71 lot park for sale with 43 occupied. about 40 miles from Harrisburg. Great upside in that previous owner severely neglected the park and only increased rents once in 15 years. When I took over this park was a mess, less than half the tenants were paying any rent, drug, dead beet and loud tenants, old cars and appliances everywhere. Now it is a completely different park . I took over park last year just before COVID hit but in spite of that we have made significant improvements. Roads have been paved and patched, dead tress removed, 5 abandoned homes removed, enacted Mandatory SIGNED one year lease, got rid of undesirable tenants and enforced “NO PAY NO STAY” rule and now all are paying monthly. I have even received letters from long term tenants thanking me for “cleaning things up”.
Base rent is $200 (should be at lease $250-260), Tenant pays $50 sewer, $$20 trash, $16 water plus usage as each home has water meter. Average tenant is paying total of about $310 per month. 4 POH rented for additional $350 plus $200 lot rent plus utilities. There is also an extra charge for pets.
Park is on well and WWTP. Both are maintained and monitored monthly by an outside company. New fresh water system at a cost of $30,000 was installed when we took over January 2020 with an expected life span of at least 10-15 years.
GREAT upside with most lots big enough for long singles and even some would accommodate double-wide homes. Current gross about $154k with potential to double to $298k++ by filling lots and bringing to market rents.