@Onthelake82 , as per your post:
- “I just got into escrow on a park and campground in NorCal.”
- “Almost the entire 5 acres is in the FEMA 100 yr flood zone.”
- “Any new homes need to be set 1 ft above flood level.”
First of all “Congratulations” on your escrow!
As per your post your Business Plan is to have property surveyed for Base Flood Elevation (BFE) and see if existing homes are set above that or not.
As per your post your Business Plan is to check with local MH dealers regarding selling some park models on site.
In the past we had some acreage (in South Carolina) on a bluff on a river that was for sale.
We had a couple place an offer on the acreage and we agreed upon terms.
During the Buyer’s Due Diligence the couple contacted a Mobile Home manufacturer and built their “Dream Home” (with every “option”) on paper.
When they received their quote for the Mobile Home setup, they decided against purchasing the acreage.
Because the acreage was in a flood zone (even though the land was on a bluff that had not flooded), the setup required the following:
- Earth Fill: Earth Fill to be added to the site to raise the Site Grade to or above BFE
- Foundation: A permanent foundation with reinforced pier system
- Engineer: To review and sign off
The Buyers could have removed some of their Mobile Home “Options” and placed that money toward the setup. However, they selected not to do this.
Shortly after these Buyers decided not to go forward with the purchase, we received another Offer which we negotiated Terms and sold the acreage.
These new Buyers were very aware of the flood zone. These Buyers are saving their pennies to build their “Dream Home”. While they are saving, they come almost every weekend to the acreage; camp; and have a grand time.
For us we had acreage and we had Buyers that were willing to spend the “extra” money for setup /or/ a foundation based on the Flood Zone and BFE.
However, for a Mobile Home Park will you have Tenants willing to spend that extra money for setup? (How much is that extra money for setup?)
Or will you be willing to pay the extra money for setup?
Are the 4 Vacant POHs usable?
If usable, will the Power Company turn on Electric for you or will you have to get them inspected prior to the Electricity being turned on?
If inspected, will you be required to adhere to new standards for setup?
If adhere to new standards for setup, how much will it cost to raise these Mobile Homes to the correct heights?
We wish you the very best!