Company Description
This property is a recently renovated 3 bedroom 2 bathroom home located in a tree lined, trending neighborhood of Chicago. The kitchen and bathrooms are brand new and the upstairs has an extra large master bedroom with 2 walk in closets. All new mechanicals, plumbing and electric. The property has a clean dry basement perfect for extra storage or ready for finishing if needed.
Updates:
Update 4/28/2022: The resident moved out at the end of February after being handed an eviction notice for delinquent rent payments. This property was being managed by GC Realty who has recently been replaced a few weeks ago by HomeRiver Group who is already managing all of the other Lofty properties in Chicago. GC Realty had not informed us that the tenant was delinquent and had moved out until just recently and had said they're "not interested in managing the property anymore." Now that the property is vacant, there are $7,568.55 worth of repairs that must be made before the property is able to be rented out again. These funds will not be coming out of the maintenance reserve. Because of the negligence on the side of the Property Manager and on our side as well, we will be providing a credit for the repairs.
Update 6/16/2022: The majority of the repairs have been completed. Once the painting is completed by the end of this week, this property will be put on the market for a new tenant at a rental rate determined by the Property Manager, per the original governance survey. Once we receive a new update, you will be notified immediately.
Update 6/27/2022: This property has been completely repainted and all structural damages have been addressed. The Property Manager will be putting the property on the market for rent at $1,650/month which is an increase from the previous rental rate of $1,595/month. The PM is also suggesting a non-refundable move-in fee instead of a security deposit starting at $900. Once a tenant is found and a move-in date is set, you will be notified immediately.
Update 7/14/2022: The Property Manager has received a lot of interest for 9199 S Oglesby Ave with Housing Vouchers. However, the PM has had to turn them away due to a driveway condition that will not pass Housing Authority compliance inspections. There are a couple of pending applications for market-rent tenants as well. The PM is confident that the vacancy will be filled in August.
Update 7/27/2022: There were 12 applicants for this property over the past week. None of these applicants were market tenants without prior issues including bankruptcies & evictions. The other applicants were under Section 8, but the property does not qualify for Section 8 because of the cement sidewalk is in bad condition and needs excavation. The Property Manager has said they are very confident a tenant will be placed soon.
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 8/25/2022: Traffic has slowed down for the property, but the Property Manager has recently received a promising application. The application was submitted online, and is currently pending approval with the condition that the renter must verify their identity in person.
Update 8/25/2022: We just received a new update from the Property Manager. The tenant has signed a 12 month lease at $1,500/month and has already paid a $1,500 deposit. The move in date and lease start date is 9/1, at which point you will begin receiving daily rental income again.
Update 9/1/2022: The new tenant moved in today and their 12 month lease has officially started.
Update 10/5/2022: The new tenant has made a few requests for the home which the Property Manager is recommending: Doorbell: The doorbell at the home does not work and the tenant is requesting to have it repaired or replaced as there is a bit of distance between the storm/screen door and the front door. The repair is required due to a safety concern if the tenant cannot hear someone at the door. Blinds: Providing blinds is not required, however the PM recommends to replace them as the vendor left the broken blinds on the windows and the tenant believes that blinds should be provided. The tenant will be responsible for the blinds if they damage them. Refinish Tub: The paint is chipped/peeling on the tub. The total for all required and recommended repairs is $779.42. These funds will be deducted from the Maintenance Reserve.
