deny the offers.

• The property is currently listed at $89,900.

• The listing agent recommends to get back to both buyers within 24 hours.

• Conventional Financing

• Purchase Price: $90,000.00

• EMD $1000

• Title Company: First Title Services

• Financing: Conventional / DSCR

• Closing Date: 30 days close - 9/5/24

• Cash Offer

• Purchase Price: $68,000.00

• Title Company: First Title Services

• Financing: Cash

• Closing Date: 1-2 Weeks

• Inspections: Walk Through with contractor

• Additional Info: Close within 1-2 Weeks

• The listing agent provided the following details:

• We had two verbal offers come through today that were eerily similar to the Bowmanville offer. The one was cash and the other was to be financed. The Cash offer came through a phone call who floated the offer out there and wanted to know what you thought. That offer came before the other verbal offer upon which that agent actually drew up a written agreement for us to look at.

• The written agreement matches our last offer at $90k so technically, were above asking price on this one. Secondly, I want you to note that this agent walked the property with his client before writing the offer up. Now the agent may have written it up a little higher since I told him we had a verbal cash offer being considered but ultimately, I would recommend going with these folks.

• I do not recommend countering the financed offer. I would ask the Sellers to accept that offer and use the Cash offer as a backup. The financed offer is a REAL Buyer. Again, this guy called me on the phone today interested but hasn't seen what the property looked like inside and I had to try and get him up before even letting Kathie know about the offer. The Cash buyer does not seem to be "serious" and I don't want to lose a real Buyer.

• And I'm saying that as someone who the cash buyer asked to help represent him in the transaction so I'd be doing the dual agency thing here. I just don't want to see the property go Under Contract again and then out of contract like the last time. We've had a string of bad buyers lately.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The property owes a total of $15,581 in unpaid bills to the Property Manager, which will be paid to them upon closing.

• The estimated token price based on a sale price of $90k is below:

• Counter-Offer price: $90k

• Commission: $4,500

• 2% Credit: $1,800

• Closing costs: $3,000

• Unpaid bills: $15,581

• Estimated sales price: $65,119

• The estimated token price based on a total token amount of 1,939 is $33.58/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 Tuesday, August 6th, once the voting is complete.

• Property Update (07/27/2024):

• The property had 3 showings in the last 7 days.

• The listing agent recommends to keep the listing price at $95k due to the increase in traffic since re-listing the property.

• Property Listing

• Property Update (07/22/2024):

• The Buyer could not secure financing, therefore the contract has been cancelled.

• EMD has been refunded to Buyer since they did not pass the inspection contingency.

• The Listing Agent recommends to re-list the property at $95k.

• Property Listing

• Property Update (07/05/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept, counter, or deny the buyer's counter-offer of $90k.

• The winning vote is:

• Accept the buyer's counter-offer of $90k

• This voting option was declared the winner in Round 3 with 541 token votes.

• The other voting options were eliminated in the following rounds:

• Round 1

• Deny the counter-offer and continue listing the property

• 30 token votes

• Round 2

• Counter again at $92.5k

• 239 token votes

• Property Update (07/03/2024):

• Governance Vote:

• The governance results are back for the vote to accept, counter, or deny the offer of $87k.

• The winning vote is:

• Counter the offer at $95,000 (Listing agent's recommendation)

• This voting option was declared the winner in Round 1 with 458 token votes.

• The other voting options were eliminated in Round 1:

• Counter the offer at $99,900

• 209 token votes

• Deny the offer and continue listing the property

• 23 token votes

• Accept the offer of $87,999

• 65 token votes

• The buyer's agent advised the highest the buyer is willing to go is $90k with a 2% credit at closing.

• View Screenshot of conversation with Buyer's agent

• Owners now have the ability to accept, counter, or deny the buyer's counter. The offer terms can be viewed below:

• Address: 4183 East 146th Street, Cleveland Ohio 44113

• Buyer's Name: L3 Holdings 1 LLC

• Purchase Price: $90,000

• Title Company: First Title Services

• EMD: $500

• Financing: Conventional

• Closing Date: Within 30 days of the fully executed agreement.

• Inspections: Buyer is just having a Sewer Scope performed.

• Additional Info: Offer is contingent upon a walkthrough of the property. Seller to credit the Buyer 2% of the purchase price and the lastly, offer contingent upon the Buyer being able to find full insurance coverage on the property in its current condition.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The property owes a total of $14,385 in unpaid bills to the Property Manager, which will be paid to them upon closing.

