Sent: Thursday, March 03, 2011 7:40 PM
Subject: RE: 446 Stanwood, Kalamazoo
The property was sold and following the sale it was announced to Chi Tetarton Alumni President Mark Caldwell to be disseminated to the alumni. I’m sorry this information was not passed on.
The house was sold on September 15 [ed.: actually 16], 2010.
The sale price was $109,900.
The buyer was Main Street Properties[II,] LLC.
The remaining cash to seller [Ed.: Droopy] after mortgage, taxes, closing costs, etc., were paid off was $6,757.76.
During PSK Properties’ operation of the property, beginning in the fall of 2007 and running through up until the sale in September 2010, we took a net income loss of $15,172.93. So the final result after the proceeds of the sale was a total loss to my organization of $8,415.17.
A $90,000 mortgage was taken out by the local alumni association in November of 2005, two years before PSK Properties was in any way involved with the property. My understanding is that these funds were used to renovate the downstairs and installing a new roof, siding, windows and kitchen at the property. Again, we were in no way involved in obtaining this loan or making these renovations so I cannot provide the exact details, I’m simply going by what I was told and what I observed when visiting the property.