Lofty 16301 Glendale Ave

Property originally listed for sale on the marketplace by Jon Murchison with Keller Williams Greater Metropolitan.

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

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.

Details

• 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

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

Occupancy Status

• 1 year lease (04/28/23 - 04/30/24)
• $1,247/month
• $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

Location Data

• 2.5/5 Neighborhood Rating on Roofstock
• "C" Rating for Zip Code on Niche

Due Diligence Documents

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

Property Updates

• 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.