This property is a fully renovated 3 bedroom 1.5 bathroom single family home located in a trending neighborhood of Memphis. The following renovations have been completed: New Roof, new exterior and interior paint, new floors, new kitchen, new bathrooms, new carpet, and new stairs. This property is located just a few blocks away from The Links at Fox Meadows golf course, restaurants, and freeway access.
The resident is on a 1 year lease until 10/31/2022 and is paying $1,500/month.
Update 6/3/2022: The tenant complained about a loud noise when the air conditioning is on. They also mentioned the fan is not cooling. A HVAC vendor checked it out & the fan motor was already overheated and damaged. Because of this, he installed a new fan motor and new capacitor. The total cost of this is $528. These funds will be taken from the maintenance reserve of $8,750 and the maintenance reserve will be replenished with 10% of the cash flow until it is full again.
Update 7/7/2022: 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 7% Property Management fee compared to the previous Property Management fee of 10%. Because of this, you will see an increase in your Cash on Cash return starting today, which is already reflected in the Assets Overview section of your Lofty account.
Update 7/19/2022: The fence was damaged due to strong winds. The repairs will require replacing 50ft of an 8ft tall picket fence. The expense may be covered under the insurance policy. We are waiting on details from the Property Manager on the date of loss and will start an insurance claim for the damage. The cost of repairs is $2,388.77. The expense will be deducted from the Maintenance Reserve. If the repairs are covered by insurance, then the deductible of $1,000 will be deducted from the Maintenance Reserve.
Update 7/22/2022: An insurance adjuster has reviewed the claim and wrote up an estimate for the fence repairs. The insurance payout is $492.57 after depreciation and deductible. This property has already been migrated to the new Property Manager, HomeRiver Group, who will take over the repairs for the wind-damaged fence. You will receive an update on the final deduction from the maintenance reserve after repairs have been completed by the new PM.
Update 7/26/2022: The new Property Manager has submitted a new estimate to repair the wind damaged fence. The new cost of repairs is $1,485, which is less than the previous estimate of $2,388.77. The job has been approved and we are waiting on an itemized estimate from the new PM. The adjuster has approved the claim and paid out $492.57 after depreciation & deductible. $992.43 will come out of the Maintenance Reserve for this property for these repairs minus the deductible.
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 9/28/2022: The governance voting results are back for the vote on whether to renew landlord insurance with Actual Cash Value coverage or Replacement Cost coverage. The winning vote is: Replacement Cost Coverage. This decision was voted on by 1,025 out of 1,319 tokens which is equal to 77.7% of the total votes. This new insurance policy will go into effect on 9/31/2022, once the current insurance policy ends.