Company Description
This property is a fully renovated 2 bedroom 1 bathroom single family home located in a trending neighborhood of St. Louis.
The following renovations have been completed: New kitchen cabinets, new laminate kitchen counters, new kitchen sink & faucet, new medicine cabinet in bathroom, new luxury vinyl plank flooring, repaired staircase, 11 new doors, repaired door frames, 2 new windows, new vinyl blinds throughout, new HVAC, repaired duct work, new electrical, repaired sewer, updated plumbing, new front handrails, repaired front porch, new gutters, repaired siding, landscaping, interior & exterior paint.
The resident is on a 1 year lease starting on 10/1/2022 and is paying $1,135/month. This is a $35 increase (3%) from their previous rent.
Updates:
Update 11/17/2021: The cap rate has been increased from 6.2% to 6.4% moving forward. The property manager now charges a flat fee of $85/month instead of 10% of gross rents, which is the reason for the increase.
Update 7/12/2022: The tenant submitted a work order due to the upstairs part of the home not cooling well, even with a window AC unit. One of the tenants, who is HVAC certified, took it upon themselves to try and resolve the cooling issue. They found that the vent for one of the rooms was completely removed. The Property Manager dispatched an HVAC vendor who completed an assessment and confirmed that all the ductwork was removed and there is no connection to the central air upstairs. The vendor is working on a proposal and estimates the repair costs will be between $1,500 - $2,500. The cost will depend on what obstacles they run into after opening the ceiling. Once more information is available, you will be updated immediately.
Update 7/20/2022: A vendor visited 251 Wachtel Ave and confirmed that the duct has been capped and is not present for the upstairs part of the home. The vendor proposed to install custom ductwork to address the airflow, however, this property comes with risk as the scope does not include potential additional costs beyond the walls and floors. The proposed cost would not exceed $3,150. The Property Manager recommends a different solution. This solution includes installing two additional window units upstairs. The PM recommends going this route as it is less intrusive, will address the airflow issue, and there will not be unknown costs with the repair. 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. The PM will be completing the work with in-house labor at $40/hour. The estimated cost is $1,000. These funds will be taken from the maintenance reserve of $6,375 which will be replenished with 10% of the cash flow until it is full again.
Update 9/12/2022: The tenant has signed a 12-month lease renewal at $1,135, a $35 increase (3%) from the current rent. The new lease will commence on 10/01/2022, at which point your daily rental income will increase.
Update 10/1/2022: The tenant's lease renewal begins today at $1,135/month. This is a $35 increase (3%) from the previous rent.
