← 783 Leonard St, Akron, OH 44307 · All properties

UPDATES.md

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Property Updates ## 2026-03-22 - Property Update (03/22/2026): - This property is legally only a 2-bedroom house and was listed for sale. - Good: New mechanicals, furnace and hot water tank, vinyl siding, 3 dimensional shingle roof, and dead-end street. - Bad: Old wood windows, no off street parking, overall interior condition is poor (and smells like cat pee). Additionally, the first floor "bedroom" isn't technically large enough to be considered a bedroom (70 sq ft is the minimum). It's like

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# Property Updates

## 2026-03-22

- Property Update (03/22/2026):
- This property is legally only a 2-bedroom house and was listed for sale.
- Good: New mechanicals, furnace and hot water tank, vinyl siding, 3 dimensional shingle roof, and dead-end street.
- Bad: Old wood windows, no off street parking, overall interior condition is poor (and smells like cat pee). Additionally, the first floor "bedroom" isn't technically large enough to be considered a bedroom (70 sq ft is the minimum). It's like 56-60 sq feet.
- In its current condition, it's worth $55k to $65k. All fixed up, ARV range of $85k to $95k.
- [Comps](https://www.dropbox.com/scl/fi/ozkuwxrmdm7yj3xafzx8r/LeonardCompReport.pdf?rlkey=yh9fwkrczn1qvs1vbnoctbjsl&st=d0ea66cm&dl=0) and [walkthrough](https://photos.app.goo.gl/ySDU4UA6QvT92KMr9)

- Due to the condition of the property, high risk of tenant non-payment in this market, and compounding interest on the existing loan balance and other outstanding debts, coupled with no sizable increase in valuation relative to the risk of leaving it vacant while it’s being fixed, we accepted a [cash offer of $67k](https://www.dropbox.com/scl/fi/qafgi3cbljrcv3tarv6sn/Purchase-Offer-783-Leonard-St-Akron-OH-44307.pdf?rlkey=nz1yvua5w6blm8yqrygu5r49m&dl=0) and [closed](https://www.dropbox.com/scl/fi/yu1empm70amutvzfzqr49/Seller-Executed-Closing-Package-signed-783-Leonard-St-Akron-OH-44307_Redacted.pdf?rlkey=lhcdtlqfyyerl0w59ghdoh5oy&dl=0) quickly.
- Sale proceeds were sent directly to Lofty.

- Financial Summary:
- [Sale proceeds](https://www.dropbox.com/scl/fi/tq1xc79mx7dfilmvz2faj/HUD-1-Settlement-Statement-783-Leonard-St-Akron-OH-44307.pdf?rlkey=pyf86zltfbk5piz0628wt1uey&dl=0) net of broker fees, unpaid taxes, final utilities, and closing costs: $58,898.21
- Due to Lofty (OR): ($2,585.32) (pending final accounting)
- [Loan](https://www.dropbox.com/scl/fi/81y9brmughaq5f7o9552a/Simple-Interest-Loan-7900-2024-05-30-783-Leonard-St-Akron-OH-44307.xlsx?rlkey=i503ghv7zcxvf0n44x7f2dmk5&dl=0) Balance @ 13.5% interest Due to Lending DAO as of 3/10/2026: ($9,796.32)
- [OpEx](https://www.dropbox.com/scl/fi/1xrqfe7olyvjjrqmjyrru/ECO-Systems-General-Ledger-783-Leonard-St.csv?rlkey=89s88v21bo9d40qtkg9ty75tz&dl=0) Due to ECO Systems: ($2,956.37)
- Yhome Due TO DAO: $945
- Transaction Coordination Fee Due TO ECO Systems: ($945) (1.41% of sale price)
- Estimates NAV/share: $26.77
- All statements and ledgers are in Dropbox under [Financials](https://www.dropbox.com/scl/fo/0r20moy7tugpazx5secks/AG6cpFwnErthFzgo4bC6RCU?rlkey=31t0k6dlv9evbwatas3nioa8o&dl=0).

## 2026-01-06

- Property Update (01/06/2026):
- Property has been secured and turnover is in process.

## 2025-12-22

- Property Update (12/22/2025):
- Eviction was granted this morning. We should have a set out date soon.
- Once the property is vacated, we will begin turning over and listing for rent through Hemlane.

## 2025-05-12

- Property Update (05/12/2025):
- Governance Results for 783 Leonard 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 398 / 418 token votes, which is equal to 95.2% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2990300004) or by searching the application ID: 2990300004

## 2025-05-05

- Property Update (05/05/2025):
- Owner-Proposed Governance Vote for 783 Leonard St:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 73 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 783 Leonard 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.

## 2025-02-19

- Property Update (02/19/2025):
- A new tenant has been approved and will move in on 4/1/25.
- The tenant signed a 12-month lease at $945.
- The lease term is from 4/1/25 - 3/31/26.
- The tenant paid a deposit of $945.
- The property manager charges a leasing commission of first month's rent, which will be deducted from April's rent.
- The lease agreement is currently being redacted and will be uploaded to the property page once the redaction is complete.

## 2025-02-17

- Property Update (02/17/2025):
- The property manager confirmed a new tenant has been approved and will move in April, 2025.
- The lease details will be added once the lease has been shared by the property manager.

