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: $-5,103.03

Lofty Operating Cash: $67,980.53

ECO Operating Cash: $-230.29

Outstanding Liabilities (Unpaid Bills): $0.00

DAO Net Cash (Capital Call): $62,877.50

Estimated Owners' Equity: $0.00

DAO Estimated NAV Per Token: $23.96

DAO Tokens: 2624

Current PM: ECO (Sold)

Property Update (04/05/2026):

Cross-check against Yhome Transition Reconciliation.xlsx shows 614 E 97th St, Cleveland, OH 44108 flagged as ECO (Sold).

Current reconciliation status: DAO owes Yhome and Aligned.

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

Property Update (02/11/2026):

The property sold and closed on Feb. 4, 2026. Lofty holds the DAO Net Cash, and accounts are being balanced for final redemption.

Financial Summary as of 2/11/26:

Net Sale Proceeds: $82,308.79

Due to Yhome: ($5,103.03)

PAID to Lofty OR: ($951.10)

PAID to ULD as of 2/5/26: ($13,177.16)

Due to ECO Systems: ($10,708.64)

Final Tax Return: ($200)

DAO Net Cash: $52,168.86

Redemption: $19.88/share

Closing Package

Aligned Final Statement

ECO Systems General Ledger

Property Update (01/21/2026):

Quick update: The lender still hasn’t received clear to close from title. Title is just waiting on the Cleveland Disclosure.

We’ll keep you posted as soon as we have new updates, likely by tomorrow.

Property Update (01/21/2026):

Quick update: The lender still hasn't received clear to close from title. Title is just waiting on the Cleveland Disclosure.

We'll keep you posted as soon as we have new updates, likely by tomorrow.

Property Update (12/09/2025):

Our realtor countered the $85,770 offer (DSCR loan) with a $2k seller credit and got us up to $97k w/ $2k seller credit, close by 1/6/26.

Estimated NAV $23.92 net of debts, subject to complete settlement and accounting. Earl has approved the offer.

Property Update (12/02/2025):

Governance Results for 614 E 97th St:

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

The winning vote is:

[redacted]

This option was declared the winner in Round 1 with 843 token votes.

The voting results can be found on chain here or by searching the application ID: 3350361274

The winning vote is:

Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.

This voting option received 1,064 / 1,064 token votes which is equal to 100% of the

The voting results can be found on chain here or by searching the application ID: 3350365123

Property Update (11/26/2025):

We have received an offer of $85,770 (DSCR loan) with a $2k seller credit, netting $83,770 before closing costs, commissions, and unpaid debt. Close by Dec. 23rd.

Buyer has viewed the exterior, basement, and vacant 2nd floor and is waiving inspections, but offer is contingent on a walkthrough of the occupied first floor.

Financial Summary (subject to change):

Due to Cuyahoga County for Delinquent Taxes: ($2,765.53)

Due to Obie Insurance: ($462.00)

Due to ULD: ($12,699.43)

Due to Lofty: ($951.10)

Due to Yhome: ($5,103.03) (withheld, pending settlement)

Due to ECO Systems: ($7,781.39)

Total Debts: ($29,762.48)

Sale proceeds: +$77,906 (Assuming 7% in closing costs)

Net to owners: $48,143.52

Estimated Net Asset Value Per Share: ~$18.347

Owners may now vote by 11/27/2025 at 5 PM EST.

Vote 1:

Accept the offer

Decline the offer and authorize Earl Vanze Co to negotiate offers above $85k

Decline the offer (requires an immediate $17k capital call via subsequent vote)

Vote 2:

Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.

Do not authorize Earl Vanze Co to negotiate and sign closing documents, requiring a 24-hour DAO vote for every major decision.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, November 25th, once the voting period ends.

Property Update (06/17/2025):

Governance Results for 614 E 97th St:

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

The leading vote is:

List property for sale at $125k

This option received 351 / 641 token votes, which is equal to 54% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3079722274

This vote will not pass because it did not reach a Supermajority of 60%+.

Property Update (06/13/2025):

Owner-Proposed Governance Vote for 614 E 97th St:

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

This owner holds 150 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.

Token holders - please be advised according to ECO our property manager, we may potentially owe a balance on this property of 10K. Given the property is in good shape and cash flowing, I am proposing we consult a realtor to list this on the open market. Estimates have the price around $125k which would put the token price at $40-$45 after expenses vs the current market price of $25 per token.

