UPDATES.md

# Property Updates

## 2026-07-14

- **Property Update (07/14/2026):**
    - Hi everyone,

    - This month's update includes the current reviewed financial summary from the guarded monthly workflow.

    - Financial summary from FINANCIALS.md:

    - Financial data is shown as of 2026-06.

    - Cash Flow Snapshot (2026-06):

    - Revenue: $855.00
    - Operating Expenses: -$1,846.94
    - NOI: -$991.94
    - Net Operating Cashflow: -$991.94

    - Monthly Cash Position (2026-06):

    - Revenue and operating expenses are scoped to the reporting month. ECO Operating Cash is the current complete DAO-attributed total of Column E across every row in the property-split ECO Systems GL, including accruals.

    - Lofty Operating Cash: $588.43 (Lofty curr_maintenance_reserve)
    - ECO Operating Cash: -$1,205.83 (ECO Systems General Ledger Column E (60 rows))

## 2026-04-06

- **Property Update (04/06/2026):**
    - Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
    - Yhome Net Due TO DAO: $0.00
    - Lofty Operating Cash: $-2,239.86
    - ECO Operating Cash: $580.75
    - Outstanding Liabilities (Unpaid Bills): $0.00
    - DAO Net Cash (Capital Call): $-19.03
    - Estimated Owners' Equity: $95,039.00
    - DAO Estimated NAV Per Token: $55.34
    - DAO Tokens: 1717
    - Current PM: ECO

## 2026-01-06

- **Property Update (01/06/2026):**
    - This property received an insurance refund check of $574.32, which will be added to its Operating Reserve.

## 2025-07-14

- **Property Update (07/14/2025):**
    - The owner-elected Property Manager, ECO Systems LLC, has provided the following update:
    - Unpaid Taxes: $1,842.94
    - Insurance Paid out of OR
    - Latest OR Balance Update: $1,701.34 as of 5/31/25
    - DAO Net Cash: Unclear
    - Tenant Status: Unknown
    - Financial Status: Unknown
    - The previous PM, Yhome Nursing LLC, has not yet provided any information regarding this property. It was never previously under Aligned as anticipated.
    - Full transaction history has been requested from both Evernest and Yhome.

## 2025-05-05

- **Property Update (05/05/2025):**
    - Governance Results for 1278 E 187th 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 NOT give away 3.5% equity to Yhome.
    - This option received 442 / 442 token votes, which is equal to 100% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/2974584600) or by searching the application ID: 2974584600

## 2025-02-17

- **Property Update (02/17/2025):**
    - The new owner-elected property manager, Cal with Yhome Nursing LLC, provided the following update:
    - "We would like to provide you with an update regarding the tenant. We have successfully made contact and have placed a temporary tarp on the roof while we develop a plan for its repair.
    - Unfortunately, we are unable to address the roof issue during the winter months. The tenant reported an internal leak, which has since been fixed. Our focus now will be on ensuring tenant stability and scheduling the roof repairs as soon as the weather permits. Thank you for your understanding.
    - Best regards, Cal"

## 2025-01-18

- **Property Update (01/18/2025):**
    - The new owner-elected property manager, Cal with Yhome Nursing LLC, provided the following update:
    - "We will start by placing a tarp on the roof as a temporary measure while we prepare for a full replacement. The current estimate for the replacement is $6,000. Given the age and condition of the roof, a complete replacement is necessary."

## 2025-01-13

- **Property Update (01/13/2025):**
    - Governance Results:
    - The Governance Voting results are back for the vote on the next steps regarding the roof issues.
    - The winning vote is:
    - Change management to Yhome Nursing LLC and get a quote to make repairs or replace the roof. The funds for repairs would be provided via a loan from Yhome.
    - This voting option was declared the winner in Round 1 via the Ranked Choice Voting method with 391 token votes.
    - The voting results can be found on chain [here](https://allo.info/application/2686137013) or by searching the application ID: 2686137013

