Property originally listed for sale on the marketplace by Gary E. Kolker.
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Single Family Home located in St. Louis, Missouri.
Details
- New water heater
- Functioning furnace that was recently cleaned and serviced
- Functioning AC unit with a new AC disconnect box
- Roof has had damaged or missing shingles replaced and new flashing
- Built in 1956
- The Maintenance Reserve was increased from 5% to 8% to fix cosmetic issues, which have now been completed. View repair invoice and pictures of the completed repairs.
Property Management and Insurance
Occupancy Status
- 1 year lease (07/01/2023 - 06/30/2024)
- $1,125/month
- Tenant was previously on a month-to-month lease at $1,100/month.
- The lease renewal fee is $250 and will be deducted from July's rent.
- The tenant will be responsible for lawn care, snow removal, and all utilities.
- Lease Agreement
Location Data
- 2.5/5 Neighborhood Rating on Roofstock
- "B" Rating for Zip Code on Niche
Due Diligence Documents
Property Updates
Property Update (06/26/2023):
- Owners voted to change property managers to Evernest Property Management via a Supermajority of 91.9%.
Property Update (06/03/2023):
- The tenant signed a 1 year lease renewal at $1,125, a $25 increase from the previous lease.
- The new lease term is from 07/01/2023 - 06/30/2024.
- The tenant will be responsible for lawn care, snow removal, and all utilities.
- The lease renewal agreement is currently being redacted and will be uploaded to the property's Dropbox folder once the redaction is complete.
Property Update (01/31/2023):
- The tenant made a payment of $1,110 on 1/27 and paid off their balance in full.
- Owners will receive rent back-pay for January and daily rent will begin again today.
Property Update (01/23/2023):
- The tenant made a payment of $1,100 towards their December rent balance.
- The tenant owes a balance of $1,100 for January.
- The PM is moving forward with an eviction per the previous governance vote.
- The tenant promised to pay their full balance on 1/27.
- The PM advised that the tenant has been slow to pay rent and recommends to continue with the eviction.
- Owners will receive rent back-pay for December.
Property Update (12/27/2022):
- The voting results for the tenant payment plan vs eviction decision have been returned
- The majority vote (72.4%) was to file for eviction immediately, as recommended by the Property Manager
- The Property Manager will begin the eviction process immediately
Property Update (12/21/2022):
- Tenant owes $1,109.50 for December's rent
- Tenant has not responded to attempts to collect payment
- Property Manager recommends filing for eviction
- Governance survey recommends offering a payment plan
- Decision will be determined by a supermajority vote and results will be sent to investors on Friday, December 23rd once voting period ends
Property Update (09/01/2022):
- Tenant made a payment of $1,100 on 8/26 per the payment plan and is now fully caught up on their balance
- They will be paying September's rent on 9/9.
Property Update (08/14/2022):
- Tenant made a payment of $1,100 on 8/12 according to payment plan agreement
- Tenant owes another payment of $1,100 on 8/26
- Tenant will be fully caught up on rent once this payment is made
- September rent will be paid on 9/9 according to payment plan agreement
- Owners will begin receiving daily rental income tomorrow and back-pay rent for 8/12, 8/13, and 8/14
Property Update (08/09/2022):
- Payment plan has been set up with tenant to pay balance in full
- Payment plan consists of bi-weekly payments of $1,100 on 8/12, 8/26, and 9/9
- Payment plan includes all fees for rental collections (late fees, notice fees, and processing fees) as well as August and September rent
Property Update (08/08/2022):
- Governance voting results have been received for vote on payment plan, cash for keys, or eviction for delinquent tenant
- Property Manager recommended offering a payment plan because tenant has been communicative and paid rent on time until recently changing jobs
- Winning vote is to offer tenant a payment plan subject to Property Manager's discretion, with cash for keys to be immediately pursued if tenant misses one payment
- Decision was voted on by 81.8% of total votes (936 out of 1,143 tokens)
- Property Manager will be offering tenant a payment plan immediately
Property Update (08/04/2022):
- Tenant owes for July and August rent and has recently changed jobs
- Tenant has been following up consistently with Property Manager and has been paying rent on time until job change
- Property Manager is recommending a payment plan
- If tenant misses one payment, Property Manager will move forward with cash for keys
- Token holders want to pursue cash for keys per recent governance survey on tenant delinquencies
- Governance vote will be held to determine final decision on payment plan or cash for keys
- Winning vote will be determined by supermajority of 60%+ and results will be sent to owners on 8/8 once voting period ends
