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08 - Repairs & Maintenance - Renovations & Updates - - Recovered b2cd7bf2 - 13806 Coit Rd, Cleveland, OH 44110.md

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Property Updates ## 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 · $-6,395.02 · · Lofty Operating Cash · $12,376.10 · · ECO Operating Cash · $-31.95 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $12,376.10 · · Estimated Owners' Equity · $0.00 · · DAO Estimated NAV Per Token · $6.28 · · DAO Tokens · 1971 · · Current PM · ECO (Sol

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# Property Updates

## 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 | $-6,395.02 |
| Lofty Operating Cash | $12,376.10 |
| ECO Operating Cash | $-31.95 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $12,376.10 |
| Estimated Owners' Equity | $0.00 |
| DAO Estimated NAV Per Token | $6.28 |
| DAO Tokens | 1971 |
| Current PM | ECO (Sold) |

# Property Updates

## 2026-04-05

- Property Update (04/05/2026):
- Cross-check against `Yhome Transition Reconciliation.xlsx` shows 13806 Coit Rd, Cleveland, OH 44110 flagged as **ECO (Sold)**.
- Current reconciliation status: **Yhome owes Lofty, DAO, and DAO owes Aligned**.
- Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

## 2026-02-11

- Property Update (02/11/2026):
- Agent [discovered on 1/8/26](https://www.dropbox.com/scl/fi/ga5byuknjjn38tykfh1wn/Stolen-Appliances-2026-01-08-Magniv-Realty-LLC-13806-Coit-Rd-Cleveland-OH-44110.png?rlkey=d7gc63ez3npujwr1bcyq5r64g&dl=0) that both of the brand new hot water tanks and both furnaces (one new, one old) were stolen. The side door was open and a window was open. We do not know who did it and don't have video or photos of the incident. In lieu of replacing at DAO's expense and additional delays, the buyer lowered their offer to $80k cash (previously $94.5k financed).
- The property sold and closed on Jan. 31, 2026. Funds will be sent to Lofty for final redemption.
- Financial Summary as of 2/11/26:
- Net Sale Proceeds: $69,981.75
- Due to Yhome: ($6,395.02) (held back as 128 EARLDAO shares)
- Due to [Ashdod City Corp](https://www.dropbox.com/scl/fi/yjbgyyyduwtmgjihax97i/Affidavit-of-Mechanic-s-Lien-by-Ashdod-City-Corp-Michael-Gruzmarg-13806-Coit-Rd-Cleveland-OH-44110.pdf?rlkey=yfm8ebbh7tarakgiub1zjsuu9&dl=0): ($30,000)
- Due to Lofty OR: ($15,911.61)
- Due to ECO Systems: ($4,625.67)
- Final Tax Return: ($200)
- DAO Net Cash: $13,049.45
- Redemption: $6.62/share
- [Closing Package](https://www.dropbox.com/scl/fi/jx3xzabvsijdpdxi2u41d/Seller-Closing-Package-signed-Magniv-Realty-LLC-13806-Coit-Rd-Cleveland-OH-44110.pdf?rlkey=816lkdeu5owv33gwfratsmwuz&dl=0)
- [Aligned Final Statement](https://www.dropbox.com/scl/fi/cw25k9setw3a2imflezfr/Owner-Statement-13806-Coit-Rd.-Cleveland-OH-44110.pdf?rlkey=phjl2um1axbfskv5jijqbhxfh&dl=0)
- [ECO Systems General Ledger](https://www.dropbox.com/scl/fi/7jqq9iz2u3jen9icyu5c5/ECO-Systems-General-Ledger-2026-02-11-13806-Coit-Rd-Cleveland-OH-44110.csv?rlkey=15gczoujwzalxltkqh994m8lg&dl=0)

## 2025-09-23

- Property Update (09/23/2025):
- Governance Results for 13806 Coit Rd:
- The Governance Voting results are back for the owner proposed vote.
- The winning vote is:
- Accept the Offer
- This voting option received 782 / 782 token votes which is equal to 100% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3229808669) or by searching the application ID: 3229808669

## 2025-09-17

- Property Update (09/17/2025):
- Owner-Proposed Governance Vote for 13806 Coit Rd:
- The current property manager, ECO Systems LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote to sell the property.
- Earl holds 7 tokens in this property.
- The property manager'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.
- [View Governance Proposal](https://www.dropbox.com/scl/fi/1htdg92jqx34mkti6ox5s/Governance-Proposal-to-Sell-Property-13806-Coit-Rd-Cleveland-OH-44110.docx?rlkey=2rqa9zg9co0oqbiqt1qdtsxzy&e=2&dl=0)
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, September 23rd once the voting period ends.

