Company Description
This occupied property is a 3 bedroom 1 bathroom single family home located in a trending neighborhood of Chicago.
At nearly 1,800 square feet, this home has generous bedrooms on the second level, a nice functional layout on the first floor, and a finished basement featuring a custom bar and utility room with laundry. This home includes central AC, a detached one car garage with exterior fireplace, a large deck, and well manicured lawns.
The tenant is CHA (Section 8) and is on a 1 year lease starting on 4/22/2022 and is paying $1,475/month.
Updates:
Update 12/15/2021: We have been informed by the property manager that the tenant living at 9634 S Green St has moved out. They lost their job so they cannot afford the rent at the current rate anymore, and they've opted to vacate the property. There is no eviction occurring and the property is currently vacant. The property manager has changed the lock and they are doing a final inspection this week to make sure the property is in rent-ready condition before it's able to be listed on the market for rent again. Once the final inspection is complete, the property manager will be providing an estimated market rent for this property. Daily rental income for this property will be stopped starting today, December 15th, until a new tenant is found and they begin paying rent again.
Update 1/26/2022: We appreciate your patience as we've been navigating a few issues with 9634 Green St. Here is a synopsis since the last update email: After the property manager performed a final inspection a few weeks ago, they found a number of repairs, totaling to just under $5,000, that needed to be made in order for the property to be rent-ready again. Those repairs can be viewed here. Lofty has paid for these repairs out of pocket, along with $700 coming from the property manager, which will be completed in the next few days. These repairs are not coming out of the maintenance reserve because of the negligence on the side of the property manager––who we will not be working with anymore. The tenant had apparently been delinquent on the past two rental payments, which we were only notified of a few weeks ago. Naturally, we should have been alerted to the delinquent payments much sooner, which would have likely reduced the damage caused to the property. Because of this negligence from the PM, we will also be changing the PM to HomeRiver Group moving forward, who is already managing a few of our other properties with great results so far. Once the repairs are completed, the property manager will do a final inspection––if successful, the property will be listed on the market again for rent. Based on the original governance survey all token holders filled out after their first token purchase, the amount of rent the property will be listed for will be recommended by the property manager. Once a new tenant is found, we will update you with those details right away. We appreciate your understanding on this issue.
Update 2/21/22: Applicant was approved and is a Chicago Housing Authority (CHA) voucher holder. Property Manager has submitted property rent to the Chicago Housing Authority and is awaiting approval.
Update 3/4/22: In phases 1-2 (application and inspection) of the process with the Chicago Housing Authority (CHA). They're finalizing the review of the paperwork and then an inspection date should follow. after inspection, the new rent ($1475/month) will need approval before the tenant is accepted and can move in. estimated time of next phases is about 10 days.
Update 3/24/2022: Token holders voted to accept the CHA voucher tenant at $1,475/month.
Update 4/7/22: The CHA (Chicago Housing Authority) inspection for 9634 Green St has been successfully completed. The CHA is now in the process of approving the rent at $1,475/month. Once approved, the new tenant will move in shortly after.
Update 4/14/22: The CHA has approved the rent at $1,475/month and we are currently waiting for the tenant to sign the lease and move in.
Update 4/19/22: The lease for this property has been signed and the CHA resident will be moving in on 4/22, at which point you will start receiving daily rental income again. The rent has been increased from $1,450/month to $1,475/month.
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.
