← 918 Frederick Blvd, Akron, Ohio 44320 · All properties

UPDATES.md

This page is a searchable text preview. Use the Dropbox link for the full original file.

Open full file in Dropbox

Property918 Frederick Blvd, Akron, Ohio 44320
FolderREADME & Property Snapshot
KindText
Updated2026-07-11
Dropbox path00 - README & Property Snapshot/UPDATES.md

What This File Appears To Be

Property Updates ## 2026-07-01 - Property Update (07/01/2026): - Fellow owners, - Unfortunately the first buyer was likely not even pre-qualified or no longer interested. They backed out upon request for a current pre-approval letter. - The 2nd buyer went under contract for $85k cash AS-IS but [canceled](https://www.dropbox.com/scl/fi/snymkv6v0x912o41iruwm/mutual-release-Tim-Phillips-918-Fredrick-version-3.pdf?rlkey=6wtxiyi5xk6gyvgaubs2xo0jm&dl=0) after reviewing photos of the property's condi

Text Preview

# Property Updates

## 2026-07-01

- Property Update (07/01/2026):
- Fellow owners,
    - Unfortunately the first buyer was likely not even pre-qualified or no longer interested. They backed out upon request for a current pre-approval letter.
    - The 2nd buyer went under contract for $85k cash AS-IS but [canceled](https://www.dropbox.com/scl/fi/snymkv6v0x912o41iruwm/mutual-release-Tim-Phillips-918-Fredrick-version-3.pdf?rlkey=6wtxiyi5xk6gyvgaubs2xo0jm&dl=0) after reviewing photos of the property's condition and determining that they won't be able to get it insured in its current state.
    - We are bringing it back to market at $75k. If you have an alternate suggestion or offer such as taking out a hard money loan against the property to finance a rehab, we will need about $50k to bring its value to ARV of $140k. If anyone has any questions, concerns or ideas, please email ecosystemspm@gmail.com or submit a governance proposal.
    - Thanks,
    - Earl

## 2026-06-11

- Property Update (06/11/2026):
- Governance Results for 918 Frederick Blvd:
    - The Governance Voting results are back for the owner-proposed vote.
    - The winning vote is:
    - Accept @ $85k
    - This voting option received 870/870 votes.
    - The voting results can be found on chain [here]https://allo.info/application/3597114203) or by searching the application ID: 3597114203

## 2026-06-10

- Property Update (06/10/2026):
- Owner-Proposed Governance Vote for 918 Frederick Blvd:
    - The property manager, ECO Systems LLC with the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM) is proposing a governance vote.
    - This owner holds 18 shares in this property.
    - Due to the urgency of the offer, the voting results will be determined tomorrow, June 11th.
    - 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.
Fellow owners,
    - We’ve had a total of 4 showings and received an offer for $85k with conventional financing.
    - Current Situation
    - Offer: $85k conventional, owner-occupant, 5% down
    - Agent assessment: Low probability of closing due to roof/gutter/water damage issues that will trigger lender repair requirements and insurance denial
    - Vote Options
    - A. Accept @ $85k
    - Add "as-is, take it or leave it" clause per agent suggestion
    - Bet: Buyer somehow clears lender hurdles or pays cash to close
    - Risk: 30-45 days tied up before likely return to market
    - B. Do Nothing / Reject / Counter
    - Same as-is stance, higher price
    - Signals we're willing to transact but not desperate
    - Risk: Same closing concerns, plus buyer walks (which may be a feature, not a bug)
    - Keep property active for cash buyer offers
    - Avoid 30-45 day delay from a financed offer unlikely to close
    - Tradeoff: No guaranteed near-term liquidity
    - Agent Recommendation: Opinion is to accept at $85k with an AS-IS clause. Mike knows the market and the buyer pool better than anyone on this deal. If it falls through, we're right back on market without much time lost.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, June 11th, once the voting period ends.

## 2026-05-05

- Property Update (05/05/2026):
- Governance Results for 918 Frederick Blvd:
    - The Governance Voting results are back for the owner-proposed vote.
    - The winning vote is:
    - Yes, start the listing process at a price between $90k and $115k as recommended by the local agent and include a 1.5% Transaction Coordination fee for our PM
    - This option was declared the winner in Round 1 with 431 votes.
    - The voting results can be found on chain [here](https://allo.info/application/3545520113) or by searching the application ID: 3545520113
    - **Lease Renewal Update:**
    - The tenant has signed a 12-month lease renewal for the period 04/15/2026 - 04/14/2027.
    - Monthly rent remains at $1,149.75 (same as current lease).
    - The lease renewal package was delivered on 04/02/2026.
    - The current lease expires 04/14/2026 (~4 days).
    - Awaiting tenant response to finalize the renewal.
    - The redacted lease agreement has been uploaded to the property's Dropbox folder.

    - Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
    | Field | Value |
    |-------|-------|
    | Yhome Net Due TO DAO | $3,436.25 |
    | Lofty Operating Cash | $-1,209.08 |
    | ECO Operating Cash | $8,286.30 |
    | Outstanding Liabilities (Unpaid Bills) | $0.00 |
    | DAO Net Cash (Capital Call) | $4,524.68 |
    | Estimated Owners' Equity | $97,000.00 |
    | DAO Estimated NAV Per Token | $66.33 |
    | DAO Tokens | 1560 |
    | Current PM | ECO |

- **Lease Renewal Update:**
- The tenant has signed a 12-month lease renewal for the period 04/15/2026 - 04/14/2027.
- Monthly rent remains at $1,149.75 (same as current lease).
- The lease renewal package was delivered on 04/02/2026.
- The current lease expires 04/14/2026 (~4 days).
- Awaiting tenant response to finalize the renewal.
- The redacted lease agreement has been uploaded to the property's Dropbox folder.

- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $3,436.25 |
| Lofty Operating Cash | $-1,209.08 |
| ECO Operating Cash | $8,286.30 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $4,524.68 |
| Estimated Owners' Equity | $97,000.00 |
| DAO Estimated NAV Per Token | $66.33 |
| DAO Tokens | 1560 |
| Current PM | ECO |

## 2026-05-05

- Property Update (05/05/2026):
- Governance Results for 918 Frederick Blvd:
    - The Governance Voting results are back for the owner-proposed vote.
    - The winning vote is:
    - Yes, start the listing process at a price between $90k and $115k as recommended by the local agent and include a 1.5% Transaction Coordination fee for our PM
    - This option was declared the winner in Round 1 with 431 votes.
    - The voting results can be found on chain [here](https://allo.info/application/3545520113) or by searching the application ID: 3545520113

## 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.

    ## 2026-04-10

    - **Lease Renewal Update:**
    - The tenant has signed a 12-month lease renewal for the period 04/15/2026 - 04/14/2027.
    - Monthly rent remains at $1,149.75 (same as current lease).
    - The lease renewal package was delivered on 04/02/2026.
    - The current lease expires 04/14/2026 (~4 days).
    - Awaiting tenant response to finalize the renewal.
    - The redacted lease agreement has been uploaded to the property's Dropbox folder.

    ## 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 | $3,436.25 |
    | Lofty Operating Cash | $-1,209.08 |
    | ECO Operating Cash | $8,286.30 |
    | Outstanding Liabilities (Unpaid Bills) | $0.00 |
    | DAO Net Cash (Capital Call) | $4,524.68 |
    | Estimated Owners' Equity | $97,000.00 |
    | DAO Estimated NAV Per Token | $66.33 |
    | DAO Tokens | 1560 |
    | Current PM | ECO |

## 2026-04-13

- Property Update (04/13/2026):
- 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.

    ## 2026-04-10

    - **Lease Renewal Update:**
    - The tenant has signed a 12-month lease renewal for the period 04/15/2026 - 04/14/2027.
    - Monthly rent remains at $1,149.75 (same as current lease).
    - The lease renewal package was delivered on 04/02/2026.
    - The current lease expires 04/14/2026 (~4 days).
    - Awaiting tenant response to finalize the renewal.
    - The redacted lease agreement has been uploaded to the property's Dropbox folder.

    ## 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 | $3,436.25 |
    | Lofty Operating Cash | $-1,209.08 |
    | ECO Operating Cash | $8,286.30 |
    | Outstanding Liabilities (Unpaid Bills) | $0.00 |
    | DAO Net Cash (Capital Call) | $4,524.68 |
    | Estimated Owners' Equity | $97,000.00 |
    | DAO Estimated NAV Per Token | $66.33 |
    | DAO Tokens | 1560 |
    | Current PM | ECO |

## 2025-08-19

- Property Update (08/19/2025):
- Governance Results for 918 Frederick Blvd:
    - The Governance Voting results are back for the owner-proposed vote to change property managers.
    - The winning vote is:
    - Yes – Approve the transition of property management to ECO Systems, LLC under the same terms
    - This option received 559 / 559 token votes, which is equal to 100% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3177763914) or by searching the application ID: 3177763914

## 2025-08-12

- Property Update (08/12/2025):
- Owner-Proposed Governance Vote for 918 Frederick Blvd:
    - The current property manager, Whalec Property Management with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ), is proposing a governance vote.
    - This owner holds 4 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.
    - Governance Vote: Transition of Property Management – 918 Frederick Blvd, Akron, OH 44320
    - TL;DR:
    - Authorize the transition of property management for 918 Frederick Blvd, Akron, Ohio, from Whalec Property Management LLC to ECO Systems, LLC under the same terms. Earl, of ECO Systems, LLC, has stronger Ohio market connections, established local contractor relationships, and exclusive access to the AppFolio account used for rent collection. This change is intended to ensure more effective on-the-ground management and consistent rental income.
    - Proposal Details
    - As your property manager, I recommend transitioning management of this property to ECO Systems, LLC. Earl is uniquely positioned to oversee operations in the Ohio market due to his local presence, existing network of service providers, and active role in the property’s tenant interactions.
    - Key Reasons for Transition:
    - Local Expertise: Stronger Ohio contractor and service provider network.
    - On-the-Ground Presence: Ability to respond more quickly to tenant needs and property issues.
    - Operational Continuity: Earl is the only party with access to the current AppFolio account for rent collection, ensuring no disruption in rental payments.
    - Same Terms: Management will continue under the same terms as currently in place.
    - Voting Options:
    - YES – Approve the transition of property management to ECO Systems, LLC under the same terms.
    - NO – Keep Whalec Property Management LLC as the property manager for this property.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, August 19th, once the voting period ends.

## 2025-05-27

- Property Update (05/27/2025):
- Governance Results for 918 Frederick Blvd:
    - The Governance Voting results are back for the owner-proposed vote.
    - The winning vote is:
    - Option 1 - Contribute 10