Company Description
This two-story Duplex is a 6 bedroom 2 bathroom property located in a trending neighborhood of Cleveland. Both units have a living room, dining, room and 3 bedrooms.
There are beautiful hardwood floors throughout and the downstairs has a recreation room separate from the unfinished laundry and storage areas. There’s a two car garage, a fenced in yard for privacy, and this property is located close to highways, shopping and medical institutions.
Lower Unit: The tenant is Section 8, on a 1 year lease starting on 4/31/2022, and is paying $1,195/month
Upper Unit: The tenant is on a 1 year lease from 5/3/2022 - 5/3/2023 and is paying $1,195/month.
Updates:
Update 11/19/2021: I wanted to give you a quick update on 3561 Daleford Rd. As mentioned in the groups, this closing date was pushed back because of a required city POS inspection report that ended up being pushed back a week. We have also just recently learned that there are additional cosmetic repairs that need to be made in order for the Property Manager to be comfortable with a tenant moving in. Because of this inconvenience, and how long this process has taken, Lofty will be providing the LLC with a rental credit, equal to the projected cap rate of 8.9%, until the lease begins––regardless of how long it takes. We will also be providing the LLC with the funds to make the repairs, which amounts to $3,350. This will not be taken from the maintenance reserve. You will begin receiving daily rental payments today at the cap rate of 8.9%.
Update 4/12/2022: A tenant has been found for the upstairs unit at $1,195/month. A deposit has been made and the 1 year lease is set to start on 5/3/2022. A rental credit of the same amount has been provided for this property since November, 2021 because of the unexpected repairs needed to get the property rent-ready again. The property was put on the market for rent in January and took a significant amount of time to find a tenant because, according to the Property Manager, in the colder/winter months leasing tends to slow down and people generally do not like to move in the winter time. There have been several issues with this Property Manager thus far, and in the very near future there will be a governance vote to switch to a new, highly recommended, Property Manager in Cleveland.
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 $18,711 to $19,285.
Update 6/17/2022: The Property Manager is recommending to repair the kitchen sink at 3561 Daleford Rd which is no longer working correctly. The cost of this repair is $225. Based on the original governance survey all token holders completed after their first token purchase, 63% of token holders voted to follow the Property Manager's recommendation for any immediate repairs. These funds totaling $225 will be taken from the maintenance reserve of $9,450 and the maintenance reserve will be replenished with 10% of the cash flow until it is full again.
