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Updates - 1278 E 187th St, Cleveland, OH 44110.md

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2026-04-06 - Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx): · Field · Value · · ------- · ------- · · Yhome Net Due TO DAO · $0.00 · · Lofty Operating Cash · $-2,239.86 · · ECO Operating Cash · $580.75 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $-19.03 · · Estimated Owners' Equity · $95,039.00 · · DAO Estimated NAV Per Token · $55.34 · · DAO Tokens · 1717 · · Current PM · ECO · # Property Updates ## 2

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## 2026-04-06

- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $0.00 |
| Lofty Operating Cash | $-2,239.86 |
| ECO Operating Cash | $580.75 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $-19.03 |
| Estimated Owners' Equity | $95,039.00 |
| DAO Estimated NAV Per Token | $55.34 |
| DAO Tokens | 1717 |
| Current PM | ECO |

# Property Updates

## 2026-01-06

- Property Update (01/06/2026):
- This property received an insurance refund check of $574.32, which will be added to its Operating Reserve.

## 2025-07-14

- Property Update (07/14/2025):
- The owner-elected Property Manager, ECO Systems LLC, has provided the following update:
- Unpaid Taxes: $1,842.94
- Insurance Paid out of OR
- Latest OR Balance Update: $1,701.34 as of 5/31/25
- DAO Net Cash: Unclear
- Tenant Status: Unknown
- Financial Status: Unknown
- The previous PM, Yhome Nursing LLC, has not yet provided any information regarding this property. It was never previously under Aligned as anticipated.
- Full transaction history has been requested from both Evernest and Yhome.

## 2025-05-05

- Property Update (05/05/2025):
- Governance Results for 1278 E 187th St:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Vote to change to ECO Systems property management and NOT give away 3.5% equity to Yhome.
- This option received 442 / 442 token votes, which is equal to 100% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2974584600) or by searching the application ID: 2974584600

## 2025-04-30

- Property Update (04/30/2025):
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/PJHK74F24OLHGOLQM5FRUKKWNOVURMSCABBMDOTWCAW3ZPTL6CSJRUFKA4) is proposing a governance vote.
- This owner holds 125 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Short story:
- Please vote now to switch to ECO Systems, a proven property manager and AVOID an immediate dilutive equity giveaway to our current property manager (Yhome).
- Longer story:
- If we take no action in the next three weeks, our current property manager (Yhome) will be granted an immediate 3.5% dilutive equity stake in this DAO, worth over $8,500. This giveaway is a consequence of Yhome's unilateral change of contract terms, which we (possibly inadvertently) voted to approve in the vote earlier this month, in a confusing vote in which we had no clear option to refuse, and were presented with a menu of terrible options.
- Although I think in some rare cases, equity stakes can be an effective way to align a property manager's incentives with co-owners, I strongly object to one that vests immediately and which the manager can keep even if they decide to stop managing our property right after the grant, or even if they perform poorly. Yhome was asked to agree to a vesting schedule and refused, which is a red flag that they do not have our long-term interests in mind.
- I urge you to vote against this by transitioning management of 3139 West Blvd to ECO Systems, effective May 15th. ECO Systems’ owner has been a dedicated and loyal member of Lofty for the past four years, consistently demonstrating his ability to manage some of the platform’s best-performing properties, in terms of both income and appreciation (e.g., 86, 88 and 90 Madison Ave).
- ECO Systems is an active participant on Lofty and in the Lofty Discord (@earlvanze), offering consistent communication and being readily available to answer any questions from investors, unlike Yhome. ECO Systems’ management fees are 10% of gross rent, first month rent to place a tenant. No fees for re-lease and no maintenance upcharge.
- Option 1: Vote to change to ECO Systems property management and NOT give away 3.5% equity to Yhome.
- Option 2: Vote to retain Yhome as property manager, giving them an immediate 3.5% dilutive equity grant, which they can keep or sell regardless of performance.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 5th, once the voting period ends.

## 2025-02-17

- Property Update (02/17/2025):
- The new owner-elected property manager, Cal with Yhome Nursing LLC, provided the following update:
- "We would like to provide you with an update regarding the tenant. We have successfully made contact and have placed a temporary tarp on the roof while we develop a plan for its repair.
- Unfortunately, we are unable to address the roof issue during the winter months. The tenant reported an internal leak, which has since been fixed. Our focus now will be on ensuring tenant stability and scheduling the roof repairs as soon as the weather permits. Thank you for your understanding.
- Best regards, Cal"

## 2025-01-18

- Property Update (01/18/2025):
- The new owner-elected property manager, Cal with Yhome Nursing LLC, provided the following update:
- "We will start by placing a tarp on the roof as a temporary measure while we prepare for a full replacement. The current estimate for the replacement is $6,000. Given the age and condition of the roof, a complete replacement is necessary."