## 2025-07-15

- Property Update (07/15/2025):
- Governance Results for 13806 Coit Rd:
- The Governance Voting results are back for the owner proposed vote.
- The winning vote is:
- Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee
- This voting option received 262 / 362 token votes which is equal to 72% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3120229626) or by searching the application ID: 3120229626

## 2025-07-07

- Property Update (07/07/2025):
- Owner-Proposed Governance Vote for 13806 Coit Rd:
- The current property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
- M1 Homes LLC holds 50 tokens in this property.
- The property manager'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.
- PROPOSAL: Transition Property Management to ECO Systems LLC
- Background:
- When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes’ intended role.
- Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.
- Recommendation:
- We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property’s financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.
- Key Points Supporting This Proposal:
- Original Agreement Integrity: M1 Homes’ proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.
- Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.
- Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.
- Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.
- Property Management Transition (If Property is Retained):
- Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification
- ECO Systems may initiate capital calls post-transition
- Option 2 – Reject Vote #2 and Remain with M1 Homes LLC
- M1 Homes remains as manager
- No changes to current structure
- Financial obligations remain unresolved under the existing framework
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.

## 2025-06-24

- Property Update (06/24/2025):
- Governance Results for 13806 Coit Rd:
- The Governance Voting results are back for the owner proposed votes.
- The first winning vote is:
- List Property for Sale
- This voting option was declared the winner in Round 1 with 528 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3090639418) or by searching the application ID: 3090639418
- The second winning vote is:
- Reject Vote #2 and remain with M1 Homes
- This voting option was declared the winner in Round 3 with 676 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3090642249) or by searching the application ID: 3090642249

## 2025-06-19

- Property Update (06/19/2025):
- Owner-Proposed Governance Vote for 13806 Coit Rd:
- An Owner with the following [wallet address](https://allo.info/account/K2FYWR6KBYIUNQM5PSLYANRUH6LUH27URMYDHGU2MCMEYRIUK7M2PTTWZ4) is proposing a governance vote.
- This owner holds 7 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.
- GOVERNANCE PROPOSAL: CAPITAL CALL, RENTAL STRATEGY, OR SALE
- DAO: Lofty Holding 13806 Coit Rd, Cleveland, OH 44110
- Submitted By: [Your Name]
- Submission Date: [Insert Date]
- Background
- The property has 0 occupied units and is currently unfinished. Per Yhome’s last update (5/17/2025), the work is not verified complete, and Yhome is not injecting further funds, but is willing to oversee final completion if contractors are paid.
- Financial Status:
- Obligation Amount
- DAO Net Due from Yhome (positive = owed to DAO) $34,955.02
- Aligned Unpaid Bills Due from DAO $1,753.65
- DAO OR Cash $0.00
- Capital Call Due to Lofty (unpaid obligations) $12,795.57
- DAO Net Cash (Capital Call Required) ($49,504.24)
- Zestimate: $95,300
- Estimated Sales Range: $71,000 – $122,000
- Rent Zestimate: $1,888/month
- Unit Breakdown: 2-unit conversion completed (not verified)
- Contractor Issues: Ongoing; see Yhome documents & invoices
- VOTE #1 – CAPITAL CALL OR SALE STRATEGY (Choose One)
- Option 1 – Approve Capital Call of $50,000 via EARLDAO
- 12% APR, interest-only, 1-year balloon. Non-dilutive. Funds used to:
- Pay Lofty
- Pay Aligned
- Reserve remaining balance to finalize work (under M1, Whalec, or ECO oversight)
- Option 2 – Approve Capital Call of $50,000 via dilutive equity at $20/share
- Issue 2,577 governance tokens offered pro-rata to DAO members. Dilutive.
- Option 3 – Pay Only Aligned & Lofty via EARLDAO ($14,549.22)
- Pay known third-party balances only. No funds for rehab. Non-dilutive. Sale or migration decision postponed.
- Option 4 – List Property for Sale
- Instruct Aligned to list the property for sale.
- Net proceeds, after estimated 9% broker and closing costs, could range from:
- $56,610 (low end: $71,000 × 0.91) ≈ $28.72/token
- $111,020 (high end: $122,000 × 0.91) ≈ $56.32/token
- Note: Proceeds will first pay off DAO liabilities before any tokenholder returns. If Gruzmarg's work was indeed completed, this could result in net proceeds of $3.60 to $31.21 per token. It is evident from these photos that it is not complete, but I am unsure what percentage of their invoice was done: https://photos.app.goo.gl/kGYEDrzAMpjePFyE8
- Option 5 – Reject Proposal
- No action taken. Rehab remains unfinished. DAO remains under deficit. No migration or resolution until future vote.
- VOTE #2 – PM & SUB-PM STRUCTURE (If Property is Retained)
- Only vote on this if DAO does not approve sale.
- Option 1 – Migrate to ECO Systems LLC as PM w/ Aligned as Sub-PM (15% PM Fee)
- PM Fee: 10% Aligned + 5% ECO
- Leasing Fee: 1 full month’s rent
- R&M: 10% markup
- Option 2 – Migrate to ECO Systems LLC as PM w/ Hemlane as Sub-PM (10% PM Fee)
- PM Fee: 10% ECO only
- Leasing Fee: $695 or 50% of first month’s rent, whichever is greater
- No markup on Repairs & Maintenance
- Rent placement post-rehab verification
- Subject to Hemlane's ability to secure a Local Agent in Charge (LAIC)
- Option 3 – Reject Vote #2 and remain with M1 Homes
- No change to existing management structure
- The winning vote will be determined by a Supermajority of 60%+ and the