I have a line on a community. My agent had lunch with the owner today and he says he needs to sell.
There are some aspects to it that I am not familiar with. It is a rural community on I assume well and septic which I am familiar with and not an issue for me in regards to investment. The community is located in a small rural town. The community is healthy and not dependant on population, employment or the normal markers that you would use to evaluate a community. Being that it is in Canada it is a much different business than you operate in the US.
The aspects I am not familiar with are a coin laundry and coin car wash which are part of the business but I do not know if they can be separated at this point.
Stats are as follows (these are very general at this point.
Number of homes 18 (most likely all owner occupied)
Monthly rental income $3755.00
Monthly laundry/car wash income $3000
Total annual income $81,000
Total annual expenses $34,000
Asking price $330,000
None of the actual numbers are confirmed and not really important as far as accuracy but are likely in the ball park of being correct. Confirmation will of course be necessary.
My question is who knows anything about laundry and car wash businesses. Do any of you have them in your communities and are they high maintenance, do they need attendants or at the very least someone in close proximity.