15711 Grovewood Ave

15711 Grovewood Ave

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Min Investment
$50
Location
Cleveland, OH
Projected Return
14.48%
Valuation
$206,250

Company Description

This Triplex is occupied and was renovated just a few months ago by the seller.
It's located in Cleveland, Ohio just a few blocks away from restaurants and Humphrey Park.
The following renovations were completed in 2022: New roof & decking installed ($20k), new electrical panels, new electric meters, seal & paint basement, service existing furnaces and hot water heaters, new supply plumbing where necessary, repair all doors and replace locks, new furnace for 3rd-floor unit.

1st floor unit renovations: All new bath, vanity, mirror toilet, surround), all new kitchen, cabinets, countertops, flooring, appliances), paint entire unit, new outlets and switches, new lighting, repair/replace ceiling damage, new appliances
2nd floor unit renovations: Paint entire unit, new outlets and switches, new lighting, repaired plumbing for bathtub, repair/replace ceiling damage, repaired porch/balcony flooring, refurbish hardwood floors, new appliances
3rd floor unit renovations: Paint entire unit, new outlets and switches, new lighting, replace living room ceiling, new furnace, repaired plumbing for bathtub, new toilet, two new windows, new appliances, kitchen, paint cabinets, new flooring, glaze sink/countertop

All of the items in the inspection report have been repaired and can be viewed in the Documents link under "Repairs Completed by Seller"

The upper unit has 1 br / 1 ba and the tenant is on a 1 year lease for $650/month which started on 3/1/2022.
The middle unit has 2 br / 1 ba and the tenant is on a 1 year lease for $900/month which started on 2/26/2022.
The lower unit has 2br / 1 ba and the tenant is starting a 1 year lease for $900/month on 3/11/2022. The seller is providing a full rental credit to the LLC until the tenant moves in.

Our A.I. does not have enough data for this property’s area 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% is determined by taking the average of the HouseCanary 3 year appreciation forecast at the zip code level — as block level data is not available.
This property comes with a 1 year home warranty.

Updates:

Update 8/26/2022: The governance voting results are back for the vote on whether to continue using B2B Realty or to switch to FYVE for Property Management. The winning vote is: Change to FYVE Property Management. This decision was voted on by 2,829 tokens out of 3,261 tokens which is equal to 86.7% of the total votes. The property will begin migrating over to the new PM. Once the new migration is complete, you will receive and update and the Property Management fee will be reduced from 8% to 7%.
Amount Raised : $0
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