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Renovations & Updates - 566 Nash St, Akron, OH 44306.md

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Property Updates - **Property Update (2026-04-08):** April 2026 Property Update: · Field · Value · · ------- · ------- · · Yhome Net Due TO DAO · $0.00 · · Lofty Operating Cash · $-5,148.43 · · ECO Operating Cash · $4,817.62 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $-1,973.35 · · Estimated Owners' Equity · $125,904.00 · · DAO Estimated NAV Per Token · $59.84 · · DAO Tokens · 2071 · · Current PM · ECO · Yhome transition reconciliation as of April 6, 2026.

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# Property Updates

- **Property Update (2026-04-08):**

    April 2026 Property Update:

| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $0.00 |
| Lofty Operating Cash | $-5,148.43 |
| ECO Operating Cash | $4,817.62 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $-1,973.35 |
| Estimated Owners' Equity | $125,904.00 |
| DAO Estimated NAV Per Token | $59.84 |
| DAO Tokens | 2071 |
| Current PM | ECO |


    Yhome transition reconciliation as of April 6, 2026.

    Property under ECO management. Transition reconciliation complete.

# Property Updates

## 2026-01-10

- Property Update (01/10/2026):
- On 12/24/25 the tenant's stove sparked and the breaker tripped. An electrician finally came out just to tell us the stove's electrical connector melted, and proceeded to bill us $150 for the service call without actually doing the repair. Earl is attempting to dispute this charge.
- Tenant has not paid December and January rent and is supposedly withholding it due to the non-functional stove.
- A repair has been scheduled with another vendor, and tenant's late fees were waived as a courtesy for the 3-week delay in sourcing a competent vendor especially over the holidays.
- A 1-year lease renewal was offered to the tenant at the same $973/month rate, contingent on remittance of December and January rents. Tenant's failure to pay following repair of the stove will be grounds for immediate eviction.
- Financial Summary:
- ECO Systems Operating Cash: $1,210.82
- Security Deposit held by ECO: $1,890.00
- Due to Lofty: ($5,148.43)
- Due to Universal Lending DAO: ($11,118.93)
- Due to Summit County (2025 Taxes): ($2,038.36)
- An immediate capital call of at least $6,000 to pay taxes and debts to Lofty is required at this time and must be backed by a DAO member or potentially sourced from the [Universal Lending DAO](https://www.lofty.ai/property_deal/Universal-Lending-DAO-(ULD)_Sheridan-Wyoming-82801).
- Owners may also submit a proposal to list the property for sale and clear off debts, then liquidate and/or re-lend net proceeds.

## 2025-05-22

- Property Update (05/22/2025):
- The previous PM just advised that the tenant signed a 12-month lease renewal at $973, a $28 increase from the previous lease of $945.
- The new lease term is from 02/05/2025 to 02/04/2026.
- The lease renewal fee was $350 and was deducted from January's rent.
- The lease agreement is being redacted and will be uploaded to the property page once the redaction is complete.

## 2025-05-20

- Property Update (05/20/2025):
- Governance Results for 566 Nash St:
- The Governance Voting results are back for the owner-proposed governance vote to change property managers.
- The winning vote is:
- Yes [change property managers to Whalec Property Management]
- This voting option received 318/464 token votes, which is equal to 68.5% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3007465028) or by searching the application ID: 3007465028

## 2025-05-16

- Property Update (05/16/2025):
- Owner-Proposed Governance Vote for 566 Nash St:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 26 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.
- Hello 566 Nash St investors,
- I, Alec VanBeek (@Whalec) on the Lofty Discord, am proposing a vote to switch to Whalec Property Management given the slower responses we have received from the current PM. I am an owner in Nash St and very much believe this property could be performing even better. Whalec Property Management has successfully onboarded over 20 properties with significant improvements to providing updates in the discord chat. I would recommend reviewing the difference in communication. We have adjusted our terms to an agreement that automatically lowers the PM once a property is stabilized. We also manage two of the most successful properties of Lofty for 440 Louden Ave and 1580 Andover Dr. I have outlined my terms below:
To approve the transition of property management services from Evernest Property Management to Whalec Property Management
- Proposed Property Manager:
- Whalec Property Management
- Key Terms:
- Management Fee: 15% of Gross Monthly Rent until the property is stabilized at which point it lowers to 10% of Gross Monthly Rent. At this point the 5% decrease in PM fee will be directly sent to the operating reserve.
- Definition of stabilized: A property that has been receiving rent consistently for 4 months and has a 100% full operating reserve.
- Tenant Placement Fee: Equal to First Month’s Rent (only when a new tenant is placed)
- No Renewal Fees: $0 for lease renewals or re-leasing to existing tenants
- No Maintenance Upcharge: All maintenance costs are billed at actual cost with no markup directly on Hemlane (All invoices and repairs will be shared transparently in the discord)
- Maintenance Threshold: The maintenance threshold will be set during the transition for emergency and non-emergency repairs (Ex. $500 threshold for emergency repairs and $150 threshold for non-emergency repairs) (If these thresholds are not met the repairs will be made automatically)
- Feel free to ping me or DM me on discord. My name is (@whalec) in the lofty discord.
- Thanks,
- Alec
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 20th, once the voting period ends.

## 2025-03-15

- Property Update (03/15/2025):
- The completion photos for the furnace replacement can be viewed [here](https://www.dropbox.com/scl/fi/n0ipkndysffqxvi29rnd8/Furnace-Invoice-and-Completion-Photos-566-Nash-St-Akron-OH-44306.pdf?rlkey=worgqt40j43oje53r1zfgs2uo&e=1&st=dluez80w&dl=0).