• The estimated token price based on a sale price of $90k is below:

• Counter-Offer price: $90k

• Commission: $4,500

• 2% Credit: $1,800

• Closing costs: $3,000

• Unpaid bills: $14,385

• Estimated sales price: $66,315

• The estimated token price based on a total token amount of 1,939 is $34.20/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, July 5th, once the voting is complete.

• Property Update (07/02/2024):

• Governance Vote:

• The property received an offer of $87,000 with a 2% credit. Owners will now have the opportunity to vote to accept, counter, or deny the offer.

• The listing agent advised to get back to the buyer by tomorrow, July 3rd, before the holiday.

• The property is currently listed for $99,900.

• The Broker, Alex Johnson, a Roofstock partner with Real Estate Quest, Inc., provided the following information regarding the offer:

• Address: 4183 East 146th Street, Cleveland Ohio 44113

• Buyer's Name: L3 Holdings 1 LLC

• Purchase Price: $87,000

• Title Company: First Title Services

• EMD: $500

• Financing: Conventional

• Closing Date: Within 30 days of the fully executed agreement.

• Inspections: Buyer is just having a Sewer Scope performed.

• Additional Info: Offer is contingent upon a walkthrough of the property. Seller to credit the Buyer 2% of the purchase price and the lastly, offer contingent upon the Buyer being able to find full insurance coverage on the property in its current condition.

• The listing agent recommends to counter at $95,000.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The property owes a total of $14,385 in unpaid bills to the Property Manager, which will be paid to them upon closing.

• The estimated token price based on a sale price of $95k is below:

• Counter-Offer price: $95k

• Commission: $4,750

• 2% Credit: $1,900

• Closing costs: $3,000

• Unpaid bills: $14,385

• Estimated sales price: $70,965

• The estimated token price based on a total token amount of 1,939 is $36.59/token.

• The listing agent advised to get back to the buyer by tomorrow, July 3rd, before the holiday. 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, July 3rd, once the voting is complete.

• Property Update (06/15/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept or deny the offer of $95,000.

• The winning vote is:

• Yes, accept the offer.

• This voting option did not reach a Supermajority of 60%+. As a result, the offer will be denied and the property will continue to be listed for sale.

• The winning option received 312 / 571 token votes, which is equal to 54.6% of the total votes.

• Property Update (06/14/2024):

• Governance Vote:

• The governance vote results are back for the vote on whether to accept, counter, or deny the offer of $95,000.

• The winning vote is:

• Counter the offer at $99k with 6% credit (Agent's recommendation)

• This voting option was declared the winner in Round 1 with 403 token votes.

• The other voting options were eliminated in Round 1:

• Deny the offer and continue listing the property

• 112 token votes

• Accept the offer of $95k with a 6% credit

• 141 token votes

• The buyer's agent followed up and advised the buyer an only go up to $95k because the preapproval is at its maximum.

• View text message conversation

• Owners will now have the opportunity to vote to accept or deny the offer of $95k.

• The property is currently listed for $99,900.

• The Broker, Alex Johnson, a Roofstock partner with Real Estate Quest, Inc., provided the following information regarding the offer:

• Address: 4183 E 146th Street, Cleveland OH

• Buyer's Name: Tyshea Scott

• Purchase Price: $95K

• Title Company: First Title Services

• EMD: $1,000

• Financing: FHA

• Closing Date: 7/8/2024

• Inspections: General Inspection, Radon, FHA Inspection

• Additional Info: Lender is requesting Seller provide 6% closing credits as a condition of the loan and to pay $499 for Home Warranty through America's Preferred Home Warranty.***

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The property owes a total of $14,710 in unpaid bills to the Property Manager, which will be paid to them upon closing.

• The listing agent advised to get back to the buyer by tomorrow, 6/15. The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Saturday, June 15th, once the voting is complete.

• Property Update (06/13/2024):

• Governance Vote:

• The property received an offer of $95,000. Owners will now have the opportunity to vote to accept, counter, or deny the offer.

• The property is currently listed for $99,900.

