I am in the process of putting a park under contract in Virginia. In researching this MHP I found that it sold in 2015, then in April 2018 it was sold as a foreclosure.
My question is how to do a proper due diligence on the MHP since I’m fairly certain the current owner has very little historical information on the park since it was purchased as is?
This would be my first park. Here are the details on the park.
- 22 lots total - 19 TOH, 2 POH (Vacant), 1 vacant lot
- Current lot rents $300
- 20 acres total land. MHP occupies 8 acres. The rest is wooded.
- Current taxes are $2000/yr
- city water and sewer which get billed directly from the town at a flat rate for 0-5000 gallons
- Electric gets billed directly to tenants from electric company
- in small town but metro >100k people and housing >180k, 3 bdrm rents in town >1000/mnth