Vote options:

List property for sale at $125k

Don't LIst Property for Sale

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 17th, once the voting period ends.

Property Update (06/13/2025):

Owner-Proposed Governance Vote for 614 E 97th St:

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

This owner holds 150 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.

Token holders - please be advised according to ECO our property manager, we may potentially owe a balance on this property of 10K. Given the property is in good shape and cash flowing, I am proposing we consult a realtor to list this on the open market. Estimates have the price around $125k which would put the token price at $40-$45 after expenses vs the current market price of $25 per token.

Vote options:

List property for sale at $125k

Don't LIst Property for Sale

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 17th, once the voting period ends.

Property Update (05/27/2025):

Governance Results for 614 E 97th St:

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

The winning vote is:

Option 3 - Hold All Funds in DAO Operating Reserve: No lending or distribution . Retain all available funds in the DAO’s Operating Reserve to improve liquidity and cover future operational costs.

This option was declared the winner in Round 4 with 645 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 3020362013

Property Update (05/27/2025):

Governance Results for 614 E 97th St:

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

The winning vote is:

Option 3 - Hold All Funds in DAO Operating Reserve: No lending or distribution . Retain all available funds in the DAO's Operating Reserve to improve liquidity and cover future operational costs.

This option was declared the winner in Round 4 with 645 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 3020362013

Property Update (05/21/2025):

Owner-Proposed Governance Vote for 614 E 97th St:

Earl Co with ECO Systems LLC, who has the following wallet address, has proposed a governance vote.

The owner proposing this vote 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.

Subject: Contribution of Surplus Funds to EARLDAO for Lending to DAO LLCs in Need of Short - Term Capital

View Governance Proposal

View Summary

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

Property Update (05/21/2025):

Owner-Proposed Governance Vote for 614 E 97th St:

Earl Co with ECO Systems LLC, who has the following wallet address, has proposed a governance vote.

The owner proposing this vote 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.

Subject: Contribution of Surplus Funds to EARLDAO for Lending to DAO LLCs in Need of Short - Term Capital

View Governance Proposal

View Summary

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

Property Update (05/12/2025):

Governance Results for 614 E 97th 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 reject Yhome's fee increase.

This option received 1390 / 1391 token votes, which is equal to 99.9% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2990309223

Property Update (05/05/2025):

Owner-Proposed Governance Vote for 614 E 97th St:

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

This owner holds 71 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 almost doubling of our PM fee to 25% with our current unresponsive property manager (Yhome).

Longer story:

If we take no action in the next two weeks, our current property manager (Yhome)'s fees will almost double to 25%. This 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.

I urge you to vote against this by transitioning management of 614 E 97th St 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 reject Yhome's fee increase.

Option 2: Vote to retain Yhome as property manager, and pay a 25% PM fee going forward.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 12th, once the voting period ends.

Property Update (05/05/2025):

Owner-Proposed Governance Vote for 614 E 97th St:

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

This owner holds 71 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 almost doubling of our PM fee to 25% with our current unresponsive property manager (Yhome).

Longer story:

If we take no action in the next two weeks, our current property manager (Yhome)'s fees will almost double to 25%. This 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.

I urge you to vote against this by transitioning management of 614 E 97th St 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 reject Yhome's fee increase.

Option 2: Vote to retain Yhome as property manager, and pay a 25% PM fee going forward.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 12th, once the voting period ends.

Property Update (02/01/2025):

Lower Unit:

The property manager reported that the approved tenant for Unit 1 preferred Unit 2 and has signed a lease for Unit 2.

The tenants signed a 1 year lease at $745.

The lease term is from 1/25/25 - 1/24/26.

The tenant paid a deposit of $745.

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

Unit 1 remains available and is currently listed for rent at $745.

Property Listing

Property Update (02/01/2025):

Lower Unit:

A tenant signed a 1 year lease at $725.

The lease term is from 3/7/25 - 3/6/26.

The tenant paid a deposit of $725.

The property manager charges a leasing commission of first month's rent, which will be deducted from March'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):

Lower Unit:

The property manager confirmed a new tenant has been approved and is scheduled to move in on 1/25/25.

More information on the lease terms will be shared promptly.

Property Update (12/17/2024):

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

"I’m pleased to share that the renovations for this property are nearly complete. We will be taking photographs soon, and once the property is listed for rent, I will provide the pictures and a link to the listing. Stay tuned for updates as we go live!"

