Hello everyone, I have my first park under contract and one of my concerns is the strength of the market. I have a negative feeling about the market because it is the most depressed metro area in my state. I would not consider investing in other types of real estate in this market, but I am wondering if it would work for a mobile home park.
I wanted to get some objective opinions based on the numbers.
Metro Area Stats
Pop Change (1990-2016): -1.5%
Median Household Income: $37,000
Median Home Price: $85,000
3-BR Apartment: $900
Housing Vacant: 14.5%
The park is 90% occupied. The other parks in the area have strong occupancy with the exception of one, which is a distressed/REO property.
I ran a test ad in the metro newspaper and received 40 unique inquiries over a 10-day period.
Thanks in advance for any opinions or advice!!