I am looking at a park with 30 vacant lots in a 60 lot park in Illinois. The city has less than 2,000 people with no MSA.
It is 45 minutes from a city with over 300,000 population and 30 minutes to a major airport. There is not a
Walmart in town.
It’s quite clean, and all utilities are billed to the tenants. Currently has no park owned homes.
a) Do you think the local market is weak to result in a 50% vacancy in the park?
However, parks about 15-20 minutes away are all 95-100% full.
b) Would you feel comfortable being in a market with no MSA and population less than 2,000?
Thanks for your feedback guys~