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Property Summary Report 2025-07-03 - 2094 W 34th Place, Cleveland, OH 44113.docx

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Property Summary Report - 2094 W 34th Place, Cleveland Current Status Overview The property is currently vacant and facing significant infrastructure challenges, primarily related to water access. The main water line is broken under adjacent parcels, requiring an estimated $14,000 repair for a new lateral water meter installation. The property has recently undergone several major governance changes, with the most recent votes (June 17, 2025) approving: A $25,000 capital call via EARLDAO Change i

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Property Summary Report - 2094 W 34th Place, Cleveland Current Status Overview The property is currently vacant and facing significant infrastructure challenges, primarily related to water access. The main water line is broken under adjacent parcels, requiring an estimated $14,000 repair for a new lateral water meter installation. The property has recently undergone several major governance changes, with the most recent votes (June 17, 2025) approving: A $25,000 capital call via EARLDAO Change in property management to ECO Systems with Hemlane as Sub-PM Rejection of conversion to Mid-Term Rental (MTR) model The property has multiple financial obligations, including: Aligned unpaid bills: $2,381.48 2024 Property taxes (overdue): $2,223.24 Lateral water meter installation (est.): $14,000 DAO operating reserve deficit: $53.84 Balance due to Yhome (pending legal): $7,617.80 Occupancy Timeline 2/1/25 - 7/31/25: Leased at $1,295/ mo (tenant abandoned due to water issues) 11/21/24 - 10/31/25: Leased at $1,495/ mo (tenant abandoned after 2 months due to driveway issues) Prior to 11/21/24: Vacant during management transition Through 11/30/23: Previous tenant at $1,700/ mo (moved for business purposes) DAO Voting Timeline June 17, 2025: Approved: $25,000 capital call via EARLDAO Approved: ECO Systems as PM with Hemlane as Sub-PM Approved: Reject MTR Conversion April 28, 2025: Approved: Change to M1 Homes LLC as property manager March 2025: Property management discussion and counter-proposals from Yhome August 24, 2024: Approved: Delist property from sale and change management to Yhome Nursing LLC August 19, 2024: Approved: Change to Yhome management over selling property August 6, 2024: Approved: Reduce listing price to $190k June 24, 2024: Failed: Proposal to de-list property and change management May 24, 2024: Approved: List property for $215,000 Approved: Decision to sell property Conclusion The property is currently in an unstable state with multiple challenges: Infrastructure Issues: Broken water main requiring significant repair No dedicated parking/driveway Historical foundation concerns Financial Concerns: Multiple outstanding debts Operating reserve deficit Overdue property taxes Management Volatility: Multiple property management changes in the past year Ongoing disputes with previous management companies The property's ability to generate stable income has been compromised by these fundamental issues, leading to repeated tenant turnover and extended vacancy periods. The recent approval of the $25,000 capital call may help address some immediate concerns, but the property's long-term stability will depend on successfully resolving the water access issues and establishing consistent property management.