← 1315 E 114th St, Cleveland, OH 44106 · All properties

UPDATES.md

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Property Updates ## 2026-04-06 - Property Update (04/06/2026): - 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 · $0.00 · · ECO Operating Cash · $-0.00 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $0.00 · · Estimated Owners' Equity · $41,152.41 · · DAO Estimated NAV Per Token · $17.54 · · DAO Tokens · 2346

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# Property Updates

## 2026-04-06

- Property Update (04/06/2026):
- 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 | $0.00 |
| ECO Operating Cash | $-0.00 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $0.00 |
| Estimated Owners' Equity | $41,152.41 |
| DAO Estimated NAV Per Token | $17.54 |
| DAO Tokens | 2346 |
| Current PM | ECO (Sold) |

**Property Updates**

## 2026-04-05

- Property Update (04/05/2026):
- Cross-check against `Yhome Transition Reconciliation.xlsx` shows 1315 E 114th St, Cleveland, OH 44106 flagged as **ECO (Sold)**.
- Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

## 2025-10-03

- Property Update (10/03/2025):
- Governance Results for 1315 E 114th St:
- The Governance Voting results are back for the owner-proposed votes.
- The first winning vote is:
- Approve Sale – Authorize Property Manager to complete closing as outlined.
- This voting option received 651/657 token votes, which is equal to 99% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3243739296) or by searching the application ID: 3243739296
- The second winning vote is:
- Distribute remaining funds to DAO members via share redemption on Lofty rails. DAO LLC shall be subsequently terminated.
- This voting option received 536/657 token votes, which is equal to 82% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3243740745) or by searching the application ID: 3243740745

## 2025-10-02

- Property Update (10/02/2025):
- Owner-Proposed Governance Vote for 1315 E 114th St:
- The property manager, ECO Systems LLC with the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), is proposing a governance vote.
- Due to the urgency of the vote, the results will be determined tomorrow on Friday, October 3rd.
- The PM holds 0 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.
- Overview
- Black Cannon LFTY0300 DAO LLC currently holds the property at 1315 East 114th St, Cleveland, OH 44106 (Parcel #120-04-119). After inspection revealed significant deferred maintenance, mechanical failures, and health/safety risks, the DAO received a cash purchase offer of $55,000 from Branchick Properties, LLC.
- The property is being sold strictly as-is, with no warranties, disclosures beyond statutory forms, and no utilities restored. Estimated rehab costs likely exceed any equity recovered from ARV and requires many more months of holding. The sale provides immediate liquidity to DAO members.
- Inspection Highlights
- Roof: Shingles disintegrating, gutters collapsed.
- Exterior: Rear shed roof failing, porch framing weak, siding damaged, backyard full of debris.
- Interior: Water damage from failed CPVC plumbing, ceilings cracked, pest intrusion (squirrels, cats).
- Systems: Unsafe wiring (knob-and-tube, improper bus bar routing), broken plumbing lines, old HVAC.
- Health/Safety: Fungus growth treated but present, structural risks, pest issues.
- Photos: https://photos.app.goo.gl/pycmLMVduBAMVdtb6
- Report: https://www.dropbox.com/scl/fi/jer43nprvhoq04s98qtgm/1315-East-114th-St-Cleveland-Ohio.docx?rlkey=w5hcaxpuvjyg63rwi5v9ksutu&dl=0
- Purchase Offer Terms
- Buyer: Branchick Properties, LLC
- Purchase Price: $55,000 cash
- Earnest Money: $500
- Closing Agent: Foundation Midwest Title / Golden Eagle Title
- Closing: On or before October 5, 2025
- As-Is Sale: Buyer accepts condition, Seller provides no repairs
- DAO Financials (Pre-Sale Position)
- Unpaid Taxes Due: ($3,848.10)
- Balance Due To Universal Lending DAO: ($315.52)
- Lofty Operating Reserve: ($7,251.81) - May or may not include above balances due
- ECO Operating Cash: ($1,677.09)
- DAO Net Cash: ($13,092.52)
- Estimated Net Asset Value: $15.75/share
- If sold at $55,000, the net proceeds after closing costs will allow settlement of outstanding DAO obligations at escrow.
- If rejected, the DAO must fund a capital call to cover deficits while continuing to hold the vacant property with major repair needs. This is an unrealistic prospect unless a hard money loan was secured against the property, which the PM cannot do.
- Voting Options
- Vote #1: Approve the sale of 1315 East 114th St. to Branchick Properties, LLC for $55,000 cash.
- Property will be conveyed strictly as-is, with no further warranties or obligations.
- ECO Systems, LLC c/o Earl Vanze Co is authorized to sign closing documents and settle all outstanding obligations on behalf of the DAO.
- ECO systems LLC shall be paid $500 as a one-time fee at closing for managing a vacant property and coordinate the sale on behalf of the DAO.
- Options:
- Approve Sale – Authorize Property Manager to complete closing as outlined.
- Reject Sale – Retain property and explore alternative strategies (rehab, relist, etc.). Requires immediate capital call of $13,100 to cover deficits plus additional funds for repairs.
- Recommendation: Accept the Offer. PM, sub-PM,and Agent concur that this is on the high end of what this property is worth as-is. Property is in a declining area, and there is no realistic path to funding the necessary capital call to renovate the property.
- Vote #2: If Vote #1 passes, determines the allocation of proceeds.
- Lend remaining funds to EARLDAO at 12% simple interest for outstanding property taxes, insurance, and repairs across the remaining ECO Systems LLC management portfolio (similar to 254 Bowmanville sale). Monthly rental yield of 1% of funds lent out shall resume mid-November. EARLDAO shares held in private DAO wallet.
- Distribute remaining funds to DAO members via share redemption on Lofty rails. DAO LLC shall be subsequently terminated.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Friday, October 3rd, once the voting period ends.

