Hi everyone, I am looking to purchase my first mobile home park and I would love to hear your opinions on its value. It is 32 total spaces with with 8 of the plats vacant. All of the homes are owned by tenants. Each lot pays $450 a month space rent with gas/electric billed directly to the tenant.
The park is on well and septic (seepage pits) and the asphalt needs to be repaved immediately. I know there is demand in the community for homes and I believe I could fill the park up in a matter of 2 years, so I am keen on the upside. However I am terrified by the private utility situation.
In addition to the value of this park, I am curious what type of backup plan I should have if either the well or the septic system fails, and how much time/money it will cost.
Your comments are greatly appreciated. Let me know if anyone needs more info!