Property Update (12/17/2024):

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

"I'm pleased to share that the renovations for this property are nearly complete. We will be taking photographs soon, and once the property is listed for rent, I will provide the pictures and a link to the listing. Stay tuned for updates as we go live!"

Property Update (12/07/2024):

Lower Unit:

The lower unit has been listed for rent at $745/mo.

Property Listing

Video Walkthrough

Property Update (11/16/2024):

Upper Unit:

HomeRiver Group confirmed that the set-out has been completed and the property is now secured.

The new owner-elected property manager, Yhome Nursing LLC, has been informed of the set-out and will now proceed with taking over management of the property.

Property Update (11/11/2024):

Upper Unit:

HomeRiver Group confirmed that the set-out is scheduled for 11/12.

Yhome Nursing LLC will assume management of the property once the set-out is completed, in order to avoid the eviction being cancelled due to a change-of-management.

The tenant owes an unpaid rent balance of $4,615.

The tenant's balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will be filed for lost rent.

Property Update (10/31/2024):

Governance Results:

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

The winning vote is:

Change property managers to YHOME Nursing LLC

This voting option received 1,308 / 1,321 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: 2427590397

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

Under the management terms, Yhome Nursing LLC will provide a loan at 6% interest to cover the $1,597 in unpaid bills owed to the previous property manager and to pay off the current capital call balance of $11,104.06.

There are no Operating Reserves for properties managed by Yhome. As a result, owners will begin receiving daily rent, via a portion of the cash flow, 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 (10/27/2024):

Owner-Proposed Governance Vote:

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

This owner holds 68 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 switch to Yhome to manage this property, so that we can eventually become cash-flowing again.

The Yhome Nursing LLC management terms and loan structure, 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 Thursday, October 31st, once the voting period ends.

Property Update (10/27/2024):

Owner-Proposed Governance Vote:

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

This owner holds 68 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 switch to Yhome to manage this property, so that we can eventually become cash-flowing again.

The Yhome Nursing LLC management terms and loan structure, 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 Thursday, October 31st, once the voting period ends.

Property Update (10/27/2024):

Lower Unit:

The property manager informed the original vendor that payment of the invoice will be withheld until they can confirm which of the approved repairs have been completed.

A new vendor was scheduled to visit the unit by the end of last week to provide an estimate for the remaining items.

The property manager is working to stay within the originally approved turn amount.

The estimate will be shared once it is received from the vendor.

The property had 2 leads and 0 showings in the last 7 days.

The property is pre-listed for rent at $1,050, pending completion of the remaining cleaning items.

Once the repairs are completed, the property manager will get new marketing photos.

Unit Listing

Owners have the ability to propose a governance vote to migrate the property management to Yhome Nursing LLC, who is available to manage additional properties in Cleveland.

Upper Unit:

The property manager confirmed they are still waiting to receive a set-out date for the eviction.

The tenant owes an unpaid rent balance of $4,615.

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will be filed for lost rent.

Property Update (10/12/2024):

Lower Unit:

The vendor is no longer responding to the property manager.

The property manager has asked their accounting team to reduce any unfinished work from the current bid/invoice and dispatch a new vendor within the same pricing from the original bid.

The property manager noted that they will have further updates by end of day Monday, 10/21.

The property had 3 leads and 0 showings in the last 7 days.

The property is pre-listed for rent at $1,050, pending completion of the remaining cleaning items.

Unit Listing

Upper Unit:

The property manager confirmed they are still waiting to receive a set-out date for the eviction.

The tenant owes an unpaid rent balance of $4,615.

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will be filed for lost rent.

Property Update (10/12/2024):

Lower Unit:

The property manager confirmed that the QC inspection was completed and the home still lacks a few cleaning items.

The property manager is working to schedule the remaining callback items with the vendor, however they are currently unresponsive.

The unit is currently being pre-listed for rent at $1,050, pending completion confirmation of the final cleaning.

Additionally, the property manager has ordered professional photos of the home, which will be added to the listing once they are received.

Unit Listing

Upper Unit:

With the addition of October's rent, the tenant owes an unpaid rent balance of $4,615.

An eviction set-out date has not yet been received.

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will be filed for lost rent.

Property Update (09/28/2024):

Lower Unit:

The unit had 2 leads and 0 showings in the last 7 days.

