Looking at my first potential deal, hoping to get some feedback. Thanks in advance!
City sewer/water paid by park
Lot rent $215
Population <4000 down 0.8%
Metro <600,000 down 5%
Median home price $94k / metro $77k
Market apartment rent avg $628
Walmart and new casino within 5 miles
Meijer store going in within 10 miles
Looks like homes are tight on lots, 5 acres total
23 x 215 x 60 = $296,700
Potential owner financing
I don’t know the details of expenses yet, but says approx 35%. I like it, but wonder what the experts think! Is the population decline an issue? Any other issues or info that would be helpful to make a determination for putting under contract?