Company Description
This fully occupied Duplex has 7 bedrooms, 2 bathrooms, and is located in a tree-lined, trending neighborhood of Chicago. This property is a spacious 2 unit Greystone building located just blocks from restaurants, parks, and freeway access. It has a newer roof and each unit has a separate front room, living room and dining room. Electric, plumbing, HVAC all less than 7 years old.
Unit 1 is on a month-to-month lease for $1,100 which started in August 2017. The tenant will be moving out on 9/30/2022.
Unit 2 is on a 1 year lease for $1,295 which started 6/1/2022. This tenant is a CHA voucher holder and the voucher program pays for 93% of the rents. The tenant currently has a balance of $627 as of 10/6/2022.
Updates:
Update 7/1/2022: There was a lease renewal increase for Unit 2 at $1,295 ($38 increase) for 12 months which was approved by Housing Authority. This new lease began on 6/1. There is a delay because the PM was waiting for CHA approval and just found out. Because of this delay, you will be receiving rent back-pay from 6/1 to today at the increased Cash on Cash return of 7.44% The voucher portion of the rent has also increased to 93% of the total rent.
Update 8/11/2022: The tenant currently owes $457 for their portion of the rent for April-August. Chicago Housing Authority (CHA) covers 93% of the tenant's rent, which is equal to $1,204 out of $1,295 in total monthly rent.. The tenant promised to make a payment but has been avoiding the Property Manager's calls and has not made any payments to date. The PM has reached out to the Housing Authority to hopefully encourage the tenant to make a payment. The PM recommends sending a 5-day notice next month if the tenant does not continue to pay rent. CHA will continue to pay their portion of the rent (93%) until the tenant moves out, even if an eviction takes place.
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 9/21/2022: Unit 1: The tenant has notified the Property Manager that they are moving into a new house and will be vacating on 9/30. The tenant is currently in good standing and does not owe a balance. The PM will complete a move-out inspection after they receive confirmation that the tenant is completely moved out. The tenant has lived here for five years and they do not have a deposit. The PM will confirm the target rent after they complete inspection of the unit.
Update 10/5/2022: The tenant moved out on 9/30 as expected. The Property Manager will complete a move-out inspection asap. The tenant has lived here for five years and they do not have a deposit. The PM will confirm the target rent after they complete an inspection of the unit.
Update 10/6/2022: The tenant owes their rent portion for April-October ($627). A server attempted to serve the 5-day notice last month, but have exhausted all their attempts. The Property Manager advised to wait until the balance grows to one months rent ($1,295) before attempting to serve the tenant with a notice again, due to the eviction process slowing down during the winter season. Chicago Housing Authority (CHA) covers 93% of the tenant's rent, which is equal to $1,204 out of $1,295 in total monthly rent. CHA will continue to pay their portion of the rent (93%) until the tenant moves out, even if an eviction takes place.