The unit is currently being pre-listed for rent at $1,050, pending completion confirmation of the final cleaning.

The property manager confirmed the vendor has not yet provided completion confirmation.

The property manager is working to schedule a QC inspection to confirm if the vendor has completed the final cleaning.

Additionally, the property manager has ordered professional photos of the home, which will be added to the listing once they are received.

Unit Listing

Property Update (09/21/2024):

Lower Unit:

The property manager confirmed they are waiting for the vendor to provide completion confirmation for the cleaning.

The property manager noted that the listing link was not live due to an issue with Zillow, where the old sale listing was blocking the rental listing.

The property manager has contacted Zillow, and the issue has now been resolved.

The property is pre-listed for rent at $1,050, pending the completion of the final cleaning.

Additionally, the property manager is working to order new property photos for the listing.

Unit Listing

Property Update (09/14/2024):

Lower Unit:

The property manager confirmed the rent ready walk took place as scheduled and the property still lacks cleaning.

The vendor has been informed and is currently working to reschedule with the property manager.

The unit is currently being pre-listed at $1,050, pending completion of the cleaning.

Upper Unit:

The property manager confirmed judgement was received during court and the writ has since been requested.

A set-out date has not yet been received.

With the addition of September's rent, the tenant owes an unpaid rent balance of $3,842.

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (09/06/2024):

Lower Unit:

The property manager confirmed they were able to make contact with the vendor who originally completed the turn and they confirmed they would return to the property to complete the callback items free of charge.

The property manager noted that once these items are completed, no additional items will be needed.

The property manager is waiting for the vendor to provide completion confirmation of the items.

The rent-ready walk is scheduled to take place on Monday, 9/9..

The unit is currently being pre-listed at $1,050, pending completion of the call-back items.

Upper Unit:

The property manager confirmed they are still waiting for the attorney to provide the hearing results.

With the addition of September's rent, the tenant owes an unpaid rent balance of $3,842.

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (08/24/2024):

Lower Unit:

The PM confirmed the property did not pass the QC inspection.

The PM has informed the vendor of the failed inspection and has asked the vendor to return to the property to complete the remaining repairs.

The property manager noted that the vendor has submitted an additional estimate of $1,404.36 for items reported on the punch list that were not included on the approved estimate.

The property manager has reviewed the estimate and sent it back to the vendor for revision.

Additionally, a second estimate has been requested.

The property manager confirmed they are waiting for the vendor to provide the revised estimate and they are waiting for the second vendor to provide an estimate.

Upper Unit:

The property manager confirmed the hearing date took place on 8/22.

The property manager is waiting to receive an update from the attorney regarding the results of the hearing.

With the addition of August's rent, the tenant owes an unpaid rent balance of $3,069.

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (07/27/2024):

Lower Unit:

The PM confirmed the change order repairs have been completed.

The QC inspection took place on 7/26.

The PM will follow up on if there are any call-back items. If there are no call-back items, the unit will be listed for rent.

Upper Unit:

With the addition of July's rent, the tenant owes an unpaid rent balance of $2,296.

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

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

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (07/14/2024):

Lower Unit:

The vendor has sent over a change order.

The PM noted that the vendor found a leak in the upstairs unit and the ceiling now has water damage.

The change order amounts to $650 and includes repairing the leaking pipe, installing, finishing, and painting new drywall (6ft x 5ft area), and replacing the mounted ceiling light due to the water damage.

After the repairs are completed, the PM will conduct a QC inspection, and will list the unit for rent if there are no call-back items.

Upper Unit:

With the addition of July's rent, the tenant owes an unpaid rent balance of $2,296.

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

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

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (07/05/2024):

Lower Unit:

The PM advised that the repairs are now expected to be completed by end of day on 7/5.

The PM noted that the vendor had to get a new team out to finish the repairs, ultimately delaying the completion.

After the repairs are completed, the PM will conduct a QC inspection, and will list the unit for rent if there are no call-back items.

Upper Unit:

With the addition of June's rent, the tenant owes an unpaid rent balance of $2,273.

A hearing date for the eviction has not yet been received.

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

If the tenant is evicted, their balance will be sent to a collections agency and a TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (06/22/2024):

Lower Unit:

The vendor advised the PM that the estimated completion date for the turn repairs is set for Monday, 6/24.

