Hi All,
I have been trying to find my first deal and ran across a park in stuart, fl that is permitted for 19 spaces, currently has 11 poh’s(rented) on site with the rest vacant pads.Tenants pay elec/ water and the park is on city water and septic. The stated gross is $81,960 expenses $22,521(seems unlikely). The poh’s are probably 70’s models at best and I can’t imagine anyone paying anything for them. The rents range from $765 to $425 which seem high but the property is in a very good location a block from the intracostal ,right in the city and surrounded by nice amenities. This property was bought in 05 for 1.2 m
and got approved for redevelopment into townhomes which never happed because of the economy. After several chats with the realtor it seems this could be bought for $430k. Obviously most of the upside potential would be in selling as redevelopment in10 years, so it has to work as a mhp in the mean time.
The challange with putting new homes in the park is from the regulations regarding wind loads. I would not even be able to move a home onto the property that is older than a 98 model, so just buying cheapo homes are not an option. Any ideas? Am I nuts for even considering this?
Thanks