Company Description
This Duplex was recently renovated and is located in Cleveland, Ohio.
The following renovations were completed in 2019: New roof, new furnaces, new hot water tanks, new kitchen, new bathroom, new plumbing, new electrical, newly refinished hardwood floors throughout, painted exterior and interior, and brand new water and sewer lines from the street.
Unit 1: Month-to-month lease paying $575/month
Unit 2: 1 year lease from 10/1/2022 - 10/1/2023 paying $600/month
Updates:
Update 6/29/2022: This property failed a city compliance inspection, and the total cost of repairs is $945. 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 recommendations for any immediate repairs. $945 will be taken from the maintenance reserve of $5,200 which will be replenished via 10% of the monthly rent until it is full again.
Update 9/28/2022: There was a miscommunication error with the Property Manager and we have recently learned that the tenant in Unit 2 moved out and a new tenant will be moving in on 10/1. The PM has approved and placed a market rent tenant for the unit at $600/month. The tenant is scheduled to move in on 10/1 and currently lives in the area. The PM believes that the tenant will likely be here for the long-term. The tenant signed a 12-month lease at $600, a $25 increase from the previous lease. Due to the miscommunication, you will begin receiving daily rental income at this increased rent starting today.
Update 10/12/2022: Unit 1: The new tenant moved in on 10/1 at $600/month. The Property Manager completed minor repairs for the new tenant placement. The repairs included reglazing 2 windows, lock changes for 4 doors (2 exterior doors and 2 screen doors), and a full clean for the unit. The total cost for the turn service repairs was $600. These funds have been deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again.
