Lofty 127 Hausman St

Property originally listed for sale on the marketplace by Rachel Kent with Harmony Realty Group LLC.

Click here to learn more about how third parties sell their properties on the Lofty Marketplace.

The Operating Reserve balance (-$391) is below half full.

Owners voted to apply 100% of cash flow to replenish the reserve until it is half full ($2,500), and then apply 50% of cash flow until the reserve is full ($5,000).

Based on the monthly cash flow ($603), it will take ~4.8 months for the reserve to be half full and ~8.3 additional months to be full.

The Operating Reserve balance is part of the property value. As a result, the property will increase in value as the Operating Reserve is replenished.

Single Family Home located in Toledo, Ohio.

Details

• Spacious 3 bedroom house
• Located across the street from Central Catholic High School and a few blocks from St Vincent Mercy Medical Center
• Kitchen and bathroom were updated in Summer 2022
• Fresh neutral paint
• Refinished hardwood floors
• Front porch
• Appliances included

Property Management and Insurance

• Managed by Evernest Property Management
• Insurance Policy through Obie Insurance

Occupancy Status

• 1 year lease (07/24/2023 - 07/23/2024)
• $984.95/month ($945 + $39.95 resident benefit package)
• $1,890 Security Deposit
• Tenant is responsible for all utilities
• Lease Agreement

Location Data

• 1/5 Neighborhood Rating on Roofstock
• "C" Rating for Zip Code on Niche

Due Diligence Documents

• HouseCanary Agile Evaluation
• HouseCanary Property Valuation Report
• Inspection Report
• Inspection Report Summary
• Inspection Report Repairs
• Estimated Closing Costs
• Purchase Agreement
• Operating Agreement
• View All Documents

Property Updates

• Property Update (07/22/2023):

  • A new tenant has been approved and will move-in on 07/24/2023.
  • The tenant signed a 1 year lease at $945 + $39.95 resident benefit package, totaling $984.95.
  • The tenant will pay a security deposit of $1,890.
  • The lease term is 07/24/2023 - 07/23/2024.
  • 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 (07/15/2023):

  • An applicant has been approved and is willing to move forward at $945/month if the refrigerator is replaced.
  • The PM did not offer the tenant the promotion of half-off first month's rent.
  • The PM provided two estimates for refrigerators, and recommends approving the less expensive option:
  • 14 cubic feet fridge: $549.00 (Not including tax, also waiting for labor/delivery charges - if any)
  • 16 cubic feet fridge: $599.00 (Not including tax, also waiting for labor/delivery charges - if any)
  • Property Listing

• Property Update (07/08/2023):

  • The listing had 8 leads, 0 showings, and 0 applications in the last 7 days.
  • The PM will add a leasing incentive of half off first month's rent with a move in date of 8/1.
  • The incentive will expire on 7/21.
  • The target rent is $945.
  • Property Listing

• Property Update (07/01/2023):

  • The listing had 4 showing & 0 applications submitted in the past 7 days.
  • The PM lowered the rent from $995 to $945 on 6/30.
  • Property Listing

• Property Update (06/14/2023):

  • The Property Manager did a re-evaluation of comps in the area and recommends to list the property at $895-995/month.
  • The property was listed for rent at $995 last Friday.
  • Property Listing
  • The PM had an internal miscommunication error, and confirmed they are still waiting for the pending lead report results. The PM previously communicated that the property already passed the lead inspection, which is incorrect. This error is being further investigated.
  • The PM received approval from the city late last week to list the property for rent while continuing to wait for pending lead report results.
  • The repairs to the roof, leak, attic, and windows have been completed.

• Property Update (04/29/2023):

  • The property passed the lead inspection.
  • The PM estimates the work to repair the roof, leak, attic, and windows to be completed by 5/10.
  • The PM is waiting on the Rental Registration from the City in order to list the property for rent.
  • The target rent is $1,100.
  • The PM will re-evaluate the market rents and will make adjustments if necessary before posting the property for rent.

• Property Update (04/26/2023):

  • The PM was unable to obtain a second repair estimate due to the lack of available vendors in the Toledo market.
  • The PM was able to negotiate the first estimate down from $1,475 to $1,275.
  • The Operating Reserve balance after the repairs is $2,654.57.
  • Once the repairs are completed, the PM will provide a target rent and list the property for rent.

• Property Update (04/07/2023):

  • The PM received a vendor estimate for the additional repairs.
  • The repair estimate includes tarring chimney at the roof line to repair the leak, repairing the attic floor board and door, installing a glass block in the vent in the upper bedroom, replacing a broken basement window, and installing a vent in attic.
  • The attic floor board repairs are required due to it being a trip hazard.
  • The additional repairs including adding tar to the chimney and replacing the broken windows are required to reduce water and air leaks and prevent damages resulting from moisture getting into the property.
  • The estimated cost of repairs is $1,475 plus a 10% maintenance fee.
  • The PM is waiting on a second vendor estimate.
  • The two-month rent credit provided by the seller has now ended for this property. Owners will begin receiving daily rent again once a new lease begins.
  • Repair Estimate (Not accepted yet)

• Property Update (03/28/2023):

  • The field inspector completed an initial inspection of the property.
  • The repair estimate includes general punch list items, deep cleaning, debris removal, attic repair, investigating a possible roof leak, painting walls, replacing covers and tightening fixtures in the bedroom and bathroom areas, caulking, installing door trim, replacing a mailbox, and repairing a broken basement window and fence.
  • The estimated cost for all the repairs is $3,141.65.
  • Window replacement for the bedroom and basement will require an estimate from a window vendor, and further charges may apply.
  • This property had $1,040 added to the Closing Costs for repairs to be made post-closing. The remainder of the repairs will be taken from the Operating Reserve.
  • Once the repairs are made, the PM will provide a target rent and the property will be marketed for rent.
  • Initial Property Inspection
  • Turn Estimate