Have a potential park that is 36 lots (with 30 occupied) and $210 lot rent. The demographics look really good.
Metro Population-2 Million and growing at a rapid rate.
House Price- $$150,000
2 Bed Apartment- $800
Also on city utilities with no park owned homes. Tenants billed directly for utilities.
I also believe the rates could easily be raised to $275
The only problem is that the sellers will not budge from an 8% cap rate. I can get seller financing at 5%.
In your opinion is it worth giving up good value on the cap rate when everything else is exactly what you are looking for?