Hi,under contract now to buy a small park in East Texas. Currently, the roads are gravel / packed rock and in need of, at a minimum 7-8 loads of rock and to be graded. Estimated cost for this is $1000-$2000.
I’d like to ‘consider’ paving - black-topping the roads. I have no clue what this may cost. Is there a rough formula I could use to decide if I should do this as an initial expense?
Current gross receipts are around $6200/month. Only 13 current spaces occupied with trailers with 3 vacant POHs. 10-12 more vacant spaces, some full utility ready, others need various utilities setup. 6 tenant owned, 7 POH.
Asphalt is really expensive. I had quotes around $1.80 per square foot last year. Consider it once your park is full, but maybe upgrade to crushed concrete which is more durable than gravel. Cost varies a lot based on the quality and be careful with some since it can have metal pieces and other debris in it.