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Updates - 3178 W 41st St, Cleveland, OH 44109.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 · $-596.58 · · Lofty Operating Cash · $-6,940.74 · · ECO Operating Cash · $255.19 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $-5,807.48 · · Estimated Owners' Equity · $96,700.00 · · DAO Estimated NAV Per Token · $45.93 · · DAO Tokens · 1979 · · Current PM · ECO/

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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 | $-596.58 |
| Lofty Operating Cash | $-6,940.74 |
| ECO Operating Cash | $255.19 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $-5,807.48 |
| Estimated Owners' Equity | $96,700.00 |
| DAO Estimated NAV Per Token | $45.93 |
| DAO Tokens | 1979 |
| Current PM | ECO/M1 |

# Property Updates

## 2025-07-29

- Property Update (07/29/2025):
- Governance Results for 3178 W 41st St:
- The Governance Voting results are back for the owner proposed vote to change property managers.
- 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 346 / 383 token votes, which is equal to 90% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3144417978) or by searching the application ID: 3144417978

## 2025-07-11

- Property Update (07/11/2025):
- Owner-Proposed Governance Vote for 3178 W 41st St:
- The property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI) is proposing a governance vote to change property managers to ECO Systems LLC.
- This owner holds 10 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.
- 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.

## 2025-04-28

- Property Update (04/28/2025):
- *Governance Results:*
- The Governance Voting results are back for the owner proposed vote to change property managers to M1 Homes LLC.
- The winning vote is:
- Move to M1 for lower fees and better management
- This voting option received 155 / 211 token votes, which is equal to 73.4% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2959960270) or by searching the application ID: 2959965660

## 2025-04-24

- Property Update (04/24/2025):
- 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 4/24, 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.
- 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.
- Hi everyone,
- It's worth noting that over the past several months, Yhome has consistently turned around multiple properties and continues to work diligently to protect and enhance the value of these assets.
- In the case of this particular property, the claim that “nothing has been done” is simply inaccurate. The unit has been fully turned, photos were provided, and it is ready to be listed for rent. We were transparent in sharing that a health-related issue led to city involvement, and the necessary steps have been taken to resolve it—all of which has been clearly communicated.
- Unfortunately, it's becoming apparent that certain individuals on Discord are pushing a coordinated narrative designed to discredit Yhome and prevent fair compensation, despite the significant work that has been done. Ironically, some are now advocating to reward new property managers who have yet to contribute meaningfully to the portfolio.
- I strongly encourage you to vote against changing management. Let’s make decisions based on facts, performance, and transparency—not misinformation or politics.
- Thank you for your continued support.

## 2025-04-24

- Property Update (04/24/2025):
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/XNOBCIR3APDNVJZOKVPFDF2RMVI2TWZEFYNX7GOSJ3JXQ5SZAPZY7GM2XA) is proposing a governance vote to change property managers from Yhome Nursing LLC to M1 Homes LLC.
- This owner holds 2 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.
- “Recent developments regarding yhome have surfaced serious areas of concern regarding financial transparency and after several months this property still isn’t passing inspection. M1 has agreed to take on management and get us back on track.
- Options:
- 1. Continue with yhome and give up 3.5 percent dilutive equity immediately
- 2. Move to M1 for lower fees and better management”
- The results will be determined by a 60% Supermajority and sent to all owners on Monday, April 28th once the voting period ends.

## 2025-02-01

- Property Update (02/01/2025):
- The property manager confirmed the tenant moved in on 1/15/25, as scheduled.
- The tenant signed a 12-month lease at $1,195/mo.
- The lease term is from 1/15/25 - 1/14/26.
- The tenant paid a deposit of $1,195.
- The property manager charges a leasing commission of first month's rent, which will be deducted from January's rent.
- [Lease Agreement](https://www.dropbox.com/scl/fi/d62pbmtqm4cgv4e03ujym/Lease-01-15-2025-01-14-2026-3178-W-41st-St-Cleveland-OH-44109_Redacted.pdf?rlkey=p1w4pnhqv9lbt7k8eddw61gjt&e=2&st=sk3na6d5&dl=0)

## 2025-01-11

- Property Update (01/11/2025):
- A new tenant has been approved and will move in on 1/15/25.
- The tenant signed a 12-month lease at $1,195.
- The lease term is from 1/15/25 - 1/14/26.
- The tenant paid a deposit of $1,195.
- The property manager charges a leasing commission of first month's rent, which will be deducted from January's rent.
- The lease agreement is currently being redacted and will be uploaded to the property's Dropbox folder once the redaction is complete.

## 2024-12-22

- Property Update (12/22/2024):
- The repairs have been completed and the property has been listed for rent at $1,195/month.
- [Property Listing](https://www.zillow.com/homedetails/3178-W-41st-St-Cleveland-OH-44109/33336931_zpid/)
- [Updated Photos](https://www.dropbox.com/scl/fo/3qpx0mrj654x3j86ibetl/AAPZ9XRatoVbfJ6MmHlEYWY?rlkey=rqa3c5rv0ixnmzusjz6wy1e2u&st=nwrqhbpa&dl=0)

## 2024-12-17

- Property Update (12/17/2024):
- Cal, the new owner-elected Property Manager with Yhome Nursing LLC, provided an update:
- "We are pleased to report that work is progressing well at 3178 W 41st St. We will keep you updated and share pictures as they become available. Thank you for your continued support!"

## 2024-09-23

- Property Update (09/23/2024):
- *Governance Results:*
- The Governance Voting results are back for the vote to accept, counter, or deny the buyer's price reduction request of $3.5k.
- The winning vote is:
- Counter the price reduction at $2.5k
- This option was declared the winner in Round 5 with 457 token votes.
- The buyer accepted the counter. An addendum will be signed and the listing agent will follow up with any updates on the closing process.
- The voting results can be found on chain [here](https://allo.info/application/2316642434) or by searching the application ID: 2316642434
- The other voting options were eliminated in the following rounds:
- Round 1:
- Counter the price reduction at $3k
- 1 token vote
- Round 2:
- Accept the $3.5k price reduction
- 45 token votes
- Round 3:
- Deny the price reduction
- 65 token votes
- Round 4:
- Counter the price reduction at $2k
- 149 token votes
- Round 5:
- Hold firm at price reduction of $1.5k
- 167 token votes

## 2024-09-21

- Property Update (09/21/2024):
- *Governance Vote:*
- The governance results are back from the previous vote to accept, counter, or deny the buyer's price reduction request of $4k.
- The winning result is:
- Counter the price reduction at $1.5k.
- This voting option was declared the winner in Round 7 with 824 token votes.
- The voting results can be found on chain [here](https://allo.info/application/2310013782) or by searching the application ID: 2310013782
- The counter was presented to the buyer, and the listing agent responded with the following:
- My buyer is requesting $3,500. My buyer is motivated to continue moving forward, the house just needs a decent amount of minor repairs.
- Owners will now have the ability to vote to accept, counter, or deny the price reduction of $3,500.
- 3178 W 41st St was purchased on 03/14/2022 for $87,500. The HouseCanary Valuation as of May, 2024 is $120,497.
- The estimated price per token if the property sells at $78k is below:
- Purchase price: $78k
- Commission: $3,900
- Closing costs: $1,560
- Unpaid bills: $5,677 (includes $3k retainer for tenant legal dispute. Evernest will follow up on if they will be taking care of this payment).
- Total: $66,863
- The estimated price per token, based on the total of 1,979 tokens, is $33.78/token.
- The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to owners on Monday, September 23rd, once the voting is complete.

## 2024-09-18

- Property Update (09/18/2024):
- *Governance Vote:*
- The