• The Broker, Alex Johnson, a Roofstock partner with Real Estate Quest, Inc., provided the following information regarding the offer:

• Address: 4183 E 146th Street, Cleveland OH

• Buyer's Name: Tyshea Scott

• Purchase Price: $95K

• Title Company: First Title Services

• EMD: $1,000

• Financing: FHA

• Closing Date: 7/8/2024

• Inspections: General Inspection, Radon, FHA Inspection

• Additional Info: Lender is requesting Seller provide 6% closing credits as a condition of the loan and to pay $499 for Home Warranty through America's Preferred Home Warranty.***

• The listing agent recommends the following:

• I would recommend countering back at $99k to bake in some of the seller concessions. I'm not sure what the highest amount she is approved for but I was lead to believe from the agent she cannot do $100k.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of May, 2024 is $112,836.

• The property owes a total of $14,710 in unpaid bills to the Property Manager, which will be paid to them upon closing.

• The listing agent advised to get back to the buyer by tomorrow, 6/14. 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, June 14th, once the voting is complete.

• Property Update (05/13/2024):

• Governance Results:

• The Governance Voting results are back for the vote to accept, deny, or counter the offer of $95,000.

• The winning vote is:

• Counter at $105,000 (Agent's recommendation)

• This option was declared the winner in Round 1 with 435 token votes via the Ranked Choice Voting method.

• The other voting options were eliminated in Round 1:

• Counter at $100,000

• 56 token votes

• Deny the offer

• 72 token votes

• Accept the offer of $95,000

• 19 token votes

• The listing agent countered at $105,000. The buyer advised that they are unable to go past $95,000, resulting in the offer being pulled.

• Property Update (03/15/2024):

• Governance Vote:

• The property received an offer of $95,000, which can be viewed below. Owners will now have the opportunity to vote to accept, counter, or deny the offer.

• The property is currently listed for $115,000.

• The Broker, Alex Johnson, a Roofstock partner with Real Estate Quest, Inc., provided the following information regarding the offer:

• OFFER SUMMARY

• Address: 4183 East 146th Street, Cleveland Ohio 44113

• Purchase Price: $95,000

• Title Company: Enterprise Title Services

• EMD: $1,500

• Financing: Conventional

• Closing Date: 6/10/2024

• Inspections: General and/or any other inspections deemed necessary

• Additional Info: Offer is contingent upon a walkthrough of the property

• The broker recommends countering back at $105,000.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of February, 2024 is $112,417.

• The property owes a total of $13,764.88 in unpaid bills to the Property Manager, which will be paid to them upon closing.

• 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 Thursday, May 9th, once the voting is complete.

• Property Update (03/15/2024):

• Governance Vote:

• The Governance results are back for the vote to either do a Capital Call or sell the property to pay off the unpaid bills owed to the Property Manager, HomeRiver Group.

• The winning vote is:

• Sell the property

• This option was voted on by 398/553 tokens, which is equal to 71.97% of the total votes.

• Owners will now have the opportunity to vote on the listing price.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of February, 2024 is $91,318.

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

• Based of the condition of the home (just going off the pics) and what has sold out there over the past year, and given that your looking to rent for around $1200, I'd list around $110k-$115k and see what the market dictates.

• The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to all investors in 4183 E 146th St on Monday, March 18th once the voting period ends.

• Property Update (03/15/2024):

• Governance Results:

• The Governance Voting results are back for the vote on the price to list the property for on the open market.

• The winning vote is:

• List the property for $115,000 (Broker's recommendation)

• This option was declared the winner in round 3 with 319 token votes via the Ranked Choice Voting method.

• The other voting options were eliminated in the following rounds:

• Round 1:

• List for $110,000

• 78 token votes

• Round 2:

• List for $105,000

• 40 token votes

• Round 3:

• List for $120,000

• 186 token votes

• The property will be listed for sale today at $115,000 and any updates will be provided promptly. This includes feedback from showings and any offers presented. If an offer is received, owners will have the ability to vote to accept, deny, or counter the offer.

• Property Update (03/11/2024):

• Governance Vote:

• Per the Operating Reserve Replenishment section of the property page, this property has a negative Operating Reserve balance due to unpaid bills owed to the Property Manager, HomeRiver Group.

• HomeRiver Group recently sent over an updated list of the unpaid bills and has asked for these bills to be paid asap. They advised they are unable to accept future rent as payment for the unpaid bills.

• The total owed to HomeRiver Group is $13,764.88. You can view the list of unpaid bills here.

• The property is currently listed for rent at $1,250/month and had 21 leads and 4 showings in the last 7 days.

