Any help evaluating this deal would be greatly appreciated!
Price is $280,000. There are supposedly 45 lots but due to their small size the actual usable lots, once combined, total 33, There are 23 occupied (21 owner occupied and two rentals) and 10 vacant lots. Lot rents are $225 with room to move to $250 in 2 raises. Utilities are paid by the tenants with a billback of water and sewer (submetered) and direct billing of the electricity and gas.
There are Orangeburg pipes and one street was replaced so far. Supposedly there are no big back up problems or roto rootering going on. Roads need to be redone, they are a mess. 40 potholes at a minimum with @1/3 of the roadway crumbling (possibly more). I would guess that the park was built in 60’s. This is a city park with a population of 75,596 in the city and $126,880 in the metro. Median home price in the city is $98,064 and $113,900 in the metro. Unemployment in both is 4.5%. A 2 bedroom apt goes for $702 and a 3 bedroom goes for $880. The vacancy rate in the city is 13.4% and in the metro 12.34%.
Thanks so much!