Company Description
This property is an occupied Duplex located in Cleveland, Ohio. It was recently renovated at the beginning of April, 2022. The list of renovations can be viewed in the 'Documents' tab above.
Both units have guaranteed rental income from the government.
Lower Unit: The tenant is on a 1 year lease from 01/05/22 - 01/04/23 and is paying $815/month. They are on a VA lease (Veterans Association) and the rent is fully paid by the Federal Government UHD-VASH (Veterans Administration).
Upper Unit: The tenant is on a 1 year lease from 04/11/22 - 04/10/23 and is paying $1,000/month. They are a Section 8 tenant and the rent is fully paid for by the government.
The seller will fix all items in the inspection report before closing.
Refer to the 'Documents' tab above to view the following information:
Purchase Agreement
Renovations & updates
Inspection report
HouseCanary report
Our A.I. does not have enough data for this property to make an accurate forecast of the future appreciation. Because of this, we are not projecting that this property will rapidly appreciate. The projected appreciation of 7.67% is determined by taking the average of HouseCanary's 3 year appreciation projection for the zip code.
The LLC documents will be uploaded to the 'Documents' tab once the property is fully funded and closed.
Updates:
Update 9/11/2022: The tenant reported a leak in the upper unit. The vendor identified that the leak is caused by an overgrown tree that has damaged the roof singles and flashing on the chimney. The required repairs consist of trimming the tree back and removing the debris from the roof, replacing the damaged shingles, replacing the damaged flashing on the chimney, and repairing damaged sheetrock in the unit. The total cost for repairs is $3,392.50. These funds will be deducted from the Maintenance reserve. An insurance claim has been opened for this incident and any recouped funds from the claim will be added back to the Maintenance Reserve. The tenant has reported a leak in the ceiling in the lower unit. The vendor has identified that part of the leak is from the roof damage above. There are additional leaks in the upstairs bathroom resulting from an old plumbing line. The repairs require tightening and resealing the plumbing line and repairing the damaged sheetrock in the bathroom and hallway. The total cost of repairs is $1666.35. These funds will be deducted from the Maintenance reserve. The sheetrock damages will be included with the roof damage insurance claim to try to recoup expenses from this repair as well.
Update 9/28/2022: An insurance adjuster was assigned to the claim and they have completed an inspection of the property. The adjuster has approved the claim and a payout of $589.38 has been approved. These funds will be applied towards the repair cost ($3,392.50) of the roof leak damages.
Update 10/5/2022: The insurance adjuster has approved an additional $2,322 for the interior drywall repairs and the tree removal. The new payout total is $2,902.70.