• View Property Listing

• Owners now have the option to do a Capital Call for $13,764.88 and pay the unpaid bills, or sell the property outright and use a portion of the funds from the sale to pay for the unpaid bills.

• The property was originally purchased on 07/01/2022 for $83,500. The HouseCanary Valuation as of February, 2024 is $91,318.

• If the Capital Call option is chosen, an owner of the property 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. If you are interested in backing the Capital Call, simply respond to this email.

• 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.

• 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 in order to pay for the unpaid bills. 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%+ using the Ranked Choice Voting method and the results will be sent to all investors in 4183 E 146th St on Friday, March 15th once the voting period ends.

• Property Update (02/10/2024):

• The property had 17 leads and 0 showings in the last 7 days.

• The PM provided an estimate for last minute repairs which need to be completed before marketing.

• The repairs include removing debris and deep cleaning the property.

• The PM has provided an estimate totaling $323.57.

• Repair Invoice

• The property is pre-listed for rent at $1,250/month until the repairs are completed.

• Property Listing

• Property Update (02/10/2024):

• The PM confirmed the approved work has now been completed and the property has passed the final QC inspection.

• The property is now fully listed and the tours have been activated. The "coming soon" tag will be updated on the listing early next week due to the syncing delay with Zillow.

• The property had 15 leads and 0 showings in the last 7 days.

• The property is listed at $1,250.

• Property Listing

• Property Update (02/04/2024):

• The PM confirmed the property is listed as "coming soon" pending the installation of the tenant turner box to allow for showings.

• The property is pre-listed at $1,250/month.

• Property Listing

• Property Update (01/27/2024):

• The PM confirmed the property failed the QC inspection on 1/22.

• The PM has asked the vendor to return and complete the unfinished repairs.

• Once the repairs are completed, the property will be listed for rent.

• Property Update (12/23/2023):

• The PM advised there was a delay with multiple vendors who were assigned to service the furnace and hot water tank.

• The PM spoke with a vendor and confirmed the work will be completed. The PM will follow up with an estimated completion date (ECD) asap.

• Once the furnace and HWT are serviced, the PM will list the property for rent right away.

• The PM, HomeRiver Group, recently assigned a smaller team of Senior Property Managers to properties on Lofty in order to increase efficiency and performance, which includes completing repairs faster & renting units in less time.

• These senior PM's will be the one point of contact, and will manage & assign tasks to other members of the institutional team including turn & listing coordinators.

• All properties managed by HomeRiver Group, including this property, are now managed by two senior members of their institutional team: A Portfolio Vice President and a Senior Asset Manager.

• Property Update (12/09/2023):

• The PM confirmed that a turn was completed in the amount of $917.

• The PM noted that there were significant delays in receiving repair estimates from their vendors in this market.

• An estimate will be shared by the PM and uploaded to the property's Dropbox folder.

• The PM noted that the property can not be listed for rent until the furnace and HWT are serviced.

• The water heater will also need a flue which was not included in the estimate.

• The PM confirmed a vendor has been assigned to complete the servicing and addition of a flue to HWT.

• The tenant paid a security deposit of $1,100 which has gone towards the turn repairs.

• Once the furnace and HWT are serviced, the PM will list the property for rent.

• Property Update (10/28/2023):

• The new owner-elected Property Manager, HomeRiver Group, confirmed the property is vacant.

• They will perform a move-out inspection and provide multiple turn repair estimates.

• The tenant paid a security deposit of $1,100 which will go towards the turn repairs.

• Property Update (08/21/2023):

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

• Property Update (07/22/2023):

• The initial plumbing repairs involved turning on the water main on the street, addressing a leak in the MacPac on the water main inside the house, shutting down the water supply to the house from the street, repairing the water main using a pro press adapter, and conducting leak testing to ensure the issue was resolved.

• The cost of repairs for the first plumbing visit was $495 ($450 + 10% PM markup).

• Repair Invoice

• The tenant reported additional leaks in the kitchen after moving in on 7/1, and the PM sent a plumber to address the issue.

• The plumbing repairs included replacing the existing three-handle shower valve with a new three-handle central brass shower valve.

• Additionally, (2) ball valves, one for hot water and one for cold water, were replaced.

• The cost of repairs for the second plumbing call was $907.50 ($825 + 10% PM markup).

• Repair Invoice

• Additionally, the tenant reported power outages in multiple areas of the property, including a complete loss of power in the kitchen and partial loss of power in other parts of the house.

