2 Park Package Assignment or JV up for grabs - Chicago MSA
Challenge is getting bank financing, sellers don’t have great record keeping or accounting.
Currently under contract for $1,728,000.00 + $40k Assignment fee
NW Indiana (Chicago MSA)
60 / 91 Lots occupied
$350 Lot rents average
45 lots on City Water & Sewer
46 lots on Well Water, City Sewer
Of these about 18 lots are being charged a $51 water connection fee per month
The property is in good shape and does not seem to need any major repairs other than patching the streets. The contract also includes 11 notes from seller financed mobile homes currently paying just under $20k per year.
Both properties also have undeveloped land which could potentially be turned into additional mobile home lots.
Value Add Plays:
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Submeter water to offset the roughly $35k annual expense for approximately a $28k one time expense.
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Infill vacant lots with incentives and buying/reselling mobile homes. This property hasn’t been advertised in any form for over 10 years, and is in the #3 MSA by population.
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Develop extra unused land into additional lots, potential to add roughly 40-80 lots
Please let me know your thoughts and email me if interested: tnix2726@gmail.com