Property Update (03/22/2026):

This property is legally only a 2-bedroom house and was listed for sale.

Good: New mechanicals, furnace and hot water tank, vinyl siding, 3 dimensional shingle roof, and dead-end street.

Bad: Old wood windows, no off street parking, overall interior condition is poor (and smells like cat pee). Additionally, the first floor "bedroom" isn't technically large enough to be considered a bedroom (70 sq ft is the minimum). It's like 56-60 sq feet.

In its current condition, it's worth $55k to $65k. All fixed up, ARV range of $85k to $95k.

Comps and walkthrough

Due to the condition of the property, high risk of tenant non-payment in this market, and compounding interest on the existing loan balance and other outstanding debts, coupled with no sizable increase in valuation relative to the risk of leaving it vacant while it’s being fixed, we accepted a cash offer of $67k and closed quickly.

Sale proceeds were sent directly to Lofty.

Financial Summary:

Sale proceeds net of broker fees, unpaid taxes, final utilities, and closing costs: $58,898.21

Due to Lofty (OR): ($2,585.32) (pending final accounting)

Loan Balance @ 13.5% interest Due to Lending DAO as of 3/10/2026: ($9,796.32)

OpEx Due to ECO Systems: ($2,956.37)

Yhome Due TO DAO: $945

Transaction Coordination Fee Due TO ECO Systems: ($945) (1.41% of sale price)

Estimates NAV/share: $26.77

All statements and ledgers are in Dropbox under Financials.

Property Update (01/06/2026):

Property has been secured and turnover is in process.

Property Update (12/22/2025):

Eviction was granted this morning. We should have a set out date soon.

Once the property is vacated, we will begin turning over and listing for rent through Hemlane.

Property Update (05/12/2025):

Governance Results for 783 Leonard 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 398 / 418 token votes, which is equal to 95.2% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2990300004

Property Update (05/05/2025):

Owner-Proposed Governance Vote for 783 Leonard St:

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

This owner holds 73 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 783 Leonard 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 (02/19/2025):

A new tenant has been approved and will move in on 4/1/25.

The tenant signed a 12-month lease at $945.

The lease term is from 4/1/25 - 3/31/26.

The tenant paid a deposit of $945.

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

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

Property Update (02/17/2025):

The property manager confirmed a new tenant has been approved and will move in April, 2025.

The lease details will be added once the lease has been shared by the property manager.

Property Update (02/10/2025):

The property has been listed for rent at $945/month.

Property Listing

Property Update (01/25/2025):

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

"We have officially taken over 783 Leonard, and initially, the tenant was in place and making payments. However, the tenant has since indicated that they will no longer be paying rent. In response, we promptly initiated the eviction process. At this point, the tenant chose to surrender the keys, indicating that tenant stability has not been achieved. Please refer to the attached communication letters for further details. (tenant only paid December) Currently, the property has been turned over and will be relisted. The next quarterly report will commence once a new tenant is secured and stability is established. We plan to implement the Profit First system by one tenant stability established. Profit first system not activated: Failed tenant stability."

Link to photos

Property walkthrough

Property Update (12/16/2024):

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

"We have officially taken over 783 Leonard, with the tenant now in place and making payments. Our next steps include visiting the property to assess its condition and evaluate tenant stability. We plan to implement the Profit First system by the end of the quarter. The first payment was received on December 3, 2024, so the next quarterly report will be sent in 90 days.

Best regards, Cal"

Property Update (11/11/2024):

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:

Ask Yhome to manage this property going forward, so that we can eventually become cash-flowing again.

This voting option received 339 / 360 token votes, which is equal to 94.16% of the total votes

The voting results can be found on chain here or by searching the application ID: 2480649932

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 $1,819 in unpaid bills owed to the previous property manager and to pay off the current capital call balance of $7,206.36.

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 (11/08/2024):

Owner-Proposed Governance Vote:

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

This owner holds 42 tokens in this property.

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

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

I would like to propose that we ask Yhome to manage this property going forward, so that we can eventually become cash-flowing again.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, November 11th, once the voting period ends.

Property Update (08/17/2024):

The tenant reported the following issue:

We've noticed a wet spot in the carpet has appeared recently that is getting larger and remaining wet despite us trying to clean and cover it. It is confirmed to not be our dog as we put a puppy pad over the spot for several days and she did not go on it. Looking at the basement, I can see a pipe that seems to run under where the spot on the floor is which leads us to believe this pipe is burst and causing the floor to become damp. Regardless, something out of our control is causing the floor too become wet.

The PM dispatched a vendor and they identified that the leak is coming from the window AC unit.