After the repairs are completed, the PM will conduct a QC inspection, and will list the unit for rent if there are no call-back items.

Upper Unit:

The PM confirmed the tenant did not make a payment for May or June, and has not made any communication attempts.

With the addition of June's rent, the tenant owes an unpaid rent balance of $1,523.

The PM confirmed an eviction was filed on 5/30/24 and a hearing date has not yet been received.

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

Property Update (05/21/2024):

The Property has received a loan from the Universal Lending DAO for $10,500, per the results of the previous governance vote.

The funds have been sent to the property manager, and the repairs will commence right away.

Starting on June 15th, once May's cash flow begins being paid out, owners of the Universal Lending DAO will begin receiving the cash flow from 614 E 97th St via the following terms:

The interest rate paid to owners contributing funds to the capital call will be 13.5% per annum, compounded monthly. 4-year debt repayment period

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 loan agreement can be viewed here.

Property Update (05/14/2024):

Governance Results:

The Governance Voting results are back for the vote to do a Capital Call for $10,500 to make the turn repairs or sell the property.

The winning vote is:

Capital Call

This voting option was declared the winner in Round 1 with 822 token votes via the Ranked Choice Voting method.

The other options were eliminated in Round 1:

Sell the property

410 token votes

Continue holding the property and collecting rent from Unit 2.

11 token votes

Now that the Capital Call option has been 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.

The Universal Lending DAO owners will also have the ability to vote to back the Capital Call via a governance vote.

The terms of past Capital Calls are as follows:

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

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

4 year repayment period.

The capital call offer is open for 15 days.

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

If an owner chooses to back a Capital Call with a structure that is different from the above structure that was previously voted for, a separate Governance vote will be sent out to determine if owners would like to proceed with the new structure.

Property Update (05/06/2024):

Governance Vote:

Owners will now have the opportunity to vote to do a Capital Call to make the turn repairs for Unit 1, not make repairs and continue holding the property and collecting rent from Unit 2, or sell the property outright.

The PM received two turn estimates for $8,735.67 and $14,322.

They recommend the less expensive estimate, as it takes care of the issues and is more cost efficient.

View Estimate

The property recently received a Tenant Protection Plan (TPP) insurance claim payment for $700. After adding this payment, the Operating Reserve balance is -$1,803.65 due to $882.30 owed for previously completed repairs and $921.35 owed for property taxes.

Owners now have the option to do a Capital Call for $10,500, complete the turn repairs and pay the unpaid bills, and rent out Unit 2 again. Owners can also choose to sell the property outright or continue holding the property and collecting rent from Unit 2.

The property was originally purchased on 06/10/2022 for $115,465. The HouseCanary Valuation as of March, 2024 is $134,417. HouseCanary reports are less accurate for 2+ unit properties, like this property.

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

I recommend listing this property for $140k. At $750 a month (per unit) we're looking at $1,500 which is more than what we'd need for the 1% rule BUT we also have repairs on this one. Additionally similar properties that sold in that area are as follows. 450 E 109th sold for $125, 10105 Somerset sold for $139, and lastly 734 E 92nd sold for $146. Days on the market vary for E 97th. Some sold within 2 weeks, while some sat for months on end

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.

4 year repayment period

The capital call offer is open for 15 days.

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

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 614 E 97th St on Friday, May 10th once the voting period ends.

Property Update (05/06/2024):

Governance Vote:

Owners will now have the opportunity to vote to do a Capital Call to make the turn repairs for Unit 1, not make repairs and continue holding the property and collecting rent from Unit 2, or sell the property outright.

The PM received two turn estimates for $8,735.67 and $14,322.

They recommend the less expensive estimate, as it takes care of the issues and is more cost efficient.

View Estimate

The property recently received a Tenant Protection Plan (TPP) insurance claim payment for $700. After adding this payment, the Operating Reserve balance is -$1,803.65 due to $882.30 owed for previously completed repairs and $921.35 owed for property taxes.

Owners now have the option to do a Capital Call for $10,500, complete the turn repairs and pay the unpaid bills, and rent out Unit 2 again. Owners can also choose to sell the property outright or continue holding the property and collecting rent from Unit 2.

The property was originally purchased on 06/10/2022 for $115,465. The HouseCanary Valuation as of March, 2024 is $134,417. HouseCanary reports are less accurate for 2+ unit properties, like this property.

