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Property Update 2025-09-09 - 1845 W 48th St, Cleveland, OH 44102.pdf

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■ Investor Report – 1845 W 48th Street Current Status - Occupancy: 1/2 units occupied Property Condition Assessment Gutters & Drainage - Gutters are misaligned and clogged, preventing proper water flow. - Current drainage system is ineffective in diverting water away from the house, raising risk of water intrusion or foundation damage. Structural Observations - Stair safety issue: Only one rail is present, and it does not meet recommended safety standards. - Front elevation appears in better con

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■ Investor Report – 1845 W 48th Street
Current Status
- Occupancy: 1/2 units occupied

Property Condition Assessment
Gutters & Drainage
- Gutters are misaligned and clogged, preventing proper water flow.
- Current drainage system is ineffective in diverting water away from the house, raising risk of water
intrusion or foundation damage.

Structural Observations
- Stair safety issue: Only one rail is present, and it does not meet recommended safety standards.
- Front elevation appears in better condition compared to the rear, suggesting uneven maintenance.
- Vine overgrowth noted, which may accelerate siding deterioration and conceal further damage.

Exterior & Electrical Concerns
- No external disconnect observed for breaker boxes—only meters present. This is below modern
safety expectations.
- Power lines at the rear are obstructed by tree branches. Heavy coverage poses future reliability and
fire hazard risks if not addressed.

Deck Condition
- Deck is supported on brick posts.
- Requires protective coating to prevent deterioration.
- Lacks proper ballast/support, potentially compromising long-term safety and stability.

Overall Assessment
- The property presents multiple deferred maintenance and safety concerns.
- Immediate priorities include:
- 1. Cleaning/realigning gutters and improving drainage.
- 2. Installing a second stair rail to meet safety standards.
- 3. Trimming trees around power lines.
- 4. Inspecting deck supports and applying protective coatings.
- 5. Adding an external disconnect for electrical safety.
- While the front exterior appears serviceable, the rear and structural elements need proactive
attention. Addressing these items will reduce liability, improve safety compliance, and protect long-term
asset value.

DAO Resolution Update
- Cal claimed the property was to be renovated and sold, with a minimum target of $40 per token.

- He reported partial renovations, alleged a refinance was canceled, and claimed the property is under
contract for $230,000.
- He asserted losses on the sale and renovation costs exceeding $1,221.97 without receipts, citing
$100,000 in vandalism-related repairs.
- He referenced an appraisal of $255,000 before the canceled closing.
- The DAO expressed skepticism due to lack of receipts.
- Resolution:
- 1. Sale will proceed at $230,000.
- 2. Cal must provide receipts for all renovation expenses to be included in accounting.
- 3. Net proceeds, after verified repair costs and repayment of the $56,000 hard money loan funded by
DAO transfers, must be returned to the DAO.
- 4. Cal remains legally authorized by Lofty Holding 1845 W 48th Street DAO LLC to borrow $72,683
from the DAO for renovations.

Property Plan