Lula provided an estimate to shim the window so the AC drains properly, clean & treat the carpet, and replace damaged ceiling tile.

The cost of repairs is $672.82.

The PM received a revised estimate of $607.81 from Lula.

The scope of work is still the same.

The PM confirmed the repair has been completed.

The PM also received another work order from the tenant for the ceiling in the addition that is caving in and molding.

There’s also a pool of water under the floor that needs attended to.

A roofer confirmed that the leak is not caused by a roof leak.

The vendor confirmed the ceiling tiles were able to be salvaged and there are no further issues with the ceiling at this time.

Property Update (04/27/2024):

The tenant reported that the water pressure is so low that it is barely running.

The vendor provided an estimate for $1,132.34, which includes snaking and redoing the PEX plumbing that is connected to the Hot Water Heater

Repair Invoice

View Photos

The PM has reported that mitigation & cleanup services are needed in the basement.

The PM received two estimates for $5,257.42 and $650.

The PM recommends the lower estimate of $650, as it is more cost-efficient and involves completing the water extraction and drying as well as anti-microbial.

View Photos of Basement

Property Update (03/11/2024):

Governance Results:

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:

Capital Call for $7,869.16 and pay the unpaid bills.

This option was voted on by 240/387 token votes which is equal to 62.01% of the total 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. If an owner does not back the Capital Call within one week (by 3/18), then the property will be listed for sale.

If you are interested in backing the Capital Call, reach out to support@lofty.ai

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 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 (03/05/2024):

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 $7,869.16. You can view the list of unpaid bills here.

A new tenant moved in on March 1st for a 1 year lease at $860/month.

The tenant elected to purchase a surety bond amounting to $1,670 in lieu of the security deposit, and paid a non-refundable pet fee of $300. The tenant pays for all utilities.

The PM confirmed the gas company completed the gas line repairs & meter relocation.

The PM is unsure if there will be charges associated with the repairs, and advised that if there are any charges associated, they will be posted on the first gas bill received.

Owners now have the option to do a Capital Call for $7,869.16 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 09/14/2022 for $70,000. The HouseCanary Valuation as of February, 2024 is $81,901.

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 783 Leonard St on Monday, March 11th once the voting period ends.

Property Update (02/23/2024):

The cost for the gas line repairs is $3,212.93.

The property does not have sufficient funds in order to complete the repairs, and will require a capital call.

If you are willing to back the capital call and purchase any tokens that are not purchased during the capital call raise period, simply respond to this email.

The tenant has already paid their security deposit and told the PM they are comfortable waiting for the repairs to be completed before they move in.

Repair Estimate

Photos of Gas Line

The PM provided more context to the situation, which can be viewed below (word-for-word):

Local gas utility had the line cut at the street prior to Owners purchasing the property. After the rehab we went to have the gas turned on to find out service has been cut since 2021. Everyone assumed that the service was ok and just needed to be turned on. A brand new furnace was installed, so everything looked fine. Again, until we tried to get the gas turned on, and discovered there was a larger issue.

We have the gas company coming out to run a new line to the home (this is on the utility as it is an upgrade to the equipment and service to the home). The repair estimate is for a vendor to move the interior gas line from its existing location to the other front corner of the home, and exit the piping for the new meter to be installed where the new line will come to the home. Currently the existing meter is on the driveway side of the home and the meter is located inside the home.

Side note: there is a lease and tenant move in pending on the home as soon as this can get completed. Utility company will be there (weather permitting) on 2/26 to run the new line to the home. Once the interior gas piping has been redirected and plumbed to the exterior of the building we can have a new meter set and service can begin to supply the home.

Property Update (02/17/2024):

The PM confirmed the gas line repairs are in progress.

The tenant was informed of the repairs and is comfortable waiting for the repairs to be completed before moving in.

The PM confirmed the tenant has paid their security deposit.

Property Update (02/04/2024):

The gas company contacted the PM to notify them that they will need to install a new line and relocate the gas meter from the basement to the exterior of the - home.

The gas company has noted that the installation will take 2-3 weeks to be completed.

The PM has notified the new tenant of the situation and further updates will be provided based on their response.

Property Update (01/27/2024):

A new tenant has been approved and will move in on 02/01/2024.

The tenant signed a 1 lease at $835/month.

The tenant will pay a one time non-refundable pet fee of $300 & a monthly pet rent of $25, for a total monthly rent of $860.

Base rent for February 2024 will be $417 to reflect the leasing special of 1/2 off first month's rent.

The tenant has elected to purchase a surety bond amounting to $1,670 in lieu of the security deposit.