## 2025-03-07

- Property Update (03/07/2025):
- The tenant reported that the furnace is not functioning, stating that it is too cold in the home for their child.
- The indoor temperature is currently 50°F, while the outside temperature is 14°F.
- [Furnace Photos](https://www.dropbox.com/scl/fi/gusitx42nbvvly8k2wefh/Furnace-Photos-566-Nash-St-Akron-OH-44306-2.pdf?rlkey=r5jov6v1gpkq3rf58uashzdir&e=1&st=egg9lck3&dl=0)
- The property manager dispatched three vendors to assess the issue, and the following estimates were provided:
- G.A.B. Diversified Property Services:
- [Repair](https://www.dropbox.com/scl/fi/csuuvyll15d4xz3ypzsp9/Repair-Estimate-G.A.B-566-Nash-St-Akron-OH-44306.PDF?rlkey=whu2m8o1fva9w16aw94hzk39k&e=1&st=1b2ot0dc&dl=0) – $1,411.27 (Replace spark ignition control board, gas valve, flame sensor, and repair the furnace)
- [Replacement](https://www.dropbox.com/scl/fi/dv36y4x14mchdy3inmovf/First-Furnace-Replacement-Estimate-G.A.B-566-Nash-St-Akron-OH-44306.PDF?rlkey=o8bye5psh86trp83r53h7lcdy&e=1&st=lrh28igs&dl=0) – $4,640.61 (Install a new Goodman 120K BTU 80% efficient furnace with a 10-year warranty)
- Patriot Home Field Services:
- [Replacement](https://www.dropbox.com/scl/fi/g2edfgu3tuvgyn8e0aug8/Second-Furnace-Replacement-Estimate-Patriot-566-Nash-St-Akron-OH-44306.pdf?rlkey=w99qsu2337k11mp2it9ufl2w2&e=1&st=utwwvvh3&dl=0) – $7,362.64 (Install a new gas furnace: 80% AFUE, 80,000 BTU, Single-Stage, Multi-Speed ECM)
- Lula:
- [Replacement](https://www.dropbox.com/scl/fi/nkl6vknx1yhk8108tw7nm/Third-Furnance-Replacement-Estimate-Lula-566-Nash-St-Akron-OH-44306.pdf?rlkey=56dlljka4foxvxxtk1952urpl&e=1&st=p9czvvxq&dl=0) – $2,310
- The property manager recommends to proceed with Lula's estimate.
- The vendor confirmed that the repairs were completed on 3/5/24. The property manager is now awaiting the completion photos.

## 2024-09-09

- Property Update (09/09/2024):
- *Governance Results:*
- The Universal Lending DAO has voted to provide a loan of $12,754.95, in order to pay off the unpaid bills and replenish the Operating Reserve to 50% full.
- The voting results can be found on chain [here](https://allo.info/application/2288916067) or by searching the application ID: 2288916067
- The funds will be sent to the property manager, and the repairs will commence ASAP.
- More information on the Lending DAO structure is below:
- The interest rate paid to owners contributing funds to the capital call will be 13.5% per annum, compounded monthly.
- 4-year debt repayment period
- When the Operating Reserve is <50% full, half of all net rental income should go to the Operating Reserve, and half to pay off the loan; when the Operating Reserve is >=50% full, 100% of net rental income should be used to pay off the loan.

## 2024-09-02

- Property Update (09/02/2024):
- *Governance Results:*
- The Governance Voting results are back for the owner-proposed governance vote.
- The winning vote is:
- *Delist the property, which is now successfully rented out, and get a loan from the Universal Lending DAO to cover our debt and replenish the Operating Reserve to 50%.*
- This voting option was declared the winner in Round 1 with 786 token votes
- The voting results can be found on chain [here](https://allo.info/application/2275631665) or by searching the application ID: 2275631665
- The other voting results were eliminated in Round 1:
- Drop our asking price to the latest HouseCanary estimate of $94k and hopefully get some quick interest and maybe even multiple bids to play off each other.
- 296 token votes
- No change
- 4 token votes
- The Universal Lending DAO will now have the ability to vote to provide a loan to the property. Once the results are back, all owners of 566 Nash St will receive an update.

## 2024-08-31

- Property Update (08/31/2024):
- The property had 0 showings in the last 7 days.
- The agent advised that the asking price is too high for the area, and with the current lease of $945, a purchase price of $110k would not meet the 1% rule for investors.
 - [Property Listing](https://www.zillow.com/homedetails/566-Nash-St-Akron-OH-44306/35454031_zpid/)

## 2024-08-24

- Property Update (08/24/2024):
- The property continues to have 0 leads and 0 showings.
- The agent recommends to delist the property if owners want to hold on the sale price of $110k.
- The asking price is too high for the area and the property won't appraise if it goes under contract.
- The homes in this area are appraising on average around $84k.
- Owners previously voted not to reduce the listing price below $110k.
- [Property Listing](https://www.zillow.com/homedetails/566-Nash-St-Akron-OH-44306/35454031_zpid/)

## 2024-08-24

- Property Update (08/24/2024):
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 170 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.
- We have to either repay our debt or reduce our price to sell the property, so I would like to propose a vote on our two obvious options:
- 1) Per the agent's recommendation we delist the property, which is now successfully rented out, and get a loan from the Universal Lending DAO to cover our debt and replenish the Operating Reserve to 50%.
- 2) The only alternative: we drop our asking price to the latest HouseCanary estimate of $94k and hopefully get some quick interest and maybe even multiple bids to play off each other. If we successfully sell near that price -- which is not assured -- we would earn approx. $35/token which amounts to a 30% loss on our original investment. If, more likely IMHO, we ultimately have to negotiate down to the HouseCanary low estimate of $82k, we will net approx. $30/token, a massive 4