Company Description
This property is a fully renovated 3 bedroom 1 bathroom single family home located in a trending neighborhood of Memphis. The following renovations have been completed: New kitchen cabinet hardware, new kitchen sink faucets, new basic vent hood, refinished bathtub/shower, repaired house roof, refinished hardwood floors, 2 new glass windows, new window blinds, new fan, updated electrical, new light fixtures, tied in condenser to existing furnace, repaired siding, interior & exterior paint.
The resident is on a 1 year lease until 10/31/2022 and is paying $850/month. The tenant signed a 12-month lease renewal at $920, a $70 increase (8%) from the current lease. The new lease will start on 10/18/2022.
Updates:
Update 2/25/2022: Token holders voted to provide the tenant with a new kitchen ceiling fan for $359,
Update 5/4/2022: The shower door is damaged and the Property Manager is recommending to replace it immediately. The cost is $1,101.05 which will come out of the Maintenance Reserve. The PM has said that the shower door is already hanging and may cause injury to the resident if they use the shower, so it must be replaced right away. 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.
Update 7/22/2022: This property has officially migrated over to the new Property Manager, HomeRiver Group, based on the results of the prior governance vote. HomeRiver Group charges a lower Property Management fee of 7%, which results in an increase in the CoC return of this property.
Update 8/18/2022: The Property Management fees have been reduced to 5.7% due to a new National Partnership Agreement between Lofty and the Property Manager, HomeRiver Group.
Update 9/20/2022: While onsite, the Property Manager (PM) noticed that there is a large tree and bamboo that has overgrown and is leaning towards the house. The PM recommends to trim the tree as the overgrowth can cause damage to the home and cause moisture intrusion issues. The cost for the tree trimming is $1700. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again. The tenant very recently made the PM aware that the hot water tank was installed incorrectly and caused the ceiling to collapse in the living room while under management with the previous management company. This also damaged the tenant's personal belongings. The tenant also informed the PM that the previous PM offered a 1 month rent concession due to the issues. We were not informed of this issue with the previous PM and the new PM has confirmed with the tenant that repairs have not been fully completed in the home. The tenant forwarded photos and videos to the PM showing outstanding repairs items such as a warped bedroom door, warped floor boards, and broken mini blinds. The PM has sent out their vendor to confirm the damages and write up an estimate for repairs. The owner of the contracting company that originally installed the hot water tank confirmed that he will be paying for all of the repairs out-of-pocket, due to the major issue with the installation.
Update 9/28/2022: The governance voting results are back for the vote on whether to renew landlord insurance with Actual Cash Value coverage or Replacement Cost coverage. The winning vote is: Replacement Cost Coverage This decision was voted on by 780 out of 1,028 tokens which is equal to 75.9% of the total votes. This new insurance policy will go into effect on 9/31/2022, once the current insurance policy ends.
Update 10/5/2022: The tenant signed a 12-month lease renewal at $920, a $70 increase (8%) from the current lease. The new lease will start on 10/18/2022.
