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Alternate Version - Closing Documents - 799 Stadelman Ave, Akron, OH 44320 - 4.pdf

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Subject: Yhome Update: Property Analysis for 799 Stadelman Ave, Akron Dear Team, I am writing to provide an update on the property located at 799 Stadelman Ave, Akron, which was brought to Yhome following a vote on December 21, 2024. Since securing access, we have begun our work on the property. Below are the key insights and recommendations to aid in decision-making: Property Overview • • Current Estimated Value: $40,000 (as-is condition) Renovation Estimate: Approximately $30,000 • Vacancy Sta

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Subject: Yhome Update: Property Analysis for 799 Stadelman Ave, Akron Dear Team, I am writing to provide an update on the property located at 799 Stadelman Ave, Akron, which was brought to Yhome following a vote on December 21, 2024. Since securing access, we have begun our work on the property. Below are the key insights and recommendations to aid in decision-making: Property Overview • • Current Estimated Value: $40,000 (as-is condition) Renovation Estimate: Approximately $30,000 • Vacancy Status: The property has been vacant for an extended period, generating no funds for repairs. Challenges Faced • Contractor Issues: We have encountered delays, price increases, and unreliable contractors. Initially, we estimated repairs at $22,500, but after engaging a second contractor, we negotiated the repair cost down from $26,000 to $19,500. Note that additional work may be required on the garage. Financial Summary • • Unpaid Bills: Pending assessments from Losfty, taxes, insurance, and utility costs. Renovation Costs: $19,500, plus a 15% markup ($2,925). • Yhome Fees: o Loan fees and market analysis: $3,520 o Inspection costs: $383 o Accrued interest at 6.99%: $391.87 o Yhome DAO fees: $5