Hello everyone,
I stumbled across this website as I started researching pros and cons of owning a park. I’ve located a mid sized park for sale that has 28 lots with existing homes (none park owned) and has 10 lots available for expansion. The estimated gross rental income is $67,000, and noted expenses are $15,000 for water, $4400 for garbage (both annually). Taxes, management and maintenance not yet factored in due to needing clarification on financials. If hypothetically we carried a mortgage around $1800/m, and total expenses were under $30,000 annually, are these numbers worthy of a savvy park investor? I am not sure what kind of margins your are all after, and I only invest in single family homes and smaller multi units.
Potentially, with all 9 new lots filled, another $2000 could be achieved easily as well.
Thanks for readying my first post, and I appreciate all advice!