I have a small off-market park up for assignment in the Panama City, FL metro area. Here are some of the details, please message me for more info or email me at Dominic@djmequity.com
Size: 3.9 acres.
Total Pads: 11. Room to add 2-3 more pads.
Occupancy: 91% (10/11 occupied)
Market: Panama City MSA. 196k Population. $46k Median Income. $190k median home price. 3BR apt. rent is $1,429.
Reason for selling: Mom & pop retiring.
POHs: 10 Park Owned Homes. Most are older.
Cash on Cash Return: 12.26% initial CoC based on lot rent numbers only.
Utilities: Public utilities. Owner pays water, which is still a pretty low bill.
Rent: POH Rent is $525, but market lot rent is $300-$350. I used $300 in my calculations.
Cap Rate: 12% cap rate based on lot rent only numbers.
Earnest Money: $1,250
Notes: 2.4 miles to the nearest Wal Mart. You could keep this as a POH park or sell the homes very cheap to the tenants and charge them market lot rent. You could setup water meters or just add a $20-$30 per month water fee to their bills. At this point your expenses and upkeep would be extremely low.