Hi All, I am considering a park in Reidsville, NC and would appreciate input from all you wise folks. Here are the details:
45 spaces, 31 lots have homes on them. Lot rent is $346/mo. and includes trash pick up
23 tenant-owned homes.
10 POH’s 6 are rented, 3 vacant, 1 is used as the office. POH rents range from $599-699. Homes are all vintage 2011-2013 and seem to be in good shape. Park as a whole is in excellent shape.
12 vacant lots
City water and sewer billed to tenants. Paved streets with curbs and gutters. Park was built in 2002.
Park comes with 60+ acres across the street that have infrastructure installed, but has not been developed. Sun Communities developed the park but then dropped the project. I talked to the city and permits are all in order. No problems reported. Other than the park can only have 15% of the lots as rental homes. I was told they city would reconsider this if I asked. They do not consider owner financing to be a rental property.
Purchase price $700,000.
What do ya’ll think about this deal? Thanks!