10 pad mobile home park with 1 pad for an RV hookup. There are 10 park owned homes that have all been renovated within the last 18 months. 7 of the homes are currently rented and 3 of the homes are vacant. The average rent of the POHs is $596. There is immediate upside in renting out the 3 vacant homes, which are renovated and ready to bed rented. Local bank is willing to finance 80% LTV. We are asking $299,000 which equates to an 11.1% Cap rate. We have spent $20,000 repairing homes over the past 18 months to get them all ready to rent. Immediate upside by filling the 3 vacant lots and bringing an RV in for seasonal rentals.
We will consider all serious offers and send last 2 years P&L/rent roll to all interested parties.