Looking to Tie up First Park - Please help analyze deal


#1

Looking at a 34 lot park in good MSA

400k population;
Population growth >+8%,
Unemployment <5%
Median home price >100k USD
Two Bed apartment rent >$750
Three Bed apartment rent >$1000

20 lots occupied (16 TOH, 4 POH)
4 add’l POH (vacant) - in decent shape.
rent $220/month
City Water/Sewer
Tenants pay Utilities (except for trash)
Market lot rents in MSA ($280-340)
Older homes; mix of 60’s-80’s. A couple 90’s homes
Occupancy in other MHPs in MSA ~85%

Asking $360k USD

On surface, it seems like a pretty good deal - Im thinking about tying it up. Thoughts?


#2

Looks pretty good on the surface. Personally I would tie it up in a second. Even though it’s kind of small. there seems to be quite a bit of upside and the price seems reasonable.


#3

I would be excited about the deal at this point – looks pretty good darn good. Get the contract signed ASAP.