I am looking at a park with 36 occupied lots. No POH’s. On city water and septic tanks. When I pulled the county permits, the park is actually approved for 40 homesites. Current lot rent is $175 and the water is master metered. Expenses are supposedly $19-20,000 per year. Current owner has had the park one year and paid $400k for it. He doesn’t have any "official’ records and he does not insure the park. Here’s what the agent sent me for expenses: Water $900/mo, Exterior lighting $185/mo, trash pickup $268/ mo and taxes $2722/yr.
The county has about 168,000 people and the jobs are agricultural and large public university and medical center. It’s the only city of any size in a rural area of eastern NC. The lot rent is a bit low for the area. The asking price is $649,000 but the agent says they are hoping to get in the mid to high $500k range. He SAYS the have had a lot of offers, but thus far nothing is under contract.
I’d love to know what you think about this deal.This would be my first Park. I’ve owned apartments and single family homes in the past.
Thanks in advance!