← 1456 W 85th St, Cleveland, OH 44102 · All properties

08 - Repairs & Maintenance - Renovations & Updates - - Recovered bee32c01 - 1456 W 85th St, Cleveland, OH 44102.md

This page is a searchable text preview. Use the Dropbox link for the full original file.

Open full file in Dropbox

What This File Appears To Be

**Property Update (2026-04-08):** - April 2026 Property Update: · ECO Operating Cash: $176.40 · Lofty Operating Cash: $-7,075.47 · Yhome Net Due TO DAO: $1,140.36 · Outstanding Taxes: $-2,399.80 · DAO Net Cash: $-5,114.12 · Est. Equity: $278,478 · Est. NAV: $58.64/share · Tax payment $8,110.14 paid Feb 21 for delinquent + 2025 first-half taxes. Lofty OR at $-7,075.47 operating with reserve deficit. 2nd half 2025 taxes ($2,399.80) due Aug 2026. T-12 (2025) Revenue $77,971, NOI ~$74,400. - **Pro

Text Preview

- **Property Update (2026-04-08):** - April 2026 Property Update: | ECO Operating Cash: $176.40 | Lofty Operating Cash: $-7,075.47 | Yhome Net Due TO DAO: $1,140.36 | Outstanding Taxes: $-2,399.80 | DAO Net Cash: $-5,114.12 | Est. Equity: $278,478 | Est. NAV: $58.64/share | Tax payment $8,110.14 paid Feb 21 for delinquent + 2025 first-half taxes. Lofty OR at $-7,075.47 operating with reserve deficit. 2nd half 2025 taxes ($2,399.80) due Aug 2026. T-12 (2025) Revenue $77,971, NOI ~$74,400.

- **Property Update (2026-02-21):** - We received an off-market offer for this property alongside several others. I have countered with 25% down to rebalance economic risk for refinance certainty at 30% equity, or 20% down with refinance certainty at 25% equity. Please join the property channel on Discord for further discussion prior to a governance vote. - Purchase Price: $274k - Down Payment: 12% - Monthly payment: $611 - 88% Seller financed note @ 0% rate - 5-year balloon with condition that refi meets 70% of loan amount or option to extend up to 8 years - If sold individually today: List at $229,000, expect negotiation to $205k–$220k, close at or below $200k net of broker fees and closing costs. NAV <$42.90/share - Financial Summary: - Delinquent and first half 2025 taxes paid ($8,107.19) [Receipt](https://www.dropbox.com/scl/fi/8l3f99k61gxrcyrh3u9pi/Cuyahoga-County-Treasurer-OH-Payments-Receipt-2026-02-21-1456-W-85th-St.-Cleveland-OH-44102.pdf?rlkey=xok9ks5c2759ctr6rzuc3neyq&dl=0) - Due FROM Yhome: $1,140.36 - Aligned Operating Cash: $3,044.39 - OR Due TO Lofty & Evernest: ($7,075.47) - ECO Operating Cash: $176.40 - DAO Net Cash: ($2,714.32) - Estimated Owners' Equity: $278,478 - Estimated NAV: $59.15/share - From APG statements: - Gross rent collected (2025): ≈ $31,843.87 - Operating expenses: ≈ $16,535.74 - 2025 NOI: $14,890.33/year ≈ $1,240/month (w/o repairs & maintenance) - Trailing 12-month cash flow after R&M: $5,970.69/year ≈ $497.56/month (see APG statements) - 2nd Half 2025 Taxes Due August 2026: ($2,399.80) - [ECO Systems General Ledger](https://www.dropbox.com/scl/fi/atgprv82nnc1fdcksyd2t/ECO-Systems-General-Ledger-1456-W-85th-St.-Cleveland-OH-44102.csv?rlkey=rtb5cetsew6hiancgdljzpzgd&dl=0) - [APG Balance Sheet, Income, & Cash Flow Statement 2025](https://www.dropbox.com/scl/fi/hd4lobrw0p57hu2o7fa4h/APG-Balance-Sheet-Income-Cash-Flow-Statement-2025-1456-W-85th-1456-W-85th-St-Cleveland-OH-44102.pdf?rlkey=7chs4h6ceyxuq7tdc763szmc1&dl=0) - [APG Owner Statement 2025-12-12 to 2026-01-14](https://www.dropbox.com/scl/fi/btnrui1l9yiuarqiiqkl8/Owner-Statement-Owner-packet-2025-12-12-to-2026-01-14-1456-W-85th-1456-W-85th-St-Cleveland-OH-44102.pdf?rlkey=fg7cz038quq220l2teztj5abz&dl=0)

