Company Description
This property is an occupied, recently renovated single family home located in St. Louis, Missouri.
It was renovated in November, 2021 and the renovations include all new flooring throughout the home, new paint, new kitchen appliances, new cabinets, new tub surround, and new baseboards.
The resident is Section 8 and is on a 1 year lease which ends on 12/31/2022. Section 8 pays $395/month and the resident pays $605/month for a total rent of $1,000/month.
Refer to the 'Documents' tab above to view the following information:
Purchase Agreement
Inspection report
Inspection report repairs
Renovations & updates
Property description & rent roll
HouseCanary report
The LLC documents will be uploaded to the 'Documents' tab once the property is fully funded and closed.
Updates:
Update 10/19/2022: Update 1: The annual re-examination has been completed by the Housing Authority and the rent will remain the same at $1,000. The Housing Voucher portion increased to $991 and the tenant portion will change to $9. This change will go into effect on 12/1. The tenant currently has a balance of $724 for their rent portion and the Property Manager is working with the tenant to pay down the balance. Your daily rental income will be paid out of the Vacancy Reserve until the tenant pays off their balance. Update 2: The tenant reported a leak and a vendor has identified that the leak was caused by the shingles being installed in a low-pitched area of the roof. The Property Manager obtained two proposals from roofing vendors to remove the shingles and install the proper material for the low pitch area of the roof. Both estimates require the same work, so the lower estimate will be accepted. Estimate 1: $2,275. Estimate 2: $3,508.47. An insurance claim was filed and denied because the vendor confirmed that the installed shingles were not the correct material for this low sloped area on the roof. Depending on the age of the roof, there may be warranty coverage. Additionally, the PM has been made aware that the fascia is detached from the roof that is caused by a cluster of power lines and cables. There is a concern that a strong wind can pull the line from the house and compromise power for the property. The repair will require work with an electrician and the PM is currently working on getting estimates for the repairs.
