I have found a 13 space MHP with a house for $50,000 and the owner will finance 40,000. The house is in shambles, but currently rented, and one lot is rented. The park comes with 12 homes, but they are all vacant. They would all need several thousand to make them livable or worst case, they would have to be removed and replaced. Park is on well/septic. The price intrigues me, but is it worth the hastle? Thoughts? There’s also a similar park nearby that is in foreclosure and has 10-12 vacant trailers.
Double check that the zoning is still viable.
Run test ads and see what kind of response you get, but the zoning will be key.
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Agree that demand is the key metric. Also, what condition is the well/septic? Is the potential upside worth the risk of mishap? This is highly likely to be a money pit.
The money pit is the part I’m worried about. Tenants lived in all of the trailers as little as a year ago. I was hoping to flip it. Place hasn’t been mowed since and there’s plenty of trash now to clean up. I’d say 3-5,000 a trailer to get them livable.