← 428 Cross St, Akron, OH 44311 · All properties

Updates - 428 Cross St, Akron, OH 44311.md

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2026-04-13 - We are issuing a proactive owner communication to keep update cadence consistent. - Property operations and file review are in progress. - A fuller operational/financial update will follow after manager file reconciliation. ## 2025-11-12 - Property Update (11/12/2025): - Unit 3 listing is now live @ $849/mont: https://www.hemlane.com/listings/428-cross-street-akron-oh-44311-unit-3/bc56d639-5a3a-48cf-b06a-baf568826e36 - Note that no appliances are provided. Tenants may furnish the

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## 2026-04-13

- We are issuing a proactive owner communication to keep update cadence consistent.
- Property operations and file review are in progress.
- A fuller operational/financial update will follow after manager file reconciliation.

## 2025-11-12

- Property Update (11/12/2025):
- Unit 3 listing is now live @ $849/mont: https://www.hemlane.com/listings/428-cross-street-akron-oh-44311-unit-3/bc56d639-5a3a-48cf-b06a-baf568826e36
- Note that no appliances are provided. Tenants may furnish their own, or rent a stove and fridge for an additional $50/month.
- Unit 1 former tenant has been evicted and the unit is in the process of being turned over.
- Unit 2 tenant is current with no concerns.

## 2025-09-23

- Property Update (09/23/2025):
- Governance Results for 428 Cross St:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Raise funding of $6,000.00 from the ULD - Levy all funding from the Universal Lending DAO, which currently has loan terms of 13.5% APR w/4-Year Balloon.
- This voting option was declared the winner in Round 1 with 1,633 votes.
- [View on-chain](https://allo.info/application/3229841642)

## 2025-09-19

- Property Update (09/19/2025):
- Owner-Proposed Governance Vote for 428 Cross St:
- An owner with the following [wallet address](https://allo.info/account/OHS4Z4R2YOE5435ERSGLGBA2R7IWONWLWHLSMAPWVVIUIJ4J4TGQJ5RUKI) is proposing a governance vote.
- This owner holds 48 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.
- This is a new governance proposal for 428 Cross, Akron OH 44311 to fund the recent construction quote to renovate unit #3. There was a previous vote that both options passed, but without supermajority, so nothing happened and this is still outstanding. We will need this unit turned so the property can generate positive cashflow, and build up a sustainable OR while paying down the funding call (as applicable). After the renovations are completed, the estimated monthly rent for unit 3 will be at least $850/mo.
- This is a good property that needs a bit of help since the property’s original operating reserve was stolen from the DAO.
- The itemized estimate from XGM CONSTRUCTION LLC for $5,460.00 and have uploaded it to the work order for your reference (please note that taxes and fees may not be included). The breakdown is as follows:
- House Cleaning $400.00
- Interior Painting $1,800.00
- Trim Installation $200.00
- Vanity Installation $700.00
- Tub Drain Repair/Replacement $75.00
- Light Fixture & Ceiling Fan Replacement $575.00
- New Closet Bi-Fold Doors Installation $300.00
- Electrical Outlet Installation $85.00
- Door Installation $125.00
- Carpet Installation $1,200.00
- Total $5,460.00
- Per the PM - There is an additional $540 required for an oven replacement on this property, so the total funding required is $6,000.00
- There are several options available to fund the upcoming renovation project:
- Raise funding of $6,000.00 from the ULD - Levy all funding from the Universal Lending DAO, which currently has loan terms of 13.5% APR w/4-Year Balloon. There is no minimum monthly payment for this lending facility, and DAO must pay off the loan within a 4-year time period. It is encouraged to pay the majority of the loan off quickly. Estimated timeline for this option -> right away
- Raise a capital call of $6,000.00 through dilutive equity at a token price of $20, approx. where the market is at currently (This would increase token count by approx. 300 and would need to be paid in-full by an outside investor(s).) Token count would increase from 4,882 to 5,182. Estimated timeline for this option -> dependent on how quickly new shares are bought. Current 4 week volume is $439 so this would likely take maybe a year at current pace
- Do nothing, wait for small claims case against Cal, estimated timeline for this option per PM. -> between forever and our death
- I am voting option 1 and recommend everyone to do the same
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, September 23rd, once the voting period ends.

