Hello, There is an opportunity 60 miles from where I live in the Northeast.
It has 5 pad sites paying $395 per month with 2 stick built apartments ($800). It is in a town with a population of around 16000.
The sellers claim the park has the ability to expand to 20 Pads. The town regulation allows for 30 pads. The park is not well maintained. It has dirt road with older stick build homes (1900s). Park is on private well, but city sewer. The owner had issues with the sewer in the past. This is listed for 150K.
I have no experience with MHP. This cash flows fairly ok as is, but I don’t know what additional capital expenditures are needed. This is exciting if the pads are developed and sold/rented at a reasonable cost. The land needs to be cleared. I read @frankrolfe advising strongly against building a park (I don’t know whether the same applies for developing a small park further)… Would you invest? What concerns do you see? Thanks in advance.