Just wondering why there are so many parks for sale in Flint, Michigan. Has anyone else noticed that? Am I missing something obvious here?
I haven’t looked into it, but maybe the inventory is building up because no one wants to buy in one of the worst locations in the country?
Flint water crisis? Even though it’s technically over… it will take years before the tarnished image is repaired, if ever.
Houses cost under 50k. I know the numbers on best places look respectable. But go to zillow and you can buy a house all day for under 50k. Also the property taxes are insanely high.
Theres a Netflix show called Flint Town , you can check it out to see some of the issues facing Flint.
Just look at the data on best places and its screaming to avoid Flint, 30% pop decline. Smarter people than me have also told me to steer clear of Detroit and Flint for the time being. You can fix a house you can fix a park, but you cant fix a city by yourself, especially ones in the middle of an exodus. The deals do look good though and I long for the day those Metros come back to life and thrive.
Where are all the Flint Deals? I don’t see anything on mobilehomeparkstore or loopnet.
It’s NOT “over. “ Just this past week there was a half hour long show on NPR about how people can’t still drink water, have to buy water, and it’s very expensive for low income people to live there. If there are no quality potential buyers or renters, then of course they would be trying to unload parks. Besides, there was a multi year Netflix series on the police of Flint Michigan…it’s one of the worst crime areas in the USA.
Flint isn’t a bad place to buy a park. We had one about to go under contract but two minority investors backed out mainly due to the existing expense ratio and the Flint area in general. It wasn’t the best Cap but we had a 13 year plan to max out occupancy and I valued to maxed out park at 6X what we would have purchased it for. This included no additional capital but also included no annual cash returns. There are a lot of successful parks in that area and recent park sales have shown larger companies are not afraid to buy parks. Note that Flint water is only actually in Flint proper, not the surrounding townships.
All this said, you should be familiar with the area as you can find a good park and if you go a mile or two away, the area is not nearly as nice and rental rates will not be as high. I don’t think you will get the best tenants either and anything you set will need to be a park owned home with probably a high turnover rate.
It is definitely a buy low play. I actually am a big fan of the play if you are in it for the long term. 5-10 years from now you could make a lot of money if you play your cards right.
What are the recent park sales in this area?