I am under contract to buy a small park which needs TLC near Decatur Texas. Appreciate your feedback
Number of Lots : 21
Lot rent : $100 per month.
Monthly income ( lot rent + POH rent ) : $1400
Tenant pays for water and sewer billed directly by City.
Park is within City limits and grand fathered.
Purchase price : $165K
Downpayment : 10K , remaining carried by Seller as “contract for deed”
There is upside to lot rent and monthly POH rent as many are vacant now ( needs to be fixed before renting) . Seller is very old - upfront told is unable to maintain the park and hence selling .
Appreciate your thoughts on this purchase.