Company Description
This property is a fully renovated 3 bedroom 1 bathroom single family home located in a trending neighborhood of Cleveland.
The following renovations have been completed: New kitchen, new bathroom, sanded & sealed hardwood floors, new carpet to 2nd floor steps, new front entrance door, 3 new interior doors, repaired window screens, new epoxy basement floor, dry-locked basement walls, new hot water tank, checked & cleaned furnace, new light fixtures, repaired siding, interior & exterior paint.
The tenant is on a 1 year lease starting on 08/31/2022 and is paying $1,075/month.
This property also comes with a 1 year Home Warranty.
Updates:
Update 6/9/2022: 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 charges an 8% Property Management fee instead of the previous 10% fee, the Annual Cash Flow of this property has increased from $7,905 to $8,079.
Update 8/8/2022: The governance voting results are back for the vote on whether to renew landlord insurance with Actual Cash Value insurance or Replacement Cost insurance. The winning vote is: Replacement Cost Coverage - $732 annually. This decision was voted on by 811 out of 1,048 tokens which is equal to 77.4% of the total votes. This new insurance policy will go into effect on 9/20/2022, once the current insurance policy ends.
Update 8/29/2022: The tenant has signed a 12 month lease renewal at $1,075/month. This is a $100 increase (10.2%) over the previous lease of $975. The new lease will be effective on 8/31/2022, at which point you will see an increase in your CoC return.
Update 10/10/2022: The tenant reported water in the basement and that it is starting to smell. The drain in the basement is clogged and the vendor proposes to extract water from the basement, snake the main drain to clear the clog, and clean the debris in the basement. The total cost of repairs is $750.75. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again.
