First time mhp buyer


#1

First post to this board. Ordered Steve and Corey’s books. I have a opportunity to purchase a older park with 55 lots and about an acre of land. The property is in Central US, in town with about 35K+ population.

The owner keeps a lot of the info in a notebook. As for the property, I would be surprised if there is a home newer than a 1980. The roads are awful. The electric and gas are metered and the water and sewer are city although it is paid by the owner. The park supposedly has 40 lots rented and 15 empty, yet to be verified. With the calculations I have found on this site, can someone verify my numbers. Value based on lots renting for 140. Rented lots=336,000, vacant lots= 63000, for a total value of 400,000. I know there are a lot of variables, but am I in the right ball park?

Thanks for any response in advance.

Steve


#2

Don,

Your right about the 1 acre, it is vacant land that comes with the park. And yes the water is about $ 32.50 per occupied lot. So let me refigure, 107.50 X 50=5,375 X 40 = 215,000 and 53.75 X 50 = 2687.50 X 15= 40,312.50 total = 255,312.50. Yes there are park owned homes but probably only 2 that will have value basis. The park sits on 6.5 acres without the 1 acre counted. I checked on repaving the whole park, and it would be roughly on the high side of 40k for asphalt at 3 1/2" thick. Most people lay 2". Also there is a 7000ft. commercial building on site that draws income also. I ran the mobile home calculator from the university.com website and came up with 312K.

Any more advise would be appriciated.

Thanks for the reply

Steve