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08 - Repairs & Maintenance - Renovations & Updates - 614 E 97th St, Cleveland, OH 44108 - Recovered 6cd322b2 - 614 E 97th St, Cleveland, Ohio 44108.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 · $-5,103.03 · · Lofty Operating Cash · $67,980.53 · · ECO Operating Cash · $-230.29 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $62,877.50 · · Estimated Owners' Equity · $0.00 · · DAO Estimated NAV Per Token · $23.96 · · DAO Tokens · 2624 · · Current PM · ECO (S

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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 | $-5,103.03 |
| Lofty Operating Cash | $67,980.53 |
| ECO Operating Cash | $-230.29 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $62,877.50 |
| Estimated Owners' Equity | $0.00 |
| DAO Estimated NAV Per Token | $23.96 |
| DAO Tokens | 2624 |
| Current PM | ECO (Sold) |

# Property Updates

## 2026-04-05

- Property Update (04/05/2026):
- Cross-check against `Yhome Transition Reconciliation.xlsx` shows 614 E 97th St, Cleveland, OH 44108 flagged as **ECO (Sold)**.
- Current reconciliation status: **DAO owes Yhome and Aligned**.
- Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

## 2026-02-11

- Property Update (02/11/2026):
- The property sold and closed on Feb. 4, 2026. Lofty holds the DAO Net Cash, and accounts are being balanced for final redemption.
- Financial Summary as of 2/11/26:
- Net Sale Proceeds: $82,308.79
- Due to Yhome: ($5,103.03)
- PAID to Lofty OR: ($951.10)
- PAID to ULD as of 2/5/26: ($13,177.16)
- Due to ECO Systems: ($10,708.64)
- Final Tax Return: ($200)
- DAO Net Cash: $52,168.86
- Redemption: $19.88/share
- [Closing Package](https://www.dropbox.com/scl/fi/3jvy8cb0w31xbe6k3phmx/Seller-Closing-Package-614-E-97th-St-Cleveland-OH-44108.pdf?rlkey=tq3w0v5nqpyq3b4jw2oz5vb3j&dl=0)
- [Aligned Final Statement](https://www.dropbox.com/scl/fi/xnsabkruvsczfx4ysgc01/Owner-Statement-owner_statement_enhanced_report-290-Please-Remit-Balance-Due-1-438.94-614-E-97-614-E-97th-St.-Cleveland-OH-44108.pdf?rlkey=dyw5gku1pvfxeuxflz36ddz6e&dl=0)
- [ECO Systems General Ledger](https://www.dropbox.com/scl/fi/owoyu9m3war1kn7yxxwpt/ECO-Systems-General-Ledger-2026-02-11-614-E-97th-St-Cleveland-OH-44108.csv?rlkey=ksic4n4kqn7so6fpk7lifcice&dl=0)

## 2026-01-21

- Property Update (01/21/2026):
- Quick update: The lender still hasn’t received clear to close from title. Title is just waiting on the Cleveland Disclosure.
- We’ll keep you posted as soon as we have new updates, likely by tomorrow.

## 2025-12-09

- Property Update (12/09/2025):
- Our realtor countered the $85,770 offer (DSCR loan) with a $2k seller credit and got us up to [$97k w/ $2k seller credit](https://www.dropbox.com/scl/fi/gkv14rszd9y7626pxsvxi/Purchase-Offer-97k-614-E-97th-St-Cleveland-OH-44108.pdf?rlkey=txk8hattfmkqoqhmq974j8ln3&dl=0), close by 1/6/26.
- Estimated NAV $23.92 net of debts, subject to complete settlement and accounting. Earl has approved the offer.

## 2025-12-02

- Property Update (12/02/2025):
- Governance Results for 614 E 97th St:
- The Governance Voting results are back for the owner-proposed votes.
- The winning vote is:
- [redacted]
- This option was declared the winner in Round 1 with 843 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3350361274) or by searching the application ID: 3350361274
- The winning vote is:
- Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.
- This voting option received 1,064 / 1,064 token votes which is equal to 100% of the
- The voting results can be found on chain [here](https://allo.info/application/3350365123) or by searching the application ID: 3350365123

## 2025-11-26

- Property Update (11/26/2025):
- We have received an offer of $85,770 (DSCR loan) with a $2k seller credit, netting $83,770 before closing costs, commissions, and unpaid debt. Close by Dec. 23rd.
- Buyer has viewed the exterior, basement, and vacant 2nd floor and is waiving inspections, but offer is contingent on a walkthrough of the occupied first floor.
- Financial Summary (subject to change):
- Due to Cuyahoga County for Delinquent Taxes: ($2,765.53)
- Due to Obie Insurance: ($462.00)
- Due to ULD: ($12,699.43)
- Due to Lofty: ($951.10)
- Due to Yhome: ($5,103.03) (withheld, pending settlement)
- Due to ECO Systems: ($7,781.39)
- Total Debts: ($29,762.48)
- Sale proceeds: +$77,906 (Assuming 7% in closing costs)
- Net to owners: $48,143.52
- Estimated Net Asset Value Per Share: ~$18.347

- Owners may now vote by 11/27/2025 at 5 PM EST.
- Vote 1:
- Accept the offer
- Decline the offer and authorize Earl Vanze Co to negotiate offers above $85k
- Decline the offer (requires an immediate $17k capital call via subsequent vote)
- Vote 2:
- Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.
- Do not authorize Earl Vanze Co to negotiate and sign closing documents, requiring a 24-hour DAO vote for every major decision.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, November 25th, once the voting period ends.

