I have the opportunity to purchase a very small park. Here are the particulars
7 MH spaces 1 RV space trailers are mostly 80s models
Last 3 years NOI 09-16,041 10-19,075 11-16,290
Monthly expenses are about 550 dollars
6 park owned 1 not park owned( he pays 100 dollars a month but mows the grass) city water city sewer master metered
Overall the park is in good shape,original owner poured cement throughout the park,it has several live oak trees.
The current owner has let the park go somewhat , has retired and wants to move on. There are 4 trailers occupied, the other 2 just need a minimal amount of work to rent again. Get about 500 a month per trailer. The park also has a 20 by 80 storage building in good shape that could be leased for 350-400 a month.
It is in a good neighborhood and good town.
Realtor told me several times he is a motivated seller. He is asking 154,000 and will to take a note with as little as 15,000 down.
This park is in my hometown so I could run it myself. What would you all offer if anything?
Would appreciate all opinions .