Company Description
This occupied, fully renovated property is a 3 bedroom 2 bathroom single family home located in a trending neighborhood of Memphis. The following renovations have been completed: New bathroom, updated kitchen, new interior door, new laminate flooring, new fan, new ceiling lights, new wall plates & light switches, new windows, new blinds & shutters, repaired house roof, repaired soffit, interior & exterior paint.
The tenant is on a 1 year lease which started on 10/5/2021.
Updates:
Update 3/30/2022: The Property Manager has recommended installing a new toilet for $486.78 because the flushing device in the current toilet is defective, and may lead to more unnecessary repairs. This has been verified by the plumber who recently visited the property and used a Toilet Auger to confirm the issue. Based on the original governance survey all investors completed after their first token purchase, 63% of token holders voted to follow the Property Manager's recommendation for any immediate repairs. The $486.78 will be taken directly out of the maintenance reserve.
Update 7/22/2022: This property has officially migrated over to the new Property Manager, HomeRiver Group, based on the results of the prior governance vote. HomeRiver Group charges a lower Property Management fee of 7%, which results in an increase in the CoC return of this property.
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 10/6/2022: The tenant signed a 12-month lease renewal at $1,030, a $30 increase (3%) from the current lease. The new lease will be effective 11/1.
