Property originally listed for sale on the marketplace by Jon Murchison with Keller Williams Greater Metropolitan.
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The Operating Reserve balance ($4,902) is below full.
Owners voted to apply 50% of cash flow to replenish the reserve until it's full ($5,401).
Based on the monthly cash flow ($790), it will take ~1.3 months for the reserve 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 Cleveland, Ohio.
- Property is under contract for $108,014 and HouseCanary estimated value is $128,500
- $20,486 discount (19%) from HouseCanary estimated value
- Newly renovated in 2022
- Renovated kitchen with new cabinets, countertops, sink, flooring, and appliances
- Refinished hardwood floors in living room and bedrooms
- New bathroom with vanity, sink, toilet, tub surround, shower doors, and floor
- New mechanicals installed in 2022
- New Furnace (installed in 2022)
- New Hot Water Tank (installed in 2022)
- New Central Air Unit (installed in 2022)
- Freshly painted throughout with new windows (2022)
- Exterior with aluminum siding and estimated 8-year-old roof
- 1.5 stories with full basement
- New asphalt driveway (2022)
- Spacious 2 car garage with opener and remotes
- New sewer and drain lines from home to street
Property Management and Insurance
- 1 year lease (04/28/23 - 04/30/24)
- $1,247 Security Deposit
- The leasing fee is $800 and will be deducted from May's rent
- The lease is currently being redacted and will be linked here once the redaction is complete
- 2.5/5 Neighborhood Rating on Roofstock
- "C" Rating for Zip Code on Niche
Due Diligence Documents
Property Update (08/21/2023):
- Owners voted to change Property Managers from FYVE Property Management to HomeRiver Group Institutional Services.
Property Update (05/02/2023)
- The Property Manager confirmed that the tenant moved in on 4/28.
- The tenant is paying $1,247/month.
- The lease term is 04/28/23 - 04/30/24.
- The tenant paid a security deposit of $1,247.
- The leasing fee is $800 and will be deducted from May's rent.
- The lease is currently being redacted and will be uploaded to the property's Dropbox folder once the redaction is complete.
Property Update (04/22/2023)
- The water meter has been scheduled to be installed on 4/24.
- The PM has confirmed the turn repairs are necessary for the move-in, and estimates they will be completed on 4/26.
- The new tenant is scheduled to move in on 4/28.
Property Update (04/06/2023)
- The tenant has changed their move in date to 4/28.
- The PM completed an onboarding inspection and noted a few repairs are needed for the move in.
- The repair estimate includes installing stove knobs ($80), general cleaning of the home ($260), drilling and replacing a lock on the garage door ($75), resetting a bathroom toilet ($75), installing a drain cover over the basement drain ($30), and filling the front lawn with dirt and seed ($350).
- The estimated cost of repairs is $870. The PM will provide more feedback on whether the repairs are necessary for the move-in, and if there are less expensive options available to complete any required repairs.
Property Update (03/29/2023)
- The PM has advised that the property has been rented with a move-in date of 4/1.
- The PM will follow up shortly to confirm the rent amount and send over a copy of the lease.
Property Update (03/25/2023)
- The property is currently listed for rent at $1,275/month.
- The listing had 30 leads and the PM has made contact with all leads.
- The PM held an open house and reported that 16 prospects attended the event.
- The PM is working on renting the property by 4/1.
Property Update (03/22/2023)
- The Property Manager held an open house and reported that the turnout was great, with potential prospects completing and submitting their applications.
- The PM will follow up with the prospects to secure an application.
- We are currently waiting on more details from PM including the target rent and number of leads.