First of all, I am a newbie Who just start looking at the mobile home park investing. I have found two parks that is within my price range. Both parks were built in 50’s and I would really appreciate your feedback on what possible problems with the old MHP.
One major issue I could think of is the aging water and sewer pipe may incur high repair expense.
Also I noticed that both parks have dense homes on a relatively small lot. For example, one park has 40 homes on a 2.2 acre lot. Does it means the trailer must be quite small as well? From the picture, Most of the trailers are old and in poor condition. I am a little worried that the tenant could abandon the trailer as there isn’t much value left. And I would end up spending money towing the old trail away. And I am even more worried that the modern mobile home may not fit into existing lot.
Will those two issues enough to kill the deal?
Is there any other serious problem which I overlooked?
Thanks in advance for your feedback!