63 pads have homes, 57 homes are occupied, 50 homes have residents current on rent
Lot rents $290, market rents $360 for parks not as nice
All doublewide park
Park was built 20 years ago, extremely clean and nice park
All utilities direct billed (including sewer, water, and trash)
Property taxes are about 2.3% of FMV
semi rural area with 8600 people in the zip code, $108,000 SFH, 6.7% unemployment, and 3 bedroom rents of $800-$1,000
Lots of small towns around with similar stats and ~10,000 populations, and the park is 30 minutes from a city of 100,000 that is in decline with high unemployment and low housing prices, and 90 minutes from a big city that is in mediocre shape
Around how much would you be willing to pay for a park like this?
What would be your strategy? It pains me, but with the market not super strong I’d be tempted to start bringing in singlewides to the back of the park to keep the price point down rather than fill in more doublewides.