- April 2026 Property Update:

| Field | Value |
|-------|-------|
| ECO Operating Cash | $176.40 |
| Lofty Operating Cash | $-7,075.47 |
| Yhome Net Due TO DAO | $1,140.36 |
| Outstanding Taxes (2nd Half 2025) | $-2,399.80 |
| DAO Net Cash | $-5,114.12 |
| Estimated Owners' Equity | $278,478.00 |
| Estimated NAV/Token | $58.64 |

**Tax Payment** — $8,110.14 paid Feb 21 for delinquent + 2025 first-half taxes.

**Lofty Operating Cash** — Currently at $-7,075.47. Operating with reserve deficit.

**Outstanding Liabilities** — 2nd half 2025 taxes ($2,399.80) due Aug 2026.

**T-12 (2025)** — Revenue $77,971, NOI ~$74,400.

[ECO General Ledger](https://www.dropbox.com/scl/fi/atgprv82nnc1fdcksyd2t/ECO-Systems-General-Ledger-1456-W-85th-St.-Cleveland-OH-44102.csv)

# Property Updates

## 2026-02-21

- Property Update (02/21/2026):
- We received an off-market offer for this property alongside several others. I have countered with 25% down to rebalance economic risk for refinance certainty at 30% equity, or 20% down with refinance certainty at 25% equity. Please join the property channel on Discord for further discussion prior to a governance vote.
- Purchase Price: $274k
- Down Payment: 12%
- Monthly payment: $611
- 88% Seller financed note @ 0% rate
- 5-year balloon with condition that refi meets 70% of loan amount or option to extend up to 8 years
- If sold individually today: List at $229,000, expect negotiation to $205k–$220k, close at or below $200k net of broker fees and closing costs. NAV <$42.90/share

- Financial Summary:
- Delinquent and first half 2025 taxes paid ($8,107.19) [Receipt](https://www.dropbox.com/scl/fi/8l3f99k61gxrcyrh3u9pi/Cuyahoga-County-Treasurer-OH-Payments-Receipt-2026-02-21-1456-W-85th-St.-Cleveland-OH-44102.pdf?rlkey=xok9ks5c2759ctr6rzuc3neyq&dl=0)
- Due FROM Yhome: $1,140.36
- Aligned Operating Cash: $3,044.39
- OR Due TO Lofty & Evernest: ($7,075.47)
- ECO Operating Cash: $176.40
- DAO Net Cash: ($2,714.32)
- Estimated Owners' Equity: $278,478
- Estimated NAV: $59.15/share

- From APG statements:
- Gross rent collected (2025): ≈ $31,843.87
- Operating expenses: ≈ $16,535.74
- 2025 NOI: $14,890.33/year ≈ $1,240/month (w/o repairs & maintenance)
- Trailing 12-month cash flow after R&M: $5,970.69/year ≈ $497.56/month (see APG statements)
- 2nd Half 2025 Taxes Due August 2026: ($2,399.80)
- [ECO Systems General Ledger](https://www.dropbox.com/scl/fi/atgprv82nnc1fdcksyd2t/ECO-Systems-General-Ledger-1456-W-85th-St.-Cleveland-OH-44102.csv?rlkey=rtb5cetsew6hiancgdljzpzgd&dl=0)
- [APG Balance Sheet, Income, & Cash Flow Statement 2025](https://www.dropbox.com/scl/fi/hd4lobrw0p57hu2o7fa4h/APG-Balance-Sheet-Income-Cash-Flow-Statement-2025-1456-W-85th-1456-W-85th-St-Cleveland-OH-44102.pdf?rlkey=7chs4h6ceyxuq7tdc763szmc1&dl=0)
- [APG Owner Statement 2025-12-12 to 2026-01-14](https://www.dropbox.com/scl/fi/btnrui1l9yiuarqiiqkl8/Owner-Statement-Owner-packet-2025-12-12-to-2026-01-14-1456-W-85th-1456-W-85th-St-Cleveland-OH-44102.pdf?rlkey=fg7cz038quq220l2teztj5abz&dl=0)

