Company Description
This property is a recently renovated, fully occupied Duplex and is located in Lakewood, Ohio.
Lakewood is a safe, affluent suburb of Ohio with great schools and a thriving rental market.
The renovations were completed in the past few months and include adding a 4th bedroom to each unit, a brand new bathroom, one fully new kitchen with butcher block countertops and a breakfast bar, and much more.
Unit 1: Tenant is on a 1 year lease from 5/1/2022 - 4/30/2023 and is paying $1,900/month. There is a $1,800 security deposit.
Unit 2: Tenant is on a 1 year lease from 6/1/2022 - 5/31/2023 and is paying $1,700/month. There is a $1,700 security deposit.
This property comes with a 1 year home warranty.
Refer to the 'Documents' tab above to view the following information plus more:
Appraisal
Purchase Agreement
Inspection report
Inspection report repairs
Renovations & updates
Rent roll
Lease Agreement
Sales price history
Our A.I. does not have enough data for this property to make an accurate forecast of the future appreciation. Because of this, we are not projecting that this property will rapidly appreciate. The projected appreciation of 7.43% is determined by taking the average of HouseCanary's 3 year appreciation projection for the zip code.
The LLC documents will be uploaded to the 'Documents' tab once the property is fully funded and closed.
Updates:
Update 6/20/2022: This is an update that the Property Manager for your property, 12627 Franklin Blvd, will be changing from B2B Realty to Hemlane. Hemlane is a highly recommended digital property management platform that charges much lower fees than traditional PM's. We believe that using digital PM's will make the transition to allowing Lofty users to communicate directly with PM's through a portal (our plan down the road as we move towards further decentralization), much easier. The PM services will be under the Complete pricing plan. The yearly PM fee for Hemlane is $768 compared to the typical 8% PM fee of $3,456 for this property.
Update 8/5/2022: It has come to our attention that Hemlane, the digital Property Management company managing this property, does not have the capacity to successfully manage this property. They assured us during the onboarding process that they did have the capacity, but we quickly realized they do not. Digital Property Management is appealing for a number of reasons including very low fees, but they are not yet up to the standard needed to successfully manage properties like this one. Hemlane does not have any on the ground reps to handle tasks such as key transfers, which has proved to be a large burden. There is also no guarantee that there would be agents or contractors that would be able to service the property, as these parties would all be outsourced. This property has already been onboarded with a new, highly recommended local Property Manager: DTS Property Management. The PM fee will remain the same as it was with Hemlane.