## 2025-05-15

- Property Update (05/15/2025):
- Owner-Proposed Governance Vote for 1315 E 114th St:
- An Owner with the following wallet address is proposing a governance vote.
- This owner holds 1 token 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.
- Hello 1315 E 114th St investors,
- Short story:
- Please vote now to switch to ECO Systems, a proven property manager.
- Longer story:
- We have wisely voted to stop using our current property manager (Yhome) after they tried to impose onerous new terms on us -- but we have not yet voted on a new property manager, and now must do so.
- I propose we transition management of 1315 E 114th St to ECO Systems, effective May 20th. 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.
- Option 2: Do not change to ECO Systems property management and leave 1315 E 114th St and keep Yhome and face higher fees and 20% upcharge in maintenance cost.
- Thanks,
- Alec
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 20th, once the voting period ends.

## 2025-05-15

- Property Update (05/15/2025):
- Governance Results for 1315 E 114th St:
- The Governance Voting results are back for the owner-proposed governance vote to change property managers.
- The winning vote is:
- Yes [change property managers to ECO Systems LLC]
- This voting option received 604/629 token votes, which is equal to 96% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3007513980) or by searching the application ID: 3007513980

## 2025-03-04

- Property Update (03/04/2025):
- Cal, the new owner-elected property manager with Yhome Nusing LLC, provided the following update:
- "Dear Investors, I want to extend my gratitude for entrusting this property to Yhome. Following the vote, we took over on February 16, 2025, and have since conducted a thorough examination of the property and collected estimates.
- Unfortunately, the area is challenging, and the property itself is in poor condition. We are currently assessing the best approach moving forward and are still reviewing the numbers internally. It’s worth noting that the last buyer requested a $38,000 credit.
- At this time, we are focused on securing funding and determining the optimal strategy for this property. We appreciate your patience and support as we navigate this process.
- Best regards,
- Yhome Team"

## 2025-02-16

- Property Update (02/16/2025):
- The listing agent confirmed that the property was de-listed.
- The previous buyer backed out due to inspection concerns, citing major issues including:
- A new roof needed ($12-15K)
- Mold in the basement and attic ($3K)
- Active leaks ($6K)
- Siding issues ($4K)
- A 40-year-old furnace ($10K)
- Other minor repairs
- Additionally, the surrounding homes and a fallen tree from last year's storm added to concerns, making the $75K asking price too high for the buyer.
- Furthermore, Yhome Nursing LLC has started onboarding the property, per the results of the previous governance vote.

## 2025-01-23

- Property Update (01/23/2025):
- *Governance Results:*
- The Governance Voting results are back for vote to accept or deny the buyer's offer of $75k.
- The winning vote is:
- Accept the offer of $75k
- This voting option received 578/837 token votes which is equal to 69% of the votes.
- The voting results can be found on chain [here](https://allo.info/application/2714671732) or by searching the application ID: 2714671732
- The purchase contract will be signed and the listing agent will follow up with any updates on the closing process.

## 2025-01-21

- Property Update (01/21/2025):
- *Governance Vote:*
- The buyer has decided to rescind his price reduction, and is now offering $75k again to purchase the property.
- Owners will now have the opportunity to accept this offer, or continue delisting the property and transferring management to Yhome Nursing LLC.
- Offer details:
- Buyer's Name: Ohio Real Estate LLC
- Purchase Price: $75,000.00
- Title Company: TitleCo Title Agnecy Ltd
- EMD: $1,000 (Upon satisfactory conclusion of due diligence)
- Financing: Private Lender / Hard Money
- The property is currently listed for $84,999.
- The estimated token price based on a sale price of $75k is below:
- Offer price: $75k
- Commission: $3,750
- Closing costs: $2,250
- Unpaid bills: $2,201
- Estimated sales price: $66,799
- The estimated token price based on a total token amount of 2,346 is $28.47/token.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, January 23rd, once the voting is complete.

## 2025-01-21

- Property Update (01/21/2025):
- *Governance Results:*
- The Governance Voting results are back for vote to accept, counter, or deny the buyer's price reduction of $60k.
- The winning vote is:
- Delist the property and transfer management to Yhome Nursing LLC. Yhome will obtain a loan at 6% interest to complete the repairs,