Very Interesting points Randy.
For this park I am looking at it as more of as an income producing property. Is that a bad thing? Everyone would like to have a higher net worth, but I have a full time job which is primarily responsible for my net worth as it stands currently and I intend to have this park professionally managed.
If I can manage to lift rents a little over time and bill the water (and possibly sewer) usage back to the tenants which is essentially raising rents then it could justify capital gains type investment I suppose.
My intention is to pull out capital from the park by selling the homes to invest in another park in the near future.
The park is not in a “Metro Area”, the county population is 40k, Median Home 140k, Unemployment 3.8%.
Bangor Metro Area (about 35 miles away - 55 min) is the nearest Metro Area with a population of 152k, 3.8% unemployment and Median Home 120k
Thanks for the heads up on the insurance.
Thanks for all the valuable input.