Hello:
I am also a new investor looking for a MHp. I am experiencing the same frustrations ( incorrect / no information ) from owners, brokers etc, sky high prices on junk etc.
I found a small park ( 7 spaces). It is old, on city water but septic.
THe nice thing, is the “park” it is actually 7 mobile homes lined up on a village street.
all are older ( over 25 years), but are tenant owed.
Management should be very easy, long term tenants. Rents are at least $30- to $50 under market (owner has not raised rent in three years).
Cap rate is 10% on current numbers, but could be raised to 12% range with rent increases.
The problem, is it worth monkeying around with a park this small?
It seems resale someday will be very difficult if not impossible. The trailers are old and can not be replaced ( zoning). THe land by its selve is not worth much. The asking price is $98k, no owner finance and a hassle to finance a commercial loan under 100k. any thoughts?