## 2025-09-09

- Property Update (09/09/2025):
- Governance Results for 428 Cross St:
- The Governance Voting results are back for the two owner-proposed votes.
- The first leading vote is:
- 2. Reject lending; demand immediate payment from Calixte Duffaut payable directly to the DAO. Authorize PM to file via small claims court if necessary.
- This voting option received 1,059 / 1985 token votes which is equal to 53% of the votes.
- This vote will not pass because it did not reach a Supermajority of 60%+.
- [View on-chain](https://allo.info/application/3205597399)
- The second leading vote is:
- 1. Approve $5,000 Capital Call from a DAO member or EARLDAO.
- This voting option received 1,159 / 1,985 token votes which is equal to 58% of the votes.
- This vote will not pass because it did not reach a Supermajority of 60%+.
- [View on-chain](https://allo.info/application/3205597708)

## 2025-09-02

- Property Update (09/02/2025):
- Owner-Proposed Governance Vote for 428 Cross St:
- The property manager, ECO Systems LLC with the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), is proposing a governance vote.
- This owner holds 1 token 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.
- [View Governance Proposal](https://www.dropbox.com/scl/fi/qp2cltd7ryv59ofr3b6zs/Lending-Authorization-and-Capital-Call-428-Cross-St-Akron-OH-44311.docx?rlkey=iqhisjddqtueqs3qk41pgkuvi&e=1&st=cly7xkk9&dl=0)
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, September 9th, once the voting period ends.

## 2025-05-12

- Property Update (05/12/2025):
- Governance Results for 428 Cross St:
- The Governance Voting results are back for the two owner-proposed votes.
- The first winning vote is:
- Increase the OR balance requirement from $0 to $5000, and distribute $500 from the OR to shareholders.
- This option was declared the winner in Round 2 with 1,120 token votes via the Ranked Choice Voting method.
- The second winning vote is:
- Increase the PM fee to ECO Systems LLC (Earl) to 15% and sign a new PMA with APG, allowing for a 5% GMR margin to Earl.
- This option received 1,268/1,866 which is equal to 67.9% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2990375792) or by searching the application ID: 2990375792