The lease term is 02/01/2024 - 01/31/2025.

The leasing fee is $600. The PM will follow up on which month the leasing fee will be deducted from.

The tenant will be responsible for all utilities.

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

Property Update (01/20/2024):

The listing had 22 leads and 5 showings in the last 7 days.

The property is listed at $835, with a leasing special of 1/2 off the first months rent with a 12 month lease term.

The PM confirmed the rent will be reduced by $50 next week because no applications have been received.

Property Listing

Property Update (01/13/2024):

The listing had 23 leads and 2 showings in the last 7 days.

The property is listed at $835, with a leasing special of 1/2 off the first months rent if moved in by 1/20.

The PM will reduce the rent shortly in order to increase demand.

Property Listing

Property Update (01/06/2024):

The listing had 14 leads and 0 showings due to the repairs being in progress.

The repairs have now been confirmed completed and the tours have been reactivated.

The PM confirmed the leasing special has been extended.

The property is listed at $835, with a leasing special of 1/2 off the first months rent if moved in by 1/20.

Property Listing

Property Update (12/22/2023):

The listing had 18 leads and 0 showings due to the repairs still being in progress.

The PM confirmed that the approved applicant failed to finalize their application.

The property is listed at $835, with a leasing special of 1/2 off the first months rent if moved in by 12/31.

Property Listing

Property Update (12/16/2023):

The listing had 15 leads, 0 showings, and 1 approved application in the last 7 days.

The applicant's intended move-in date was set for 12/22, however, the tenant has since became unresponsive, so the PM has reduced the rent to continue marketing efforts.

The property is currently listed at $835, with a leasing special of 1/2 off the first months rent if moved in by 12/31.

Property Listing

HomeRiver Group performed a QC inspection and advised that the property required additional repairs in order to be rent-ready.

Property Photos

An estimate was received totaling $4,708.82.

The PM has received an additional estimate for the turn repairs amounting to $2,790, which they recommended as the repairs would be sufficient in order to rent the property successfully.

The scope of work includes a trash out, refinish furnace, light cleaning, clean fridge, patching and touch-up paint, & reattach outlet covers.

Property Update (10/28/2023):

The listing had 13 leads, 0 showings, and 1 denied application in the last 7 days.

The application was denied due to income requirements.

The property is listed for rent at $875.

Property Listing

Property Update (10/20/2023):

The listing had 12 leads, and 1 showing in the last 7 days.

The PM will follow up shortly on whether the pending application from last week has been accepted or denied.

The PM advised that the feedback received from prospects has been positive, with one prospect noting:

"I gave it a 4/5 because of the showerless bathroom but other than that I do like it"

The property is listed for rent at $875.

Property Listing

Property Update (10/14/2023):

Update 1:

The listing had 29 leads, 11 showings, and 1 application pending review in the last 7 days.

The property has had positive feedback from the leads.

The property is listed for rent at $875.

Property Listing

Update 2:

The PM, HRG, spoke with multiple vendors and they advised that the Hot Water Tank cannot be repaired. There is a leak and it needs to be replaced.

The two estimates for HWT replacement are both for 40gal tanks and come with a year warranty from the manufacturer and a 6 month labor warranty.

The PM recommends Estimate 2 because it can be installed this weekend in time for additional showings.

Estimate 1: $1,510

Estimate 2 (approved): $1,519.40

Property Update (10/07/2023):

Update 1:

The new owner-elected Property Manager, HomeRiver Group Institutional (HRG), officially took over management of the property and listed it for rent two weeks ago.

The listing had 35 leads, 11 showings, 5 incomplete apps, and 1 cancelled app in the last 7 days.

The property has had positive feedback from the leads, with a 4 out of 5 average rating.

The PM recommends to having some exterior clean up work completed to boost the curb appeal, and will provide an estimate shortly.

The property is listed for rent at $875.

The PM is targeting both private pay & Section 8 tenants.

Property Listing

Update 2:

The Hot Water Tank is not functioning properly and will need to be repaired or replaced before a new tenant can move in.

The property will still be marketed for rent in the meantime.

The Property Manager received two estimates to replace the HWT:

Estimate 1: $1,510

Estimate 2: $1,519.40

A vendor is scheduled to visit the property early next week to assess if a repair is possible instead of a replacement, as the main issue is the flue leaking.

Property Update (08/21/2023):

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

Property Update (07/29/2023):

The listing had 28 leads, 11 pre-qualified, 13 viewings, & 0 applications in the last 7 days.

The PM held an open house on 7/25 for 10 prospects who showed interest. Only one prospect showed up.

