This Duplex is a recently renovated property located in a trending neighborhood of Chicago. This property includes two separate four bedroom one bathroom apartments and an unfinished basement. Units are individually heated and in good condition. The entire property was remodeled in 2016 and included updating light fixtures, windows, kitchens/countertops, and baths. Both units have hardwood floors. There is a two car detached garage and the sewer main to the street was replaced in 2021.
Unit 1 has a CHA voucher for $1,322 and their lease ends on 6/30/2023.
Unit 2 has a CHA voucher for $1,650 and their lease ends on 5/2/2023.
Unit 1 Update 3/29/2022: The Property Manager has informed us that Apartment 1 at 8143 S Sangamon St has failed the CHA (Chicago Housing Authority) inspection and the total cost of repairs to pass the inspection total $1,380. The tenant has been living in this unit for 5 years with no payment issues, and the Property Manager is strongly recommending owners to make the repairs as to not go into abatement with the CHA as well as losing the strong tenant. Based on the original governance survey all investors completed after their first token purchase, 63% of token holders voted to follow the Property Manager's recommendation for any immediate repairs. These repairs will be taken care of immediately and the funds will come out of the property's maintenance reserve.
Unit 2 Update 4/28/2022: This unit failed the annual CHA inspection because of multiple issues. The inspector had assessed and determined that all repairs could be made for $1,725. This amount includes labor, materials, and project management fees. These repairs have been completed, the unit has passed CHA inspection, and the new resident will be moving in on May 2nd for $1,650/month. Because the property description was misleading regarding repair costs likely not being needed for this unit, the funds of $1,750 will not come out of the property's maintenance reserve. According to the Property Manager, the reason this unit took longer than expected to rent out is because multiple CHA applications were approved, and the applicants ended up falling through. The resident moving in on May 2nd is the 3rd approved application and their lease will begin on Monday of next week at the projected rental rate of $1,650/month.
Update 6/27/2022: Unit 1 passed the CHA inspection and the tenant has renewed their lease until 6/30/2023. The Property Manager has decided to keep the rent at the same rate as the previous lease based on comps in the area. The rental rate remains at $1,322/month (CHA pays $1,123 and tenant pays $199)
Update 8/18/2022: The Property Management fees have been reduced to 5.7% due to a new National Partnership Agreement between Lofty and the Property Manager, HomeRiver Group.