## 2025-01-09

- **Property Update (01/09/2025):**
    - Governance Vote for 1278 E 187th St:
    - The tenant reported a roof leak, prompting the property manager to obtain estimates for the necessary repairs.
    - [Roof Photos](https://www.dropbox.com/scl/fi/nt14cwh47d0rgigupakw2/Roof-Photos-1278-E-187th-St-Cleveland-OH-44110-1-rotated.pdf?rlkey=n17zg7h63s5y7cfmjdjx53kf4&e=1&st=mzz6fpt7&dl=0)
    - The property manager has provided three estimates:
    - [Galaxy Property Preservation](https://www.dropbox.com/scl/fi/2iluh468v6khlukyzyv7m/Roof-Replacement-Estimate-Galaxy-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=u5xnv3pz1n1tru7td1daudysj&e=1&st=c6fc1k6m&dl=0): $2,918.29 (Repair)
    - [New Castle Field Service](https://www.dropbox.com/scl/fi/yhnsjbx0kyqo1x3l40xvs/Roof-Estimate-2-New-Castle-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=wcljv17i08mcmxnss56udics3&e=1&st=erf78wv0&dl=0) : $10,520.75 (Replacement)
    - [ZVN](https://www.dropbox.com/scl/fi/4hncal66mex50zrpzbgt6/Roof-Estimate-3-ZVN-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=fs90wi1imz2wctl79d3xuujkl&e=1&st=5mqvqbqg&dl=0): $19,466.67 (Replacement)
    - Note from Property Manager:
    - "Due to the significant price differences, we requested three estimates. The recommended bid to dispatch is from Galaxy Property, as the estimate is still valid. It is important to note that Galaxy's bid is for a roof repair (as requested), while the other two estimates are for a full roof replacement. If the owner wishes to proceed with a replacement, the lower bid from New Castle is recommended."
    - The property manager has provided an additional repair estimate.
    - [New Castle Field Services](https://www.dropbox.com/scl/fi/uzqc94fzvn6g5ztvjqecn/Roof-Estimate-4-New-Castle-2024-12-13-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=gftutkaluz086bqvu6v3tvpsx&e=1&st=c1nqbekg&dl=0): $1,100.50 (Repair)
    - Note from PM: "We still recommend proceeding with the bid from Galaxy. Line for line, it is a better estimate with the inclusion of the interior ceiling repairs."
    - The property manager notified Galaxy to begin the repairs, and provided the following update:
    - "The vendor went out to the property has reported that they are no longer able to proceed with the repairs as the roof has notably deteriorated since their initial quote and, as such, they are recommending replacement instead of repair. They say any repair would be a temporary fix which will lead to issues being reported again in short order. We've asked them to submit an estimate for replacement for the owner to review. We're pending receipt of this bid."
    - "Following receipt of the initial estimate by Galaxy, we dispatched for a second assessment/estimate. The vendor reported that gutter cleaning was critical to help with water run-off and prevent leaking and moisture build-up. Alongside interior ceiling repairs, the vendor reported this would remedy the issue. That vendor, Ramos was dispatched for the gutter cleaning which was completed under the maintenance limit. We dispatched our in-house tech to tackle the interior repairs for a more reasonable charge. While there, our tech flagged that an additional roofing estimate was recommended. This led to the dispatch of ZVN whose bid came back at just under $20,000. With such a massive difference in costs, we anticipated that the owner would need an additional bid, and as such, we dispatched a third vendor for an assessment/quote which Newcastle completed.
    - Please see attached the [full roof replacement bid](https://www.dropbox.com/scl/fi/2iluh468v6khlukyzyv7m/Roof-Replacement-Estimate-Galaxy-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=u5xnv3pz1n1tru7td1daudysj&e=1&st=uak8tfrk&dl=0) from Galaxy Properties. We recommend that the owner proceeds with the roof replacement quoted by Newcastle. This is the lowest of the three estimates for replacement. Additionally, this vendor's quote includes the cost to pull the required permit with the city."
    - Detailed breakdown from each vendor:
    - Galaxy Preservation:
    - "We handled similar work in FL, and given the weather conditions there, we never received any complaints. Of course, each day brings its own challenges, but our track record speaks for itself. That said, if everything proceeds as planned, you can confidently move forward with the repair. Let me know if you need anything further! Repair will be intake for 2 Years and replacement will be about 10 years."
    - Newcastle:
    - "The roof is a tricky place and as it is snowing right now, we may find many additional damages after the job starts so that's why it is hard to give a long time warranty for the repair. That's why we suggest the roof replacements as we can give 15-20 yrs warranty."
    - Note from PM:
    - "Both vendors have reported that the roof is notably deteriorated and that replacement is the best option. We recommend that the owner proceed with the roof replacement quoted by Newcastle. However, if the owner does not want to proceed with replacement at this time, they can continue with Newcastle for the repair. The roof will need to be monitored in the upcoming months since neither vendor can guarantee the repair will fully remedy the current items of concern up to or beyond two years."
    - Calixte Duffaut with Yhome Nursing LLC, who manages 35 properties on Lofty in the Ohio market, is able to get a quote from his contractors for either repairs or replacing the roof, but only after the property is transferred to Yhome Nursing LLC management.
    - Any repair or replacement costs will be funded via a loan from Yhome.
    - Owners will now have the ability to vote to determine next steps.
    - The property currently has an Operating Reserve balance of $1,415. Any repairs/replacements beyond this amount would require a loan from a Lofty owner, as the Universal Lending DAO does not have enough funds in order to make the loan.
    - The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to owners on Monday, January 13th, once the voting is complete.

## 2024-12-02

- **Property Update (12/02/2024):**
    - The tenant signed a 12-month lease renewal at $950, a $50 increase from the previous lease of $900.
    - The new lease term is from 10/01/2024 to 10/01/2025.
    - The lease renewal fee is $237.50.
    - The renewal fee has not yet been billed.
    - The tenant will be responsible for all utilities.
    - The lease renewal agreement is currently being redacted and will be uploaded to the property's Dropbox folder once the redaction is complete.

## 2024-11-16

- **Property Update (11/16/2024):**
    - The property manager confirmed the new furnace has been installed successfully.
    - [Completion Photos](https://www.dropbox.com/scl/fi/ympgfuxg6wsyimgr2r2bu/Furnace-Completion-Photos-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=tcmppgfz2d940qocwm0bb9fco&st=2id0ofhs&dl=0)

## 2024-11-10

- **Property Update (11/10/2024):**
    - The tenant reported that the furnace has stopped working entirely.
    - The property manager provided two replacement estimates:
    - [Estimate 1](https://www.dropbox.com/scl/fi/iqp3o8gagv8ydx0zoelmg/Furnace-Replacement-Estimate-Ramos-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=4vhhk5j6bpivriqe9ba5h64ya&st=kbll30jk&dl=0): Ramos - $3,750
    - [Estimate 2](https://www.dropbox.com/scl/fi/76cv3s5v4sxdyecap8mlh/Furnace-Replacement-Estimate-Stellar-1278-E-187th-St-Cleveland-OH-44110.pdf?rlkey=voptf31wnnho1umzte54tm7qg&st=6uo89so9&dl=0): Stellar - $2,950
    - [Photos of Furnace](http