• The PM sent an electrician to assess and they found that corrosion in the panel.

• The electrician provided an estimate of $1,035.52 ($941.38 + 10% PM markup) to replace all the corrosion damaged breakers and install a deox on all terminals to prevent further corrosion.

• Repair Invoice

• The PM got a second opinion from another electrician and they recommended to install a new 100-amp panel.

• The existing panel is experiencing issues such as single phasing and arcing due to being an outdated 60-amp service.

• The cost for installing just the new panel is $1,485 ($1350 + 10% PM markup), while installing both the panel and the service amounts to $3,300 ($3,000 + 10% PM markup).

• The electrician strongly recommended to replace the panel immediately and advised that if a permit is requested, the city will require the service to be upgraded as well.

• The PM recommends the first electric repair estimate at $1,035.52. While both electricians are well trusted, the lower estimate should address the issue at hand.

• The pluming and electrical repairs were completed as they affect habitability for the new tenant.

• The Operating Reserve balance after the repairs is -$1,832.52. This balance will be paid back to the PM via future rent.

• Property Update (07/06/2023):

• The tenant moved in on 7/1 as scheduled.

• The tenant signed a 1-year lease at $1,100/month.

• The lease term is 07/01/2023 - 06/30/2024.

• The tenant paid a security deposit of $1,100 and will be responsible for all utilities

• Lease Agreement

• The PM was onsite for a water meter installation appointment on 6/30 to prepare the property for move in.

• The water department found a minor leak at the bottom of the line, which they suggested could be fixed by tightening or replacing the flange/gasket.

• After the PM arranged for a vendor to complete this repair, the tenant (who moved in on July 1) discovered several additional leaks in the kitchen, toilet connection, and upper waterline, all of which have been repaired.

• The tub/shower, which initially had no water supply, has also been fixed.

• A missing rear downspout causing water intrusion into the basement was replaced.

• The tenant will receive a prorated refund for two days due to not having a functioning bathroom.

• The vendors that completed the repairs between 7/1 and 7/2 could not identify the cause of the leak as the property was vacant for an extended period of time.

• The PM estimates the total cost of repairs to be around $1,500. The PM is still waiting on the invoices from the vendors for the emergency leak repairs.

• On July 4, the tenant reported a small leak from the kitchen ceiling.

• The PM recommends to have a plumber assess the building for additional leaks as a preventative measure.

• Property Update (06/24/2023):

• The listing had 35 leads, 9 prequalified, and 0 showings in the last 7 days at $1,100/month.

• The property had a be-back who is private pay and submitted an application on 6/22.

• The PM reviewed and approved the application.

• The applicant will pay the deposit on 6/26 and plans to move in on 7/1.

• The PM has not cancelled the EDEN application and will wait until the deposit is paid by the private pay applicant before doing so.

• The lease will be for 1 year at $1,100.

• Property Listing

• The PM received a notice from Cleveland Water for a meter inspection.

• The inspection was completed on 6/23 and the inspector found that the meter was cracked.

• The PM is scheduling to have the cracked line repaired by a vendor and will schedule for the City inspector to return and install a new meter.

• Property Update (06/17/2023):

• The listing had 35 leads, 9 prequalified, and 1 showing in the last 7 days at $1,100/month.

• The PM is still waiting on a compliance inspection date for the applicant with a voucher from EDEN.

• The PM advised that EDEN does not usually take this long, and they have followed up with EDEN again for the inspection date.

• The PM will continue to show the property to market rate tenants to place a tenant in the property sooner.

• Property Listing

• Property Update (06/11/2023):

• The listing had 36 leads, 10 pre-qualified, and 2 showings in the last 7 days at $1,100/month.

• The previous applicant who changed their mind, and wanted to move to another less expensive Lofty property, ultimately backed out of moving altogether.

• The PM had 3 additional showings this week and is following up with the prospects on their interest.

• The PM confirmed that the application for EDEN has been submitted and they are waiting on EDEN to confirm the compliance inspection date.

• The PM will continue to show the property to find a tenant who can move in sooner.

• Property Listing

• Property Update (06/02/2023):

• The applicant was not able to get the utilities connected in their name by the move in date.

• The applicant ultimately backed out of moving in and told the PM they want to find a less expensive home that is more aligned with their budget.

