I’m looking to purchase my first mobile home park and would appreciate any feedback on a deal I came across:
Good location: metro area with a population of several million, median home prices $250k, median 2br rents over $1,200. Within easy driving distance of my home.
45 occupied lots (100% occupied)
No park owned homes
Lot rent of $550 / month (there are some parks in market with lot rent as high as $600)
Tenants pay water
Seller stated NOI is $225,000
Appreciate any feedback or advice you could offer. Thanks!