Lofty 503 Colorado Street Unit 4

Condo rented by the room (2 Airbnb's & 1 long-term lease) located in Lawrence, Kansas.

Offering Details

Clay Westerlund is selling a portion of his property's equity on the Lofty marketplace. Clay will maintain at least 10% equity in the property indefinitely.
Clay manages 30+ properties on Airbnb including this property. View Clay's Airbnb profile

3 bedroom, 2 bathroom condo unit rented by the room.
Two bedrooms are rented on Airbnb and one bedroom is rented as a long-term rental on a month-to-month lease.
Lawrence is a city teeming with character and appeal. The University of Kansas is the city’s most obvious feature, and Lawrence is undeniably a college town. As a result, the community has a distinctly cosmopolitan vibe, with a lively academic population, thriving arts and entertainment scene, and strong downtown nightlife.
HOA fees are $98.81/month. Clay is responsible for "studs in" roof repairs. So anything "studs out" is the responsibility of the HOA. The HOA will be coordinating with a roofer to repair the roof leak, and the ceiling will be repaired as well.
HOA fixed the roof leak mentioned in the inspection report.
The utilities cost in the "Financials" tab includes gas, electric, water, internet, cleaning, and supplies.
View Year to Date P&L Statement

Airbnb

This property has a loan balance of $40,736.84. View the loan documents here.
As the seller, Clay Westerlund pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.

Bedroom 1
- Rented on Airbnb
- Airbnb listing
- YTD Airbnb booking data
Bedroom 2
- Month-to-month lease starting July, 2020
- $850/month
- Lease Agreement
Bedroom 3
- Rented on Airbnb
- Airbnb listing

Airbnb