Greenville North Carolina? What's the scoop?

mobile home university
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I’ve been looking at a few parks in and around the Greenville, North Carolina metro area and I thought I’d ask to see if anyone can share their experience with the area. The parks I’ve been looking at are around 40-50+ lots.

From what I can tell the metro area is smaller 179K people but has seen consistent growth over recent years. I feel like that is the story with all of North Carolina it’s been growing for as long as I can remember.

However, with that said lot rents in the area appear to be very low $160 to $225 or so (well below national average). Additionally the average rent for a 2BD apartment is around $775. With lot rents that low it doesn’t appear that there is that much room to raise them or that the economy can support it.

It seems like Greenville, NC has good employment opportunities (continuing to trend in the right direction) and I like the fact that there is a major university (ECU) in town.

With all this said I’d love to hear what anyone thinks about this area from an investment standpoint and hear any personal experiences that you might have.

All the best!

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The national average lot rent will have to converge to the mean cost of renewal. In other words, it costs something to build a lot, on average, and on average, over the long term, every lot must be rebuilt, and there’s competition from new construction in some places but not others.

But, your cost is not zero to maintain a lot.

So if the average market rent is low, it signifies that the cost to rebuild is low, or the average local condition of parks is crappy and they’re highly depreciated, or there’s high costs to the park owner (such as failed or at-capacity septic) or what ever.

With that in mind, I like your upside potential if the economics make sense right now as is.

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Hi @Brandon thanks for taking the time to respond. I hand not considered looking at it from that lens, and the logic totally makes sense from an economic standpoint.