I’ve got an off-market property in Central FL under contract but wanted to get some input before I put too much time into this. Please let me know what you think.
Size: 2.5 acres.
Units: 23 Lots. Fully occupied. All POH.
Additional Structures: 1 2/2 stick built that rents for $950 and 1 fully rented duplex that rents for $650 per unit.
POH Rent: $650-785
Market lot rent is $400-450.
MSA: Lakeland-Winter Have MSA. If you know anything about the area you know it’s booming right now.
Utilities: City water/Septic. Park pays water and trash. There’s definitely room to bring down expenses significantly.
Gross income using POH income is $207k
Net income using POH numbers is $145k
Terms: Seller financing available: 20 year note, 5 year balloon, 5.5% interest. The kicker is he wants about $1 million in cash and will finance the remaining $500k. A lot of the homes are newer but I’m not sure what kind of terms you could get with a bank for this one.
Any input is appreciated.