34 lots - 27 occupied, 24 POHs renting for avg of $425, lot rent $200 (but really it could be anything as the seller doesn’t break it out for the rentals) and 3 tenant owned homes. Park pays water & sewer. I think I can raise lot rent easily to $240 and still be $20 below the high for the area. My plan would be to convert all the renters to owners as fast as possible (is a year a fair time table?)
City water, septic sewer (1 tank for every 2-3 homes, total of 14 tanks).
Most of the homes are 2 BR 70’s and 80’s. There are five more vacant POHs needing renovations.
Good MSA target points and test ad averaging 3 calls/day.
I’m under contract at $380k, but after a visit to the park, it has $50k in deferred maintenance (potholes, paving, deck/handrails, cleaning, and some repairs I’m sure are needed on the occupied POHs).
I’m having the septic system inspected tomorrow. Assuming the septic checks out ok, would you do this deal?