Company Description
This occupied single family home was fully renovated in 2020. It's located just over a mile away from the University of Akron in Akron, Ohio.
The following renovations were completed in 2020: New kitchen, new bathroom, interior painted, and new flooring. The hot water tank is 1 year old and the furnace is 2 years old.
This property is currently vacant and the rental income is being paid out by the vacancy reserve.
All of the items in the inspection report have been repaired. You can view them in the property documents link below under "Repairs Completed by Seller".
This property comes with a 1 year home warranty.
Updates:
Update 6/28/2022: The tenant living at 1090 Diagonal Rd has received rental assistance for the past 4 months and the funds have now run out. They currently have a voucher from the Housing Authority and stated that they plan to move out. The tenant does not wish to renew their lease as they claim to have had a poor relationship with the previous owner/PM. The current PM is recommending to offer Cash for Keys for 1.5 months rent ($1,425) with a 30 day notice to vacate as it can take 3-4 months to process a moving packet to placement. The vacancy reserve will cover the rental income for just under the next two months, so the Cash on Cash return will remain the same and you will continue to receive daily rental income. The PM currently works with several local organizations, E.g., Battered Women Shelter and United Way, and has mentioned they can quickly find a new tenant through these organizations. A governance vote will determine whether to offer the tenant Cash for Keys or an eviction.
Update 6/30/2022: The tenant will be voluntarily vacating this property tomorrow without the need for Cash for Keys or an eviction. The seller of this property has also agreed to pay for 100% of any repairs needed in order for the property to be put on the market for rent again, due to the tenant issues that arised shortly after the property was closed. The Property Manager will look to rent this property for $1,100/month to SCBW Shelter (Section 8) immediately once the repairs have been made. This will result in an increase in the Annual Cash Flow from $8,250 to $9,963 which increases the Cash on Cash Return from 8.9% to 10.74% once the new lease begins.
-Update 10/12/2022: The tenant has still not moved out as promised and has been ignoring the Property Managers' calls. The seller had vowed to cover the rent multiple times while leading us and the PM on regarding the tenant vacating, but the PM has not received any rent payments from the seller and the tenant is still living in the property. The PM will post a 3-day notice to start the process of removing the tenant. The PM recommends eviction because the tenant has not communicated or responded to the several attempts made by the PM. The Vacancy Reserve is now expended. You will begin to receive daily rental income again once a new lease begins. This seller is banned from the Lofty Marketplace and will not be able to list any properties moving forward.
Update 10/19/2022: The Property Manager received the certified 3-day notice letter back marked as "Vacant". The current PM will change the locks and the new PM, Northpoint Asset Management, will take over the turn services and marketing.
