Need input


#1

We are looking at a small park within 45 minutes drive from our home. Owner is a finance service co. and claims to have the park through foreclosure.

  1. built 1999 (started); 20 acres

  2. 33 spaces dev., ea. with concrete parking area (2 cars)

  3. roads concrete

  4. municipal underground utilities; water not individually metered

  5. 67 % vacancy

  6. occupied with 11 rentals (6 D.W. and 5 S.W.-- PLUS 2 OLD STICK BUILDGS. (all park owned; yrs. 1990-97)

    NOTE all the dwellings are arbitrarily distributed throughout the park

  7. rents: 150 and 200, plus 50 for water, sewer, garbage,and lawn mowing per month (avg. rent $175)

  8. total county assessment: $176,170 (verified)

  9. using Steve’s 30/60 rule, the value of the park = $316,250

10.using Steve’s EVALUATOR, the value of the park is $293,000 (total value of the 2 stick bldgs. – old-- may be $50,000 ea.; not incl. in above.)

  1. seller is asking $600,000

  2. immediate, serious concern:

  • although the lots are deep enough to accommodate a modern home, the width, as measured from parking pad to parking pad (owner claims ignorance re. size) seems to be only 45 FEET!!!

Isn’t the width particularly narrow, if not inadequate?

Any and all input would be most welcome.

Thank you.

Bernd Hanak


#2

Bernd,

"12. immediate, serious concern:

  • although the lots are deep enough to accommodate a modern home, the width, as measured from parking pad to parking pad (owner claims ignorance re. size) seems to be only 45 FEET!!!"

Depends on your setbacks and fire code. Also depends on “park package” requirements like sheds/carports. 45 feet is not bad at all for a older park. Check if the park has a prospectus (for package requirements) and with local zoning and fire code to be sure.

Karl