## 2025-02-10

- Property Update (02/10/2025):
- The property has been listed for rent at $945/month.
- [Property Listing](https://www.zillow.com/homedetails/783-Leonard-St-Akron-OH-44307/35466053_zpid/)

## 2025-01-25

- Property Update (01/25/2025):
- Cal, the new owner-elected Property Manager with Yhome Nursing LLC, provided an update:
- "We have officially taken over 783 Leonard, and initially, the tenant was in place and making payments. However, the tenant has since indicated that they will no longer be paying rent. In response, we promptly initiated the eviction process. At this point, the tenant chose to surrender the keys, indicating that tenant stability has not been achieved. Please refer to the attached communication letters for further details. (tenant only paid December) Currently, the property has been turned over and will be relisted. The next quarterly report will commence once a new tenant is secured and stability is established. We plan to implement the [Profit First system](https://www.dropbox.com/scl/fi/xdkt31h1sbhkfg24mxbok/Property-Management-Agreement-Yhome-Nursing-LLC.pdf?rlkey=6vf5n8fwwhtwjpozjl1kov42b&e=2&st=gezyo5br&dl=0) by one tenant stability established. Profit first system not activated: Failed tenant stability."
- [Link to photos](https://www.dropbox.com/scl/fo/eepqon0qy2d6q9cuc77ra/AJq-u-p7bGVbZRzEl90qdzk?rlkey=36pjlq4jy4akj3eg12aftvm8t&st=dgk8ona0&dl=0)
- [Property walkthrough](https://www.youtube.com/watch?v=RpgUQc6j0c8)

## 2024-12-16

- Property Update (12/16/2024):
- Cal, the new owner-elected Property Manager with Yhome Nursing LLC, provided an update:
- "We have officially taken over 783 Leonard, with the tenant now in place and making payments. Our next steps include visiting the property to assess its condition and evaluate tenant stability. We plan to implement the [Profit First system](https://www.dropbox.com/scl/fi/xdkt31h1sbhkfg24mxbok/Property-Management-Agreement-Yhome-Nursing-LLC.pdf?rlkey=6vf5n8fwwhtwjpozjl1kov42b&st=gezyo5br&dl=0) by the end of the quarter. The first payment was received on December 3, 2024, so the next quarterly report will be sent in 90 days.
- Best regards, Cal"

## 2024-11-11

- Property Update (11/11/2024):
- *Governance Results:*
- The Governance Voting results are back for the owner proposed governance vote to change managers to Yhome Nursing LLC.
- The winning vote is:
- Ask Yhome to manage this property going forward, so that we can eventually become cash-flowing again.
- This voting option received 339 / 360 token votes, which is equal to 94.16% of the total votes
- The voting results can be found on chain [here](https://allo.info/application/2480649932) or by searching the application ID: 2480649932
- The Yhome Nursing LLC management terms, provided by the owner, Calixte Duffaut, can be viewed [here](https://docs.google.com/document/d/14_jt_Xsd4z3JBiMcV3clMDq6cktd2UUP0NNWZ8FPWis/edit?tab=t.0).
- Under the management terms, Yhome Nursing LLC will provide a loan at 6% interest to cover the $1,819 in unpaid bills owed to the previous property manager and to pay off the current capital call balance of $7,206.36.
- There are no Operating Reserves for properties managed by Yhome. As a result, owners will begin receiving daily rent, via a portion of the cash flow, as soon as the property generates positive cash flow. Any future repairs or expenses will also be covered by Yhome, with reimbursement through the same process, plus 6% interest.
- Cal is available in this property's Discord channel to chat with owners, answer questions, and provide updates on the property.

## 2024-11-08

- Property Update (11/08/2024):
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 42 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.
- I would like to propose that we ask Yhome to manage this property going forward, so that we can eventually become cash-flowing again.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, November 11th, once the voting period ends.

## 2024-08-17

- Property Update (08/17/2024):
- The tenant reported the following issue:
- We've noticed a wet spot in the carpet has appeared recently that is getting larger and remaining wet despite us trying to clean and cover it. It is confirmed to not be our dog as we put a puppy pad over the spot for several days and she did not go on it. Looking at the basement, I can see a pipe that seems to run under where the spot on the floor is which leads us to believe this pipe is burst and causing the floor to become damp. Regardless, something out of our control is causing the floor too become wet.
- The PM dispatched a vendor and they identified that the leak is coming from the window AC unit.
- Lula provided an estimate to shim the window so the AC drains properly, clean & treat the carpet, and replace damaged ceiling tile.
- The cost of repairs is $672.82.
- The PM received a [revised estimate](https://www.dropbox.com/scl/fi/b4wxjwzy23l4v6bwr360u/AC-Leak-Repairs-783-Leonard-St-Akron-OH-44307.pdf?rlkey=cso91qqzbl0uu0rh54b4is1z0&st=85cwazyx&dl=0) of $607.81 from Lula.
- The scope of work is still the same.
- The PM confirmed the repair has been completed.
- The PM also received another work order from the tenant for the ceiling in the addition that is caving in and molding.
- There’s also a pool of