## 2025-05-04

- Property Update (05/04/2025):
- *Owner-Proposed Governance Vote:*
- An owner with the following wallet address has proposed a governance vote.
- The owner proposing this vote holds 1 token 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.
- Dear investors,
- I have completed my analysis and consolidation of the Transactions statements from [APG](https://www.dropbox.com/scl/fi/qfoe0ub16y07tv796hh06/owner_statement_enhanced_report-2quarters_Redacted-428-Cross-St.pdf?rlkey=cfpw74fasme2qyzeomjlwmys3&dl=0) as of 3/4/25 and from [Lofty](https://www.dropbox.com/scl/fi/7aaurpd9ufb0l1q4avhci/Transactions-January-2025-428-Cross-St-Akron-OH-44311.csv?rlkey=8p3i9n61z0faf988amjxfipsf&dl=0) as of 1/31/25. The current -$1073.14 OR balance shown on the listing's Financials page is now factored into this [P&L statement ending 3/4/25](https://www.dropbox.com/scl/fi/iucpv4xdtojyrxr5u7u6m/428_cross_st_pnl.xlsx?rlkey=bbh71wxqkzawepcqhpmmgjkr8&dl=0). The DAO’s ending cash balance as of 3/4/25 should be $5,367.16.
- TL;DR Summary:
- DAO funds including $795 security deposit as of 3/4/25 due from Yhome: $7,235.30
- DAO funds held by APG as of 4/30/25: $1,345
- DAO NOI and funds sent to Cal in March and April: Unknown
- 2025 Insurance Premium: Unknown (I hope this is less than the above, else distribution will adjust accordingly)
- Known minimum DAO Balance held by Yhome/APG: $7,507.16
- Less Unpaid 2025 Taxes Due: $2,004.05
- Known Minimum Unallocated Balance: $5,503.11
- Target Proposed OR Balance to be held across ECO Systems and APG: $3,000
- Minimum Rent Distribution for 5/15/25: $2,500
- The deets:
- According to [APG’s cashflow statement dated 04/30/2025](https://www.dropbox.com/scl/fi/vb3bozo5syk2eyxi7hsr6/cash_flow-20250430.pdf?rlkey=pzkwxoh5euzz2idxq9skmwt7d&dl=0), APG holds a balance of $1,345 for this property. This factors in rents, expenses, and funds sent to Cal in March and April, which I will update in the P&L once I receive such transaction data from APG beginning 5/6/25. It’s important to note that the tenant in Unit #2 is on a [payment plan](https://www.dropbox.com/scl/fi/l9hejb967qwmnaap8c61a/Tenant-Payment-Plan-2025-02-APG-428-Cross-St-2.jpg?rlkey=094xy5mi8qf2t0x6s3ktww6au&dl=0).
- Insurance premium: status unknown, [Obie policy expired 1/24/2024](https://www.dropbox.com/scl/fi/pdwfbcme91n181fkitvc8/Property-Insurance-2023-05-01-428-Cross-St-Akron-OH-44311.pdf?rlkey=gwohb7u94mnylsn29zwjecmea&dl=0), Max/Cal/Earl to renew and update in Dropbox
- After APG’s 10% of Gross Monthly Rents (GMR) as their PM fee, Yhome is rightfully owed the remaining 5% of the GMR, totaling $711.73 from 09/2024 through 3/4/2025. After factoring that into the Operating Expenses and reversing APG Owner Distributions presumably already sent to Yhome, $5,367.16 is left over which should be the DAO’s new balance as of 3/4/25. We do still have to pay the 2025 taxes due of $2,004.05 which can come out of the OR, leaving it with $3,363.11 which we can distribute as voted upon. We also do not know the status and cost of insurance. To facilitate a smooth transition of insurance, tax, and utility bills away from Lofty’s responsibilities, the OR will be held in an interest-bearing DAO LLC savings account held by Thread Bank under Earl’s control, with a monthly report of bank statements to keep the Lofty listing up-to-date.
- Next steps:
- We now need to vote on a sufficient OR (% or $) and distribute the rest. We still have time to transfer balances and vote on rent distributions. Yhome’s "Profit First" (1/12th rent distributions) model have NOT activated for this property, which makes this process much simpler. Barring unforeseen delays, this property WILL pay out rents to investors starting on 5/15/25.
- Also, I know the original governance vote to transition was for a 10% PM fee but that was before I realized APG's fee was 10% and before I decided that it would be in the best interest of both myself and the DAO to keep APG as sub-PM for the foreseeable future. To make actively managing this property worthwhile for me, shareholders now have the opportunity to vote to increase the PM fee to 15% via this governance vote, which is the same as Yhome's original PM fee. This property has now been stabilized by Yhome/APG so we must thank them for their efforts. In the spirit of treating our vendors well, I would like sign a new Property Management Agreement (PMA) with APG and continue to have them serve as sub-PM for this property for the foreseeable future, immediately freeing up my time to focus on other properties. Please see [this revised PM Agreement](https://www.dropbox.com/scl/fi/alsp70h7v7ob0zwquwdy9/Property-Management-Agreement-428-Cross-St-Akron-OH-44311-DRAFT.docx?rlkey=ybebkzzuguktdsorrtdotvrgq&dl=0) for your review.
- Yours truly,
- Earl Co
- Manager, ECO Systems, LLC
- Vote #1:
- 1) Increase the OR balance requirement from $0 to $3,000, and distribute $2500 from the OR to shareholders.
- 2) Increase the OR