Lofty 9583 Pagewood Ave

Lofty 9583 Pagewood Ave

St. Louis, MO
Projected Return

Company Description

Property originally listed for sale on the marketplace by Gary E. Kolker.

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Single Family Home located in St. Louis, Missouri.


  • 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
Amount Raised : $0
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