1039 Mt Vernon Rd

1039 Mt Vernon Rd

Available: 190 tokens at $53+

Min Investment
Memphis, TN
Projected Return

Company Description

This property is an occupied, fully renovated 2 bedroom 1 bathroom single family home located in a trending neighborhood of Memphis. The following renovations have been completed. New kitchen cabinets, new kitchen countertops, new vent hood in kitchen, refinished bathroom vanity counter top, new shower fixtures, new tiles in shower, new laminate flooring, repaired house roof, new light fixtures, new window blinds, serviced HVAC, interior & exterior paint.
The tenant started their 1 year lease on 10/15/2021.


Update 6/2/2022: The Property Manager has informed us that there is a long crack going across the ceiling and there is water leaking from the attic into the living room. The total cost to fix this is $591.25. A technician went out to the property on 5/26 and the drain pipe was clogged to the coil. The technician used carbon dioxide to clear it, but the Acoil is unleveled and needs to be fixed. This requires the Acoil to be leveled and the plywood under the emergency drain pan needs to be replaced. There is no alternative option. These repairs will be taken care of right away and the funds will be deducted from the maintenance reserve of $4,900. The maintenance reserve will be replenished using 10% of the cash flow moving forward until it is full again.
Update 7/22/2022: This property has officially migrated over to the new Property Manager, HomeRiver Group, based on the results of the prior governance vote. HomeRiver Group charges a lower Property Management fee of 7%, which results in an increase in the CoC return of this property.
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.
Amount Raised : $0
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