The PM noted a common complaint among all interested parties is that the property has no shower.

The PM is reaching out to vendors for estimates to install a shower.

The property is listed for rent at $875.

Property Listing

Property Update (07/24/2023):

The listing had 16 leads, 9 pre-qualified, and 0 showings in the last 7 days at $900/month.

The PM noted the feedback from prospects have been mostly the same:

The carpet cleaning did not get rid of the underlying smell from previous pets.

Biggest issue is that there's no shower in the one bathroom.

The rent has been reduced to $875/month.

The listing page below takes 24-48 hours to update with the new rent amount.

Property Listing

Property Update (07/08/2023):

The listing had 32 leads, 12 pre-qualified, & 1 showing in the last 7 days.

The property is listed for rent at $900.

Property Listing

Property Update (07/01/2023):

The Property Manager, FYVE, had additional showings over the weekend and did not receive an approved application.

The feedback from showings so far include that the bathroom needs to be updated, there is no shower present or wall to attach a shower extension, and the basement is damp.

Initially, the PM was a debating if the downstairs room should be classified as a bedroom when the home was received.

However, after receiving feedback from showings, they changed their position on this and changed the listing from a 3-bedroom to a 2-bedroom.

As a result, the target rent has been reduced from $1,197 to $900.

Because of the delays in turn repairs being completed, the PM, FYVE, will waive half the leasing fee and discount the management fee by 10% for the first year after they place a new tenant.

The normal leasing fee is 50% of rent, or minimum of $800.

The normal management fee is 7% of rent, or minimum of $80.

New professional pictures of the property have been taken and can be viewed on the property page.

Property Update (06/12/2023):

The property was professional photographed on 06/07 and listed for rent on 06/09 at $1,197/month.

Property Listing

Because of the delays in turn repairs being completed, the PM, FYVE, will waive half the leasing fee and discount the management fee by 10% for the first year after they place a new tenant.

The normal leasing fee is 50% of rent, or minimum of $800.

The normal management fee is 7% of rent, or minimum of $80.

Property Update (06/03/2023):

The carpet cleaning was delayed by the vendor and is scheduled for today.

After the carpet cleaning, the property will be photographed and marketed for rent.

The PM is evaluating if the property should be listed at the original target rent of $1,047, and will provide an update next week.

Because of the delays in turn repairs being completed, the PM, FYVE, will waive half the leasing fee and discount the management fee by 10% for the first year after they place a new tenant.

The normal leasing fee is 50% of rent, or minimum of $800.

The normal management fee is 7% of rent, or minimum of $80.

Property Update (04/22/2023):

The turn repairs were delayed again due to the PM getting injured on a job site.

The PM estimates that the turn repairs will be completed in 2 weeks and the property will be listed for rent by 5/8.

The target rent for the listing will be $1,047.

Because of the delays in turn repairs being completed, the PM has offered to waive half the leasing fee and discount the management fee by 10% for the first year after they place a new tenant.

The normal leasing fee is 50% of rent, or minimum of $800.

The normal management fee is 7% of rent, or minimum of $80.

Property Update (04/12/2023):

The Property Manager, confirmed the turn repairs will be completed in 2-3 weeks.

The repairs were delayed because of a miscommunication error on the side of the PM. The PM requires repair estimates to be signed before work can commence, and the local team did not realize the estimate was signed shortly after the estimate was received.

FYVE's management team has apologized and offered to provide a concession to owners for this error. Specifics of the concession will be provided shortly.

The PM can pre-list the unit for rent with a future move-in date, but they want to ensure they have sufficient photos for the listing to properly market the property.

The target rent for the listing will be $1,047.

The PM advised that the rent could land under $1,000, but they want test the market at a higher rate first.

Property Update (02/28/2023):

The PM completed a scope of work for the make ready repairs.

The estimate for turn repairs include: Carpet cleaning for all carpet areas for $465, Cleaning for $350, Trash removal for $300, Painting the home for $1,300, Sealing the chimney for $75, Installing blinds for $260, Replacing the kitchen light for $90, Fixing the kitchen cabinet door front for $90, and installing three smoke alarms with a 10-year battery life for $160

The total turn estimate is $3,090.

The Operating Reserve balance before the repairs is $3,102.74.

Repair Pictures

Property Update (12/21/2022):

Tenants have moved out voluntarily

Property manager will complete a move-out inspection and provide a turn estimate for the property

PM will winterize the property and ensure utilities are connected to prevent freezing pipes

Investors will receive daily rental income from the vacancy reserve for the next 39 days