Company Description
This Triplex is a fully occupied 8 bedroom 3 bathroom property located in a trending neighborhood of Cleveland. All three units were fully renovated in 2009 and Unit #2 was fully renovated again in 2019, with new mechanicals also installed. The property has modern electrical panels and new electrical fixtures throughout. One hot water tank is from 2019 and the other two are less than 10 years old. All furnaces are from 2009.
Unit 1 has 2 bedrooms, 1 bathroom. Currently Vacant. Property Manager will be listing this unit on the market for $700/month, a 55% increase over the previous rent.
Unit 2 has 2 bedrooms, 1 bathroom. Currently Vacant. Property Manager will be listing this unit on the market for $700/month, a 55% increase over the previous rent.
Unit 3 has 4 bedrooms, 1 bathroom. Currently Vacant. Waiting on projected target rent.
Updates:
Update 4/6/2022: Token holders voted to repair the drywall, bathroom floor tiles, subfloor and shower surround for $2,360 total.
Update 5/24/2022: Your property, 1456 W 85th St, has officially migrated over to the new Property Manager, B2B Realty, based on the results of the prior governance vote. Because B2B Realty charges an 8% Property Management fee instead of the previous 10% fee, the Annual Cash Flow of this property has increased from $20,749 to $21,289.
Update 7/29/2022: Unit 1: The tenant gave notice to move out on 8/1. The tenant is currently on a month-to-month lease with a rental amount of $450. The tenant cited that they're moving out because they had too many issues with the previous owner as well as having to deal with countless different Property Managers. The target rent for a new tenant placement will be $700. This is a 55% rent increase from the previous rent of $450/month. There will not be any lease termination fees as the lease is month-to-month. Unit 2: The tenant gave notice to move out on 8/2 The tenant is currently on a month-to-month lease with a rental amount of $450. The PM was working to sign a renewal with the tenant at $600, however the tenant changed their mind and decided to move out. The tenant also cited that they had too many issues with the previous owner alongside countless different Property Managers. The target rent for a new tenant placement will be $700. This is a 55% rent increase from the previous rent of $450/month. There will not be any lease termination fees as the lease is month-to-month.
Update 8/12/2022: Unit 1: The Property Manager has completed the move-out inspection for this Unit. The Unit was left in fairly good condition and the total turn repair cost is $718.75. 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 target rent for a new tenant placement will be $700. This is a 55% rent increase from the previous rent of $450/month. Unit 2: The Property Manager has completed the move-out inspection for this Unit. The Unit was left in fairly good condition and the total turn repair cost is $851. 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 target rent for a new tenant placement will be $700. This is a 55% rent increase from the previous rent of $450/month.
Update 8/23/2022: Update on 1456 W 85th St Units 3 & 1: Unit 3: The tenant has moved out. They told the current Property Manager that they had given notice to the previous PM. However, the previous PM did not notify the new PM of this prior to offboarding. The PM has completed the move-out inspection and the total cost of repairs to turn this unit is $3,823.75. These funds will be taken from the Maintenance Reserve which will be replenished via 10% of the monthly cash flow until it is full again. Unit 1: The vendor arrived onsite to start on the turn repairs. However, they found that the original estimate of $718.75 was incorrect and they had mixed up the estimate with another job. The total cost of repairs to turn this unit is $4,289.50. These funds will be taken from the Maintenance Reserve which will be replenished via 10% of the monthly cash flow until it is full again. Once the repairs are completed, this unit will be put on the market for $700/month, a 55% rent increase over the previous rent. The PM confirmed that the previous repair estimate of $851 for Unit 2 is correct. Once the repairs are completed, Unit 2 will also be put on the market for $700/month, a 55% rent increase over the previous rent.
Update 9/22/2022: The turn services for Unit 2 and Unit 3 have been completed. The vendor is scheduled to complete the work in Unit 1 by the end of this week. The leasing team will complete marketing photos and post the units for rent by end of this week as well. The target rent for the units are below: Unit 1: $700, a 55% rent increase from the previous lease. Unit 2: $1100, a 8.3% decrease from the previous lease. The target rent will be changed to $1000 if the unit does not lease within 3 weeks. Unit 3: $700, a 55% rent increase from the previous lease.
Update 10/10/2022: Unit 1 & Unit 3: Both units were listed for rent on 9/23 at $800/month, a $350 increase from the previous leases. There are no leads as of yet. The Property Manager will lower the target rent to $700, the original target rent, if traffic continues to be slow. Unit 2: The unit has been listed for rent at $1,150/month for two weeks. There are no leads as of yet. The PM will revaluate pricing if there are still no leads by the end of this week.
