Any thoughts please on this potential purchase; bear in mind this will be our first park (previously SFH’s, small multi-family and storage units/facility) and located about 8-10 hours away from us
-23 space park, 17 occupied (including 1 POH), 6 vacant pads
-Lot rent $200 incl WST (nearby parks are $215-$230 with same utilities included)
-Public sewer, well water
-Includes a stick built SFH
-Sellers are firm at $202K (all bank financed, they have declined seller financing in any capacity) after initial listing @ $230,000, then to $218K, then to $202K after our initial offer
-Located in city of about 60,000 with a positive population trend, median home prices average around $85K for a SFH, median household income around $35-37K
-Would plan to subdivide and sell SFH (our estimate is around $50K for the house)
A tentative plan would be to purchase used trailers, bring them in and sell to new owners (in the process of testing to gauge interest in purchasing used homes).
We see some positives & some negatives in this park, but welcome insights from more experienced park owners.
Thank-you for your time!