Hello all. I have been looking at MHP’s for a couple of years trying to find the right deal. I am currently looking at a park with 33 lots, 30 rented at $200/mo. No POH’s. City water, septic for sewer. Financials look like this:
$21446.11 (includes taxes, ins, maintenance, utilities, and a 10% of gross Management fee)
Seller says premium is due to some of the property being waterfront with a pier.
Broker says seller is motivated and very open to seller financing.
I’m thinking $400K would be a more realistic price. Any thoughts on this one would be much appreciated. I have no experience and was looking for some what to look out for type things for a park with no POH’s. Thanks in advance.