Is this a legit opportunity


#1

Hi there,

I came across a potential opportunity, but am not sure how to do the DD on it. Here’s the low down:

168 spaces

10% occupied

Park is bank owned

Bank is asking $650k --they have an appraisal for this amount

Park is on 20 acres

The only ammenities are a tennis court and a basketball court

Lot rent is $150/month

There is no onsite mgr, but an onsite handyman

Park has 2 wells, and lot rent covers water and garbage

The bank is willing to finance, and from what I hear they turned down an offer at $410k, but my guess is they’d take something close to it.

Bank is willing to offer extremely flexible terms

The park has been “cleaned up” there are no non-paying residents or vacant mobiles that need to be removed or repair work that needs to be done

The park currently has no website and no marketing efforts behind it

The park has a bad reputation in town–but that could be changed with some improvements as well as a name change (IMO)

How would you look at this opportunity? …Is it a diamond in the rough or just a lump of coal?

Any feedback is much appreciated.

Thanks! :slight_smile: