Here’s an interesting one. These are the details:
Metro Population is about 250K, but is declining at 7%
The small town of 5500 that park is located is declining over 10%
All of the other stats are solid with low unemployment, lots of jobs, household income over 40k, etc.
The park is full with 134 usable sites 100% occupied and 8 vacant homes
There is a state university nearby and all the usual big box retailers, etc. etc.
Septics are big issue with DEC, which park flipping group selling to us is going to remedy by installing all new septic tanks and leech fields
Park will be “turn key” when we purchase at 10% cap based on owners tax returns
Lot rents can be raised another $50 a month to bring up to market
Overall, this seems like a sweet deal except for the declining market. Like most park buyers, we’re investing for cash flow and NOT appreciation. I’d love to know what the good people on here think. Thanks! - Kyle