## 2025-06-17

- Property Update (06/17/2025):
- Governance Results for 614 E 97th St:
- The Governance Voting results are back for the owner-proposed vote.
- The leading vote is:
- List property for sale at $125k
- This option received 351 / 641 token votes, which is equal to 54% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3079722274) or by searching the application ID: 3079722274
- This vote will not pass because it did not reach a Supermajority of 60%+.

## 2025-06-13

- Property Update (06/13/2025):
- Owner-Proposed Governance Vote for 614 E 97th St:
- An Owner with the following [wallet address](https://allo.info/account/QDTN5SITNPO4AMXPTOAFJDE2NSOHGKQE4LUHD2MUEWBJKHEPAHYEYBO6VM) is proposing a governance vote.
- This owner holds 150 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.
- Token holders - please be advised according to ECO our property manager, we may potentially owe a balance on this property of 10K. Given the property is in good shape and cash flowing, I am proposing we consult a realtor to list this on the open market. Estimates have the price around $125k which would put the token price at $40-$45 after expenses vs the current market price of $25 per token.
- Vote options:
- List property for sale at $125k
- Don't LIst Property for Sale
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 17th, once the voting period ends.

## 2025-05-27

- Property Update (05/27/2025):
- Governance Results for 614 E 97th St:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Option 3 - Hold All Funds in DAO Operating Reserve: No lending or distribution . Retain all available funds in the DAO’s Operating Reserve to improve liquidity and cover future operational costs.
- This option was declared the winner in Round 4 with 645 token votes via the Ranked Choice Voting method.
- The voting results can be found on chain [here](https://allo.info/application/3020362013) or by searching the application ID: 3020362013

## 2025-05-21

- Property Update (05/21/2025):
- Owner-Proposed Governance Vote for 614 E 97th St:
- Earl Co with ECO Systems LLC, who has the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), 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.
- Subject: Contribution of Surplus Funds to EARLDAO for Lending to DAO LLCs in Need of Short - Term Capital
- [View Governance Proposal](https://www.dropbox.com/scl/fi/aqgqlo1vobeprfrl1nr07/EARLDAO_Lender_DAO_Proposal.docx?rlkey=n3gm38rxstyafyakm13dafpr0&e=2&dl=0)
- [View Summary](https://www.dropbox.com/scl/fi/878plu5tzeb4f1rmgrzxs/EARLDAO-Lender-DAO-Proposal.png?rlkey=krhvm6eyj2ih96yl4094j1z32&e=2&dl=0)
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Tuesday, May 27th once the voting period ends.

## 2025-05-12

- Property Update (05/12/2025):
- Governance Results for 614 E 97th St:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Vote to change to ECO Systems property management and reject Yhome's fee increase.
- This option received 1390 / 1391 token votes, which is equal to 99.9% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2990309223) or by searching the application ID: 2990309223

## 2025-05-05

- Property Update (05/05/2025):
- Owner-Proposed Governance Vote for 614 E 97th St:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 71 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.
- Short story:
- Please vote now to switch to ECO Systems, a proven property manager and avoid an almost doubling of our PM fee to 25% with our current unresponsive property manager (Yhome).
- Longer story:
- If we take no action in the next two weeks, our current property manager (Yhome)'s fees will almost double to 25%. This is a consequence of Yhome's unilateral change of contract terms, which we (possibly inadvertently) voted to approve in the vote earlier this month, in a confusing vote in which we had no clear option to refuse, and were presented with a menu of terrible options.
- I urge you to vote against this by transitioning management of 614 E 97th St to ECO Systems, effective May 15th. ECO Systems’ owner has been a dedicated and loyal member of Lofty for the past four years, consistently demonstrating his ability to manage some of the platform’s best-performing properties, in terms of both income and appreciation (e.g., 86, 88 and 90 Madison Ave).
- ECO Systems is an active participant on Lofty and in the Lofty Discord (@earlvanze), offering consistent communication and being readily available to answer any questions from investors, unlike Yhome. ECO Systems’ management fees are 10% of gross rent, first month rent to place a tenant. No fees for re-lease and no maintenance upcharge.
- Option 1: Vote to change to ECO Systems property management and reject Yhome's fee increase.
- Option 2: Vote to retain Yhome as property manager, and pay a 25% PM fee going forward.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 12th, once the voting period ends.

## 2025-02-01

- Property Update (02/01/2025):
- *Lower Unit:*
- The property manager reported that the approved tenant for Unit 1 preferred Unit 2 and has signed a lease for Unit 2.
- The tenants signed a 1 year lease at $745.
- The lease term is from 1/25/25 - 1/24/26.
- The tenant paid a deposit of $745.
- The property manager charges a leasing commission of first month's rent, which will be deducted from February's rent.
- Unit 1 remains available and is currently listed for rent at $745.
- [Property Listing](https://www.zillow.com/homedetails/614-E-97th-St-1-Cleveland-OH-44108/2078379753_zpid/)

## 2025-02-01

- Property Update (02/01/2025):
- *Lower Unit:*
- A tenant signed a 1 year lease at $725.
- The lease term is from 3/7/25 - 3/6/26.
- The tenant paid a deposit of $725.
- The property manager charges a leasing commission of first month's rent, which will be deducted from March's rent.
- The lease agreement