-35 spaces pay rent, about 10+ empty lots (which are probably worth $0)
-Lot rent is $305
-2014 Gross revenue was ~$110,000 (bad collections)
-Park has submetered water / sewer
-City Utilities
-24,000 population city
-No Park Owned Homes
-Good location. About 4,000 feet from Walmart, Lowes, Starbucks, Dollar Tree, Restaurants, Car Dealership, etc.
-The 7 other MHPs in the town have rents at $360-$370, $350, $340, $375-$395, $360-$370, and 3 I don’t know the price (no answer). Rents are on the low side and haven’t been changed in 5+ years.
-Using the Frank and Dave formula of ~70 times monthly lot rent, the estimated value would be $771,000, at 60 it would be $661,000.
-It is under contract for about 45 times monthly rent
-I need a partner or someone that wants the contract. I have another project that is taking up most of my free cash and the bank does not love that I am self employed.