I have a chance to investing in a park. Here is what I know;
Community Type: All Age
|Number of MH Lots: 6
|Total Occupancy: 100%
Gross Income $49,900
Operating Expense $16,711
Net Operating Income $33,189
Expense Ratio 33.5 %|
Investor opportunity in growing area! 6 mobile homes on 1.66 acres. Property is zoned commercial. All units are leased. Four of the units are 3 bedroom, 2 bath mobiles. There is one 2 bedroom, 2 bath mobile and a 2 bedroom, 1 1/2 bath mobile. City water. Each unit has its own conventional septic system and a storage shed. All units well maintained.
Asking $600K I think the asking price is too high and I know nothing about septic systems.
Water Paid By: Tenant - Individual Service|
The Homes dont look too bad nothing to rehab but no amenities.
Looks like each MH will bring in $5,531.50 a year making the lot rent $460
So if asking is $600K its gonna take me 18 years to break even, doesnt sound worth it? I would love any suggestions.