## 2025-05-05

- Property Update (05/05/2025):
- Governance Results for 1456 W 85th 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 5% equity to Yhome.
- This option received 2,114 / 2,154 token votes, which is equal to 98.1% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2974612550) or by searching the application ID: 2974612550

## 2025-04-29

- Property Update (04/29/2025):
- The current property manager, Yhome Nursing LLC, has put together a counter-proposal.
- This is in response to the governance vote to change managers, sent out on 4/29, which can be viewed on the property page.
- If you have already voted, and would like to change your vote, click the button below, or at the end of this email.
- Yhome owns 0 tokens in this property and their [wallet address](https://allo.info/account/5HHAXCPORYC2GPTBTBQIKERJTKEP2O4PFWWF7R4Q2MAPHGMOM4FBDX5SD4) can be viewed here.
- Their counter-proposal 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.
- Vote With Fairness and Facts — Don't Punish 10 Months of Hard Work
- Let’s cut through the noise.
- The claim that this is an “immediate giveaway” of 5% equity distorts the reality: Yhome has already invested over 10 months of time, energy, and personal capital into stabilizing and improving these asset. This is not about a handout. It's about recognizing work already performed.
- The equity stake was not unilaterally imposed. It was part of a broader proposal, transparently shared and voted on by DAO members.
- Let’s also consider the message being sent: If we default on promises and retroactively deny compensation after work is done, how do we expect talented, capable operators to trust and serve DAOs in the future?
- Regarding the refusal to accept a vesting schedule—Yhome has already vested their time and results. The property's performance, upkeep, and responsiveness to issues were not managed in theory; they were actively handled month after month.
- Switching to another manager like ECO Systems might be viable in the future, but doing so now, as a way to avoid honoring our obligations, undermines our integrity as a community.
- Vote to honor the work done. Vote to keep building trust. Don’t let this become a race to the bottom.

## 2025-04-29

- Property Update (04/29/2025):
- Owner-Proposed Governance Vote for 1456 W 85th St:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 328 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 5% (over $11,000!) 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 5% dilutive equity stake in this DAO, worth over $11,000. 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 1456 W 85th St 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 5% of equity to Yhome.
- Option 2: Vote to retain Yhome as property manager, giving them an immediate 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.

## 2025-03-15

- Property Update (03/15/2025):
- The new owner-elected property manager, Cal with Yhome Nursing LLC, provided an update for owners.
- In regards to the tenant in Unit 3, we have received 5,584.55 in Rental Assistance, which has caught her up through May 1st. The city of Cleveland has pay to stay legislation requiring us to take payment up until eviction court date, or to wait for rental assistance if applied and approved. Tenant ledger is [attached](https://www.dropbox.com/scl/fi/4h58q829hazw5tlds5gzq/Tenant-Ledger-1456-W-85th-St-Unit-3-Cleveland-OH-44102.pdf?rlkey=v9j9kb7jqf4i9nbt51vxz15gk&e=1&st=3e8m2gyl&dl=0). Tenant is aware of their future responsibilities. Eviction will occur if they fall behind again.

## 2025-02-23

- Property Update (02/23/2025):
- The new owner-elected property manager, Cal with Yhome Nursing LLC, provided an update for owners.
- Cal is available to answer questions from any owners in this property's spec