This occupied, recently renovated property is a 3 bedroom 1 bathroom single family home located in a trending neighborhood of Detroit. The following renovations have been completed: Updated bathroom, updated kitchen, interior paint, new carpeting, new cabinets, updated basement, repaired roof, and new plumbing. This property is located just a few blocks away from Rouge Park, restaurants, and freeway access.
The tenant was on a 1 year lease until 4/30/2022 and was paying $1,200/month.
The same tenant renewed their 1 year lease on 6/1/2022 for an increased rent of $1,250/month.
Update 5/16/2022: The existing tenant will be renewing their lease on 06/01/2022 for $1,250/month. This lease will end on 05/31/2023.
Update 6/1/2022: The existing tenant has renewed their 1-year lease for $1,250/month. This is a 4.2% increase over their previous rent of $1,200/month.
Update 7/29/2022: The tenant has not paid July's rent and has a balance of $1,300 ($1,250 rent + $50 late fee). The tenant promised to pay by yesterday, but the Property Manager has not received a payment as of today. We informed the PM that Cash for Keys is the route that token holders want to take on this, per the recent governance survey on tenant delinquencies. However, the PM is recommending an eviction if the tenant does not pay by 8/1, as the tenant will have 2 months of outstanding rent at that time. Because the PM's recommendation differs from that of token holders, there will be a governance vote to determine the final decision. The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all investors in Lofty Holding 7757 Lamphere Street LLC on Tuesday, August 2nd once the voting period ends.
Update 8/2/2022: The tenant paid off their balance of $1,300 in full, so there will be no need for a governance vote to take further action. The Property Manager informed us that the payment was received on July 30th. The statement was not updated right away because the tenant sent the payment via Cash App instead of ACH through his tenant portal – which is the standard procedure. The PM also mentioned that their main accountant also has COVID, or this would have been caught earlier.