I have a small park, 7 pads on about 1.5 acres, in the middle of Kannapolis NC (near the new billion dollar biotech park and about 20 miles from Charlotte) under contract for $48,000. All pads are rented, tenants current, and have been for years; no park owned homes. It is grandfathered in. Rent is slightly under market at 150 a month and tenants pay all utilities, which are city water and sewer. There is a “manager” in place who comes by and collects and deposits the checks and checks the meters for 100 a month. I live about an hour from it. I recognize the size of the park hurts the economy of scale and future marketability, but I am just looking to hold and get some positive cash flow. With the reasonable price, I can just pretty much buy it without worrying about outside financing. We are in due diligence now and all is looking good.
This would be my first deal. I think it is a great one to cut my teeth on and make some money. Am I missing something?