So I have recently been offered the opportunity to buy a small .57 acre lot that has 2 trailers and a 3 bay garage on it.
I am basically just interested in the garage and have been since the beginning. After doing some research and talking to some people I have decided that maybe keeping the trailers would be a good investment in the long run. Currently one trailer is owned by a tenant and the other is owned by the (park) aka the property owner.
Here is the breakdown:
$430 - rent
$175 lot rent
Both tenants pay their own electric, heat, cable, trash, and are responsible for their own snow removal
Currently owners take care of the lawn work
My hope is if I buy this place to keep the rent at $430 for trailer 1 but raise the lot fee to $400 for trailer 2. long term I would like to sell the trailer and get $400 a month for lot fees for both trailers. I got this number for the lot rent ($400) based off of a huge 230 unit park 1/4 mile down the road that gets $444 a unit tenant owned. Would this be ethical and reasonable for me to do going into this? Please provide any advice you guys may have.