• The PM presented two other Lofty properties, 614 E 97th and 881-883 Alhambra, to the prospect for alternative options and is waiting for the prospect to confirm a showing appointment.

• The PM has received an application with a voucher from EDEN and has completed the forms for EDEN.

• The PM is waiting for EDEN to schedule the compliance inspection.

• The approval process with EDEN can take up to 30-days for the tenant to move in.

• The PM will continue to show the property to find a tenant who can move in sooner.

• View Property Listing

• Property Update (05/25/2023):

• The listing had 13 leads, 2 pre-qualified, and 1 showing in the last 7 days.

• The PM reduced the rent to $1,100 for the prospect that toured the property this weekend and they submitted an application.

• The prospect passed the income and criminal background requirements.

• The prospect was approved and is scheduled to move in on 6/1.

• The prospective tenant has started working on connecting the water, electric, and gas utilities for the property.

• The PM has an appointment with the tenant to sign the lease on Sunday, 5/28.

• The tenant will sign a 1 year lease at $1,100/month.

• The PM will cancel the pending applications with CMHA once the cash-paying tenant has moved in.

• Property Update (05/19/2023):

• The PM confirmed that the new Hot Water Tank has been installed and the toilet repairs have been completed.

• The listing had 1 new lead and 0 showings in the last 7 days,

• The PM has submitted the paperwork with CMHA for the pending Section 8 application.

• The PM will continue to market the unit at $1,295 to private pay tenants because it can take two months before the tenant can move in due to CMHA's approval process.

• View Property Listing

• Property Update (05/12/2023):

• The listing had 20 leads and 5 showings in the last 7 days.

• A previous applicant who was interested in applying decided to let their friend apply for this property instead, who has a voucher with CMHA.

• The PM had a showing on 5/10 and has another applicant with a voucher from CMHA.

• The PM will process both applications with CMHA.

• The PM advised that it can take up to 60 days for the tenant to move in due to CMHA being backlogged.

• The PM will continue to market the unit with private pay prospects while they wait for CMHA to process the two applications.

• View Property Listing

• The Property Manager was able to negotiate the repair cost with the vendor and received the written estimate from the vendor to install a new hot water tank, replace the cracked toilet, replace the window on the exterior door, and repair the kitchen ceiling that was damaged from the leaking toilet.

• The new repair estimate is $1,775, reduced from original estimate of $2,050.

• The total cost of repair with the PM markup (10%) is $1,952.50.

• The work is estimated to be completed by end of day today.

• The PM advised that there is a furnace at the property, and the prior update about the furnace missing was a miscommunication error by one of their QA analysts. This issue is being investigated further by the PM's management team.

• Property Inspection Report

• Repair Invoice

• Property Update (05/06/2023):

• The PM completed a QA inspection and noted that the property appears to have been broken into and the vandals stole the furnace and tried to steal the toilet.

• The tank on the toilet is cracked and will need to be replaced.

• The listing had 28 leads and the PM had several prospects show up for the open house.

• The PM has a lead that is interested in applying, but they cannot move in until the work to replace the hot water tank, furnace, and toilet is completed.

• The estimate to replace the hot water tank is $1,400 and the toilet is $650. The PM is seeking a second estimate for a less expensive toilet.

• The PM is waiting on an HVAC vendor to get a quote to replace the furnace.

• View Property Listing

• Property Update (03/22/2023):

• The listing had 12 leads and 0 showings.

• The PM will lower the target rent from $1,395 to $1,295, a $95 increase over the previous lease.

• The PM has also enlisted a leasing manager to assist with marketing the property to Section 8 and local agencies to maximize the rents for the property.

• Additionally, the PM found that the hot water tank was stolen on a recent property inspection.

• A police report has been filed and an insurance claim has been filed for the incident.

• The PM will work on getting an estimate to replace the hot water tank.

• Property Update (02/08/2023):

• The new Property Manager, Northpoint Asset Management, has taken over management and found the property Vacant upon their initial inspection. There were no turn repairs required.

• The property has since been listed for rent at $1,395, a $195 increase from the previous lease of $1,200.

• Owners will continue to receive daily rent via the Vacancy Reserve.

• Property Update (12/02/2022):

• This property has migrated to the new Property Manager, Northpoint Asset Management, based on the previous governance vote. The Property Management fee has been reduced from 8% to 7% of Annual Gross Rents and investors will see an increase in their daily rental income starting today.