Company Description
This occupied, recently renovated Duplex is a 4 bedroom 2 bathroom property located in a trending neighborhood of Cleveland. The following renovations have been completed: New interior and exterior paint, new light fixtures, two new hot water tanks, new bathrooms, some doors have been replaced, laminate flooring and carpet installed three years ago, and new electrical panels.
Unit 1 has been rented to the same tenant since 8/1/2020. They have been on a month-to-month lease since 7/31/2021 paying $600/month. The tenant has signed a 1 year lease renewal at $660/month which started on 7/31/2022 and ends on 7/30/2023.
Unit 2 has been rented to the same tenant since 4/7/2020. They have been on a month-to-month lease since 4/31/2021 paying $550/month. The tenant signed a 1 year lease renewal at $620/month which started on 7/31/2022 and ends on 7/30/2023.
Updates:
Update 5/18/2022: This property has officially migrated over to the new Property Manager, B2B Realty, based on the results of the prior governance vote. Because B2B Realty only charges an 8% Property Management fee compared to the previous 10% fee, the Annual Cash Flow of this property has increased from $7,399 to $7,663.
Update 7/22/2022: The tenant owes July's rent and does not have a previous balance. They have tried to apply for rental assistance, however, they have not put in the work to verify that the application has been submitted. Based on the recent governance vote results on how to handle tenant delinquencies, the Property Manager will offer the tenant a payment plan, subject to their discretion. The PM will work with the tenant to bring their account current. Once the tenant's account is current, you will begin to receive daily rental income again.
Update 8/2/2022: Unit 1: The tenant has signed a 1 year lease renewal at $660/month which started on 7/31/2022 and ends on 7/30/2023. This is a 10% increase from the previous rent of $600/month (tenant was month-to-month). Unit 2: The tenant has paid their balance in full and has signed a 1 year lease renewal at $620/month which started on 7/31/2022 and ends on 7/30/2023. This is a 12% increase from the previous rent of $550/month (tenant was month-to-month). You will be receiving rent back-pay for the increased rental income on 7/31 and 8/1, since the new leases started on 7/31.
Update 9/27/2022: The governance voting results are back for the vote on whether to renew landlord insurance with Actual Cash Value coverage or Replacement Cost coverage. The winning vote is: Replacement Cost Coverage. This decision was voted on by 614 out of 804 tokens which is equal to 76.4% of the total votes. This new insurance policy will go into effect on 9/31/2022, once the current insurance policy ends.
Update 10/14/2022: The tenants reported a hole in the roof that has allowed pests to enter and water to leak into the units. The vendor identified that the source of the leak is from a plumbing pipe and not the roof. The leak is causing issues with a bedroom light fixture. The scope of work includes fixing the leak, replacing damaged ceiling tiles, and a damaged light bulb. The total cost of repairs is $761.25. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again.
