18474 Glenmore St

18474 Glenmore St

Available: 351 tokens at $49+

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Min Investment
$50
Location
Redford, MI
Projected Return
6.34%
Valuation
$148,745

Company Description

This two story property is a recently renovated, occupied 3 bedroom 1 bathroom bungalow located in Redford Township, MI. This property has been freshly painted and has brand new flooring throughout. It has 2 bedrooms downstairs and 1 bedroom upstairs, a detached garage in a fenced backyard, and is located less than a block from Claude Allison Park with great access to local freeways, schools, shops and restaurants.
The tenant is on a month-to-month lease paying $1,200/month and has already renewed their lease for 10 months straight.

Updates:

Update 7/28/2022: The Property Manager received a notice of code violations from the City and is currently working on an estimate to cure the violations. The work must be completed by 8/31. The tenant has a balance of $2,238 (1.75 month's rent) and is currently on rental assistance. The tenant promised to drop off another payment shortly. The PM and tenant have agreed on a payment plan. However, the PM had previously filed an eviction in order for the tenant to be more likely to be approved for rental assistance (CERA). The PM will not cancel the eviction that was started last month until the tenant makes a payment per the agreed payment plan. As mentioned previously, There was a miscommunication issue with the PM of this property, Zest PM. This was caused by the negligence of one of their employees that was managing all Lofty properties in Detroit. This employee is no longer managing any Lofty properties (or working with Zest), and Zest has another PM in charge of Lofty properties who has been exceptional to date. Because of this miscommunication and delay regarding the delinquency status of this tenant, Lofty will be providing a full rental credit until the rent is paid in full for this property again.
Update 8/3/2022: The tenant reported that the toilet keeps clogging and is leaking. A vendor responded to the work order and reported that the toilet leaking at the bottom is due to the flange being installed too high as well as being slightly offset. The vendor recommends to cut the drain line from the toilet and properly install a new drain line and flange to resolve the leaking issue. The vendor also snaked the line and found a piece of cloth. They recommend to use a camera to check the line for cracks. The total estimate for repairs is $950 which will be taken from the Maintenance Reserve. We are currently waiting on the itemized estimate from the PM. Once we receive this, it will be uploaded to this property's 'Documents' folder.
Update 8/31/2022: The tenant submitted a maintenance request for electrical issues in the kitchen. Part of the home does not have power, the tenant gets shocked when touching the stove, and they are having issues with the refrigerator keeping food cold. An electrician was dispatched immediately as this is a health and safety issue. The electrician identified that neutrals and grounds were tied in together on an outlet in the living room. The electrician installed a ground rod as a temporary fix. Additional repairs include running a dedicated circuit for the laundry room, kitchen countertop, and stove/hood as well as replacing a meter socket that doesn't have a cover. The total cost of repairs for the service call & additional repairs is $2,350. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again.
Amount Raised : $0
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