Company Description
This Duplex was renovated in January 2022 and is located in Maple Heights, Ohio.
The hot water tank is 3 years old and the furnace is 4 years old.
Upper unit has 2br / 1 ba and the tenant is starting a 1 year lease for $1,000/month on 4/1/2022. The seller is providing a full rental credit to the LLC until the tenant moves in.
Lower unit has 1 br / 1 ba and the tenant is on a month-to-month lease for $725/month. The same tenant signed a 1 year lease renewal at $800/month starting on 7/31/2022.
The following renovations have been completed:
General: All Point Of Sale compliant, new concrete driveway, tear down dilapidated garage, re-landscape backyard and add drainage, basement
Upper unit: Refinished hardwood floors, all painted, walls all repaired and patched, new doors installed, new kitchen installed
Lower unit: Refinished hardwood floors, new kitchen, new appliances, all painted, doors and walls all repaired and patched, new bathroom (vanity, toilet, flooring)
This property comes with a 1 year home warranty.
The remainder of the LLC documents will be uploaded to the "Documents" tab in the next 3 weeks.
Updates:
Update 4/5/2022: The lower unit tenant completed their 1 year lease and is now on a month to month lease.
Update 8/2/2022: The tenant in the lower unit signed a 1 year lease renewal at $800/month starting on 7/31. This is a 10% increase from the previous rent of $725/month (tenant was month-to-month). You will be receiving rent back-pay for the increased rental income on 7/31 and 8/1, since the new lease started on 7/31.
Update 8/16/2022: The Vacancy Reserve will full cover rents for both units for the next 1.5 months. Upper Unit: The tenant currently owes a balance of $2,180 for July and August rent. Based on the governance vote on how to handle tenant delinquencies, the Property Manager will be offering the tenant a payment plan. The tenant wants to stay in the unit and wants to work out a payment plan. They promised to pay $1,000 this week and will pay an additional $1,000 at the beginning of next month. They also applied for rental assistance. Lower Unit: The tenant currently owes a balance of $875 for August rent. The tenant promised to pay $300 on 8/19 and the remainder in two weeks. The tenant has also informed the PM that they have applied for rental assistance. Based on the governance vote on how to handle tenant delinquencies, the Property Manager will be offering the tenant a payment plan.
Update 9/21/2022: The Vacancy Reserve will full cover rents for both units for the next two weeks. Upper Unit: The tenant declined the Cash for Keys offer and set up a payment plan with the Property Manager. However, they have not submitted a payment as promised. The PM recommends eviction since the balance has accrued to $3,335 and the last payment received was in June. The PM has started filing eviction for possession of the unit. We are currently waiting on the PM to confirm the market rent for a new tenant. Lower Unit: The tenant currently owes a balance of $1025. This includes $25 for August and a late fee of $75 for September. This tenant has applied for rental assistance and the application is currently under review. The PM is also working on a payment plan with the tenant as a contingency plan in case the rental assistance is not approved.
Update 10/5/2022: Upper Unit: The tenant reported a few issues for the property: The legs on the washer sink in the basement broke due to rust damage and caused the sink to fall. The basement gets wet in multiple areas every time it rains. There is standing water in the sewer in the basement and is causing a backup in the sink and washer because the water is not draining. The total cost of repairs is $483. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again.
Update 10/12/2022: Lower Unit: The tenant reported a back-up in the kitchen and bathroom sink. The total cost of repairs to clear the clogs in the drain for both sinks is $483. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again.
Update 10/18/2022: Lower Unit: The tenant made a partial payment last month and currently owes a balance of $1,800. The tenant applied for rental assistance last month and was approved for an award of $4,725 for rent from July through December. The award should arrive before the end of November. Once the award arrives, the Vacancy Reserve will also be replenished for this Unit.
