We have a park in contract that has significant upside potential in a good location, but my biggest concern is that the park is septic (but has city water).
The septic system is two homes per tank, and there is a limitation of 4 bedrooms per tank (so two bedrooms per home, on average).
Otherwise, this park is a very solid deal.
Would the 2 bedroom home limitation (instead of normal 3 bedrooms) be a deal killer for you?
Not for me it isn’t. I only have and only allow 2 bed in my community to encourage lower occupancy. I have never had an issue finding individuals, divorced, widows empty nesters, retirees etc. to fill the homes.
This will limit your potential client base, no young families, but there are more than enough generally to fill your needs depending on the area your community is in. The upside is that without young families the community will be easier to manage and allow you to upgrade to a higher quality more stable resident base. The overall appearance of the community will improve and community standards will rise as this resident base generally displays a higher pride in ownership. It all comes down to the type of community you have or want to have.
By not having young families the reputation of my community has made it the first choice in the area for the best quality applicants.