Found a Mobile Park in my area that seems like it would cash flow very well. But I am concerned by what it could cost to update the park.
Upside is there are 12 pads of tenant owned mobiles and a small house on just under 2 acres with a gross rent of $3,700 not including two units non occupied, owner is asking $200,000 for the whole thing.
Downside, went to the park and found it very run down and cluttered with trash. The park is 5 miles out of town and in the country and the owner wants to sell as is.
Seem like it would be profitable, but if I wanted to turn it into a nice park, might get expensive. Any advice?