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

I recommend listing this property for $140k. At $750 a month (per unit) we’re looking at $1,500 which is more than what we’d need for the 1% rule BUT we also have repairs on this one. Additionally similar properties that sold in that area are as follows. 450 E 109th sold for $125, 10105 Somerset sold for $139, and lastly 734 E 92nd sold for $146. Days on the market vary for E 97th. Some sold within 2 weeks, while some sat for months on end

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.

4 year repayment period

The capital call offer is open for 15 days.

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

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 614 E 97th St on Friday, May 10th once the voting period ends.

Property Update (03/09/2024):

Lower Unit:

The PM received a turn estimate totaling $8,735.67.

View Estimate

The PM is in the process of obtaining additional estimates, and advised they've experienced delays in receiving another estimate from multiple vendors.

The tenant paid a security deposit of $600 which will go towards the turn repairs.

The tenant's balance of $7,500 has been sent to a collections agency to attempt to recoup the funds.

Property Update (01/06/2024):

Lower Unit:

The PM confirmed the delinquent tenant vacated the property.

A move-out inspection (MOI) was completed on 12/22 and the PM is working to obtain estimates for the needed repairs.

The PM will send the MOI over shortly.

The tenant paid a security deposit of $600.

The tenant's balance of $7,500 will be sent to a collections agency to attempt to recoup the funds.

Property Update (12/02/2023):

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.

Property Update (12/01/2023):

Lower Unit:

The tenant owes a past due rent balance of $6,800.

The PM confirmed the eviction was filed on 11/23.

The PM is working to schedule an occupancy check.

Upper Unit:

The tenant reported the power in the property was out, but their neighbors had power.

The tenant had just paid their bill.

A vendor was sent to the property and provided an estimate amounting to $1,397.02.

The PM approved the estimate due to the tenant being without power.

The scope of work includes replacing 4 loose breakers that are tripping the panel.

Repair Invoice

Repair Photos

The tenant reported that the HVAC is not working.

The PM sent a vendor to access the situation and they determined that the transformer and control board are no longer functional.

ZVN provided an estimate amounting to $1,453.34 which includes the following scope of work:

Remove existing transformer and wiring, install a new transformer and necessary wiring, test system for proper operation.

Replace manufacturer specific control board that controls all operations of the furnace.

Repair Invoice

Repair Photos

Property Update (10/11/2023):

The new owner-elected Property Manager, HomeRiver Group Institutional (HRG), recently took over management of this property via the results of the recent governance vote.

The migration process was delayed due to the previous PM, Northpoint, being initially unwilling to send over necessary information in order for the migration to begin--including tenant ledgers and tenant contact information.

Now that HRG has taken over management, the management fee will be reduced from 7% ($89 minimum) to 5.75% of gross rent. The repair mark-up fee is also now $0, compared to Northpoint's 10% mark-up.

Lower Unit:

The tenant owes a balance of $6,150.

The tenant's last payment was for $750 on 8/4.

The new owner-elected Property Manager, HomeRiver Group, confirmed the tenant was informed of their past due balance on 9/28.

On 10/2, the tenant was provided with a password reset link to active their account.

The tenant did not provide proof of their rental assistance application, and noted they did not know where to begin looking to apply.

The PM provided the tenant with a link to apply for rental assistance on 10/3.

As of 10/11, the PM confirmed the tenant has not submitted an application for rental assistance.

A demand of payment notice was posted on 10/6.

If the tenant does not pay off their balance, the PM will move forward with an eviction.

Upper Unit:

The tenant owes a $0 balance and is fully caught up on rent.

Property Update (10/11/2023):

The new owner-elected Property Manager, HomeRiver Group Institutional (HRG), recently took over management of this property via the results of the recent governance vote.

The migration process was delayed due to the previous PM, Northpoint, being initially unwilling to send over necessary information in order for the migration to begin––including tenant ledgers and tenant contact information.

Now that HRG has taken over management, the management fee will be reduced from 7% ($89 minimum) to 5.75% of gross rent. The repair mark-up fee is also now $0, compared to Northpoint's 10% mark-up.

Lower Unit:

The tenant owes a balance of $6,150.

The tenant's last payment was for $750 on 8/4.

The new owner-elected Property Manager, HomeRiver Group, confirmed the tenant was informed of their past due balance on 9/28.

On 10/2, the tenant was provided with a password reset link to active their account.

