Lots: 48
Vacant POHs: 10
Occupied POHs: 23
Tenant Owned Homes: 11
Lot Rents: $175-$210
City Water/Sewer - Park Pays
$850,000 and asking for 30 days DD
Have a lender interested in financing to a qualified buyer at 75%LTV, 4.85%, 15yrs, 5yr balloon
Market lot rents in the area are $250-$275 in parks that also submeter and bill back water/sewer. Park needs about $60,000-75,000 of capital improvements to the homes (mostly medium to heavy rehabs on vacant homes), ~$20,000 in road repairs, $10,000 in general repairs, and $14,000 for meter installation. Mobile homes are mostly from the 1960’s-early 1980’s.
Park is well located and mostly Hispanic. The manager is competent and willing to stay on. Park is underperforming mostly because the owner has lost interest in managing the asset properly and does not give his manager the tools to succeed. It is an otherwise decent park with potential.
Send an email to dehart0317@gmail.com.
I will send you back a Confidentiality Agreement and once executed, I will send you a link to all of the DD documents, information, and pictures we have.