Yes, that’s our normal rate on average. However, that’s completely based on the park in question. We may have some homes that only need to be cleaned and others that might cost $10,000 to rehab. We grade our vacant POHs in a park we are purchasing on a scale of A, B, C, D and F. An “A” home just needs cleaning (maybe $100). A “B” home just needs some light aesthetic repair (like kitchen cabinet doors, holes in walls, etc. that might cost $1,000 total), a “C” home needs some major rehab such as A/C, furnace, significant floor damage, etc. that averages $2,000 parts and $2,000 labor, and a “D” home needs extensive renovation (this might even be a stripped home that is otherwise solid, and might cost $8,000 to $10,000). All “F” homes are scrapped. Obviously, if you buy a park with nothing but “A” and “B” homes, you will spend much less on average, and a park with only “D” homes will spend much more. We typically mark the grades with white shoe polish in the corner of the window, so we don’t make any mistake on the fact that the homes have been rated and which ones are to be scrapped. We typically triage the easy homes first, completing the A’s, then B’s, etc.