The tenant did not provide proof of their rental assistance application, and noted they did not know where to begin looking to apply.

The PM provided the tenant with a link to apply for rental assistance on 10/3.

As of 10/11, the PM confirmed the tenant has not submitted an application for rental assistance.

A demand of payment notice was posted on 10/6.

If the tenant does not pay off their balance, the PM will move forward with an eviction.

Upper Unit:

The tenant owes a $0 balance and is fully caught up on rent.

Property Update (08/21/2023):

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

Property Update (08/08/2023):

Lower Unit:

The tenant made a payment of $750 on 8/4 for August rent.

The tenant owes a balance of $5,450.

The PM recommends to wait another month before exploring Cash for Keys or Eviction because the tenant paid $2,100 in May and just started paying $750 for June, July, and August.

The PM has shared additional rental assistance programs with the tenant to obtain funds for the remainder of the balance.

Upper Unit:

The tenant made a payment of $271 and owes a balance of $71 for late fees.

The PM will work with the tenant to pay down the remaining balance.

Property Update (07/22/2023):

Lower Unit:

The tenant made a payment of $750 in July as promised.

The tenant now owes a balance of $5,500.

The tenant informed the PM that they can only afford $750/month.

The PM has shared additional rental assistance programs with the tenant in order to pay off the outstanding balance.

It is on the tenant to apply for rental assistance.

The PM recommends to wait another month before exploring Cash for Keys or Eviction because the property has just started generating income from both units.

The PM will continue to check in with the tenant to confirm they applied for rental assistance.

Upper Unit:

The tenant owes a balance of $271 for July.

The PM reached out to the tenant and they promised to pay the rent.

The tenant has not paid the balance as of 7/22.

The PM recommends to carry the balance over to August and will post a 3-day notice on 8/5 if the tenant does not pay July and August rent.

Property Update (06/20/2023):

Upper Unit: The new tenant moved in today and paid a $750 security deposit plus first month's rent.

The tenant signed a 1 year lease at $750.

The lease term is 06/01/2023 - 05/31/2024.

The rent will be prorated at $275 for 6/20 - 6/30.

The leasing commission is $375 and will be deducted from the first month's rent.

The tenant will provide their own appliances and will be responsible for all utilities, except for water.

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

Property Update (06/11/2023):

Upper Unit: The approved application has scheduled their move in date for 6/20.

The tenant paid the deposit of $750.

The PM has drafted and sent the lease to the tenant.

The PM is waiting on the tenant to execute the lease and send utility connection confirmation.

Property Update (06/03/2023):

Upper Unit: The listing had 24 leads, 6 pre-qualified, and 0 showings in the last 7 days.

The target rent was reduced from $750 to $730.

View Property Listing

The previously approved applicant has not paid the deposit and informed the PM that they can move in on the 3rd week of June, but has not given a firm move in date.

The PM will continue to market the property for rent since a deposit was not paid and will work through the additional leads that have been received.

The PM is also working with the prospect who recently applied for another Lofty property, 4183 E 146th. The prospect advised that 146th St is too expensive and this property may be a better fit.

Lower Unit: The tenant made a payment of $750 on 6/2, per the payment plan.

The tenant will make a payment of $750/month and increase the payments when they're financially able.

The tenant is in the process of applying for rental assistance programs to help pay off their balance.

Property Update (05/26/2023):

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

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

Upper Unit: The PM followed up with the applicant to lock in a move in date.

The applicant is now delaying the move due to a recent death in the family.

The listing had 19 leads, 3 prequalified, and 3 showings in the last 7 days.

The PM will continue to show the property with hopes to get a quicker move in.

The PM will offer a leasing incentive of reduced rent from $750 to $730 for any applications submitted this weekend.

View Property Listing

Lower Unit: Per the previous update, the tenant's payment of $2,100 cleared the bank earlier this month.

The tenant owes a balance of $5,600.

The tenant will make a payment of $750/month starting 6/1 and increase the payments when they're financially able.

The PM has shared rental assistance resources with the tenant.

The PM has informed the tenant that they can assist them with applying for the programs, but the tenant has to start the process.

Property Update (05/19/2023):

Upper Unit: The listing had 13 leads, 3 pre-qualified, and 7 showings in the last 7 days.

View Property Listing

The recent applicant barely missed the income verification criteria with the rent at $795.

