Company Description
This property is a beautifully remodeled 4 bedroom 2 bathroom home. It’s located in an upscale suburban, family-friendly neighborhood of Edwardsville, IL with highly desirable schools nearby.
This property has tall ceilings, built in bookshelves in the living room with a wood burning fireplace to gather around. 3 main floor bedrooms, one with private glass enclosed patio with indoor hot tub. Travel upstairs through the kitchen to one large master bedroom with incredible lighting that shows the refinished wood floors. Two large walk in closets with space to store all your personal belongings with attic access from both closets for that extra storage. Off the back of the home is another glass enclosed patio and a covered back porch. There is a detached garage and a workshop in the back as well.
The seller has fixed all of the items listed in the Inspection report and CapEx report. This contract, signed by the seller, can be viewed in the document links below under: Seller repairs - Amendment 1.
This property comes with a 1 year home warranty.
Updates:
Update 3/31/2022: The tenants have told the Property Manager that they want to sign another 1 year lease. But, because their 4th roommate just moved out, they are now asking if owners would be willing to reduce the rent from $2,000/month to $1,500/month so they can continue to live in the property and still pay $500/month each. This would decrease the cap rate significantly to 4.5%. The natural remedy would be for the PM or the tenants to find a 4th roommate like before. But, it's recently come to our attention that the City of Edwardsville, where the property is located, does not actually allow more than 3 tenants to live in a property at once. This means that the 4th tenant was living in the property illegally this whole time, which we were unaware of when we originally listed this property. The PM has also informed us that the current average rent in the area is around $1,600 - $1,800 if the property were to be re-listed for rent, which is still significantly less than the current $2,000/month rent. This is because the property is located in a college town and the demand for students signing new 1 year leases is down right now. The seller is not willing to compensate for this, so Lofty will be providing a rental credit to the LLC to maintain the $2,000/month lease until a new lease is signed at that same rate. The PM will be reaching out to the current tenants to try and increase the rent from $1,500 to $1,750 which would decrease the rental credit from $500/month to $250/month. We will keep you posted on what transpires from this. The cap rate will remain the same as will your daily rental payments. We appreciate your understanding on this and we will not be listing properties from this seller again moving forward.