## 2025-01-13

- Property Update (01/13/2025):
- *Governance Results:*
- The Governance Voting results are back for the vote on the next steps regarding the roof issues.
- The winning vote is:
- Change management to Yhome Nursing LLC and get a quote to make repairs or replace the roof. The funds for repairs would be provided via a loan from Yhome.
- This voting option was declared the winner in Round 1 via the Ranked Choice Voting method with 391 token votes.
- The voting results can be found on chain [here](https://allo.info/application/2686137013) or by searching the application ID: 2686137013

## 2025-01-09

- Property Update (01/09/2025):
- Governance Vote for 1278 E 187th St:
- The tenant reported a roof leak, prompting the property manager to obtain estimates for the necessary repairs.
- [Roof Photos](https://www.dropbox.com/scl/fi/nt14cwh47d0rgigupakw2/Roof-Photos-1278-E-187th-St-Cleveland-OH-44110-1-rotated.pdf?rlkey=n17zg7h63s5y7cfmjdjx53kf4&e=1&st=mzz6fpt7&dl=0)
- The property manager has provided three estimates:
- [Galaxy Property Preservation](https://www.dropbox.com/scl/fi/2iluh468v6khlukyzyv7m/Roof-Replacement-Estimate-Galaxy-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=u5xnv3pz1n1tru7td1daudysj&e=1&st=c6fc1k6m&dl=0): $2,918.29 (Repair)
- [New Castle Field Service](https://www.dropbox.com/scl/fi/yhnsjbx0kyqo1x3l40xvs/Roof-Estimate-2-New-Castle-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=wcljv17i08mcmxnss56udics3&e=1&st=erf78wv0&dl=0) : $10,520.75 (Replacement)
- [ZVN](https://www.dropbox.com/scl/fi/4hncal66mex50zrpzbgt6/Roof-Estimate-3-ZVN-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=fs90wi1imz2wctl79d3xuujkl&e=1&st=5mqvqbqg&dl=0): $19,466.67 (Replacement)
- Note from Property Manager:
- "Due to the significant price differences, we requested three estimates. The recommended bid to dispatch is from Galaxy Property, as the estimate is still valid. It is important to note that Galaxy's bid is for a roof repair (as requested), while the other two estimates are for a full roof replacement. If the owner wishes to proceed with a replacement, the lower bid from New Castle is recommended."
- The property manager has provided an additional repair estimate.
- [New Castle Field Services](https://www.dropbox.com/scl/fi/uzqc94fzvn6g5ztvjqecn/Roof-Estimate-4-New-Castle-2024-12-13-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=gftutkaluz086bqvu6v3tvpsx&e=1&st=c1nqbekg&dl=0): $1,100.50 (Repair)
- Note from PM: "We still recommend proceeding with the bid from Galaxy. Line for line, it is a better estimate with the inclusion of the interior ceiling repairs."
- The property manager notified Galaxy to begin the repairs, and provided the following update:
- "The vendor went out to the property has reported that they are no longer able to proceed with the repairs as the roof has notably deteriorated since their initial quote and, as such, they are recommending replacement instead of repair. They say any repair would be a temporary fix which will lead to issues being reported again in short order. We've asked them to submit an estimate for replacement for the owner to review. We're pending receipt of this bid."
- "Following receipt of the initial estimate by Galaxy, we dispatched for a second assessment/estimate. The vendor reported that gutter cleaning was critical to help with water run-off and prevent leaking and moisture build-up. Alongside interior ceiling repairs, the vendor reported this would remedy the issue. That vendor, Ramos was dispatched for the gutter cleaning which was completed under the maintenance limit. We dispatched our in-house tech to tackle the interior repairs for a more reasonable charge. While there, our tech flagged that an additional roofing estimate was recommended. This led to the dispatch of ZVN whose bid came back at just under $20,000. With such a massive difference in costs, we anticipated that the owner would need an additional bid, and as such, we dispatched a third vendor for an assessment/quote which Newcastle completed.
- Please see attached the [full roof replacement bid](https://www.dropbox.com/scl/fi/2iluh468v6khlukyzyv7m/Roof-Replacement-Estimate-Galaxy-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=u5xnv3pz1n1tru7td1daudysj&e=1&st=uak8tfrk&dl=0) from Galaxy Properties. We recommend that the owner proceeds with the roof replacement quoted by Newcastle. This is the lowest of the three estimates for replacement. Additionally, this vendor's quote includes the cost to pull the required permit with the city."
- Detailed breakdown from each vendor:
- Galaxy Preservation:
- "We handled similar work in FL, and given the weather conditions there, we never received any complaints. Of course, each day brings its own challenges, but our track record speaks for itself. That said, if everything proceeds as planned, you can confidently move forward with the repair. Let me know if you need anything further! Repair will be intake for 2 Years and replacement will be about 10 years."
- Newcastle:
- "The roof is a tricky place and as it is snowing right now, we may find many additional damages after the job starts so that's why it is hard to give a long time warranty for the repair. That's why we suggest the roof replacements as we can give 15-20 yrs warranty."
Note from PM:
- "Both vendors have reported that the roof is notably deteriorated and that replacement is the best option. We recommend that the owner proceed with the roof replacement quoted by Newcastle. However, if the owner does not want to proceed with replacement at this time, they can continue with Newcastle for the repair. The roof will need to be monitored in the upcoming months since neither vendor can guarantee the repair will fully remedy the current items of concern up to or beyond two years."
- Calixte Duffaut with Yhome Nursing LLC, who manages 35 properties on Lofty in the Ohio market, is able to get a quote from his contractors for either repairs or replacing the roof, but only after the property is transferred to Yhome Nursing LLC management.
- Any repair or replacement costs will be funded via a loan from Yhome.
- Owners will now have the ability to vote to determine next steps.
- The property currently has an Operating Reserve balance of $1,415. Any repairs/replacements beyond this amount would require a loan from a Lofty owner, as the Universal Lending DAO does not have enough funds in order to make the loan.
- The winning vote will be determined by a Supermajority of 60%+ using