The applicant passed the rental verification and criminal background check.

The PM will reduce the rent to $750 to approve the application.

The new lease will be for 1 year at $750/month.

The PM is now waiting for the applicant to finalize their move-in date, which was tentatively set for the second week of June.

The PM will make efforts to encourage an earlier move-in date.

Lower Unit: Per the previous update, the tenant's payment of $2,100 cleared the bank earlier this month.

The tenant owes a balance of $5,600.

The tenant will make a payment of $750/month starting 6/1 and increase the payments when they're financially able.

The PM has shared rental assistance resources with the tenant.

The PM has informed the tenant that they can assist them with applying for the programs, but the tenant has to start the process.

Property Update (05/12/2023):

Upper Unit: The PM received an application and it is currently pending income verification.

The PM has 6 additional showings scheduled through the weekend.

The PM will continue to market the unit at $795 to collect back up applications.

View Property Listing

Lower Unit: The tenant's payment of $2,100 has cleared the bank.

The tenant owes a balance of $5,600 as of 5/12.

The tenant will make a payment of $750/month starting 6/1 and increase the payments when they're financially able.

The PM has shared rental assistance resources with the tenant.

The PM has informed the tenant that they can assist them with applying for the programs, but the tenant has to start the process.

Property Update (05/06/2023):

Upper Unit: The listing had 33 leads and 3 pre-qualified.

The PM has had several showings for the property and has two more showings scheduled for this weekend.

If the PM does not receive any applications from these showings, they will reduce the rent from $795/month.

View Property Listing

Lower Unit: The tenant reached out to the PM and advised that they could pay $2,100 to reduce their outstanding balance to $5,600.

The PM picked up the payment from the tenant on 5/4 and the funds should be reflected in the account by 5/8.

The tenant does not want to move and advised that they can make a payment of $750 monthly and will be able to increase their payments in a few months.

The PM recommends to collect what they can from the tenant and consider reducing the rent if it will prevent a vacancy, reduce additional legal fees, and prevent turn repairs.

The PM also has a connection with local social services and will provide the tenant with a list of services that can provide rental assistance.

The PM hopes to have the tenant connected with a social services program by the end of next week.

Property Update (04/26/2023):

Upper Unit: The listing at $795 has received 28 leads and the PM is working to schedule a showing for the property.

Lower Unit: The PM advised that the eviction is on hold due to the City's lead compliance requirements for eviction.

The rental registration, compliance inspection, and lead inspection has to be completed in order for the eviction case to move forward.

The PM is working to complete the rental registration requirements with the City of Cleveland and schedule a lead inspection for the property.

The PM estimates the lead inspection will cost around $300-$500.

Property Update (04/01/2023):

Upper Unit: The unit had two showings this week.

The PM received a rental application, but the prospect was denied due to not meeting the income requirement.

Property Update (03/29/2023):

Lower Unit: The Property Manager has not been able to reach the tenant to offer them Cash for Keys.

The PM will proceed with filing eviction.

Property Update (03/22/2023):

Lower Unit: The tenant made a promise to pay, but has not submitted rent when they said they would.

Eviction filing has started for the tenant and the PM is waiting on a court date.

The PM recommends to try and offer Cash for Keys to vacate the tenant sooner and not incur additional legal fees for the eviction.

The PM will offer $250-$500 first and will offer up to 1 months rent if the tenant does not accept the first offer.

Upper Unit: The listing had 0 leads and 0 showings.

The rent will be reduced from $850 to $795.

The PM recommends to target Section 8 tenants to maximize on the rent due to the location of the property.

The PM has enlisted a leasing manager that has connections with agencies to market the unit for an agency pay tenant.

The PM will continue to market to private pay applicants at the same time.

Property Update (02/17/2023):

The new owner-elected Property Manager, Northpoint Asset Management, confirmed that the tenant in the upstairs unit has moved out and the unit is now vacant.

The unit has since been listed for rent at $850, a $42 decrease from the previous lease of $892. The rent will include utilities. The PM may increase the rent if there are more occupants to make up for the additional utility expenses. The listing has had 3 leads, but 0 showings.

The tenant in the downstairs unit owes an outstanding balance. The PM met the tenant at the property and during the visit, the tenant informed the PM that they do not want to move and are willing to pay rent.

The PM has posted a 3-day notice and move forward with eviction if they do not receive a payment from the tenant.