209 E 13th St

209 E 13th St

Available: 42 tokens at $53+

Min Investment
Davenport, IA
Projected Return

Company Description

This property is an occupied single family home located in a suburban neighborhood of Davenport, Iowa in the Quad Cities.
Property is vacant and will be marketed for rent before 10/21/2022 at $995, a $145 increase from the previous lease.
Refer to the 'Documents' tab above to view the following information plus more:

Purchase Agreement
Inspection report
Inspection report repairs
HouseCanary Evaluation
Rent roll
Lease Agreement
Sales price history

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 10.67% 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.


Update 9/23/2022: The tenant has moved out and left quite a mess. The tenant had been on a month-to-month lease since 2020 and had given the seller a notice to move out without a move out date prior to closing last month. We were not informed of this notice to move out by the seller. Lofty spoke to the seller and asked for them to pay for these damages because of this negligence, but they have refused. Because of this, they will no longer be permitted to list properties on the Lofty marketplace. The property will need to be completely repainted, as well as the flooring and window screens replaced, and a full heavy cleaning is required. The Property Manager (PM) has provided an estimate using in-house labor and they can complete the work in shorter time than hiring an outside vendor. The cost for the turn services with the PM in-house team is $8,600. The tenant paid a Security Deposit of $850 and this will be applied towards the turn services expenses. Lofty will be providing a credit to the LLC for $2,750 because of these issues with the seller, as the Maintenance Reserve only contains $5,000. The carpet replacement expense will also be considered a CapEx expense, which will minimize the tax burden on the owner. The PM has reached out to several vendors to get an outside bid. However, they are quoting 30-60 days for an estimate. The target rent will be $995, a $145 increase from the current lease.
Update 10/14/2022: The technical turn services have been completed and the full cleaning will be completed early next week. The Property Manager will get updated photos and list the property for rent before the end of next week. The target rent is $995, a $145 increase from the previous lease.
Amount Raised : $0
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