Company Description
This property is an occupied single family home located in an A.I. recommended neighborhood of Cleveland. The home was renovated in 2014 and has been tenanted annually since then. The hot water tank was replaced in 2019 and the furnace has radiator heat with a 10 year old boiler in excellent condition, serviced annually. Electrical/wiring has a new panel and modern wiring. The neighborhood has a mix of owner occupants & rentals and is close to schools, downtown, and highway access. The unit with a missing stove in the pictures now has a stove.
This property is currently vacant.
Updates:
Update 5/18/2022: 3024 W 103rd St, has officially migrated over to the new Property Manager, B2B Realty, based on the previous governance vote. Because B2B Realty only charges an 8% Property Management fee compared to the previous 10% fee, the Annual Cash Flow of this property has increased from $7,277 to $7,481.
Update 7/13/2022: The tenant has moved out before their lease term expiration on 10/31/2022. The Property Manager has performed a move-out inspection and there are $5,060 worth of repairs needed before the property can be put on the market for rent again. The original seller will be paying for half of the damages ($2,530) because of how quickly the tenant moved out after closing as well as the unexpected repairs needed to get the property rent-ready again. $2,530 will be taken from the maintenance reserve which will be replenished with 10% of the cash flow until it is full again.
Update 8/22/2022: The turn services have been completed and the property is currently listed for rent at $1,125/month. This is a $275 rent increase (32%) over the previous rent of $850. If rented successfully at this rate, the CoC Return would increase by close to 3%. There have been a few interested tenants, but no submitted applications. The Property Manager will start listing the property with housing programs to increase rental traffic for the property.
Update 9/19/2022: The Property Manager has approved an applicant at $1,125/month. The leasing team is verifying the housing voucher before they send a lease to the applicant to execute. This is a $275 rent increase (32%) over the previous rent of $850.
Update 10/13/2022: The market rate application was approved and the tenant signed a 12-month lease at $1,125, a $275 increase over the previous lease. The tenant moved in on 10/8 and paid a deposit of $2,250. The PM tenant placement fee is $1,125 and will be deducted from November's rent. You will receive rent back-pay from 10/8 - 10/12 and you will be begin receiving daily rental income again starting today.
