sorry for the confusion. to shed a little more light on this park.
89 lots, 6 vacant lots
83 trailers, 90% occupancy
the park basically is split up into two sections. there is a county road that goes right through the middle of the park. north of the road is 31 lots, water is metered and charged directly to mobile home owners from the city. stone roads ( is that an issue)
south of the county road is 52 trailers, master metered, with park paying for water
Current lot rent is $170, market rents are $200
some major things that jump out on the expense side
$2,000- $3,000 water bill a month ( so need to sub-meter and bill back to tenants) roughly $200 per lot for meters and install
A big problem is $90,000 salaries for 4 employees. for park manager full time and assistant that is part time, park manager also gets health insurance
full time maintenance man, and part time maintenance man.
could this park be managed by one manager? collect rent by mailing rent to po box? have an on site greeter to show POH’s and then hire maintenance when needed?
there are 52 park owned homes and 31 lot rent only, is this a deal killer with that many park owned homes? they rent for $400- $450
park is 1 mile from major highway with large cities 30 miles a way and smaller cities 10 mins away
park has large lots, 98 acres total, with 35 acres undeveloped
5% interest, 25 amort, 10 year call
raise rents to $200
fill empty POH’s
put in sub meters
have rent sent to po box, and hire a greeter to show properties
hire maintenance man to mow and repair as needed
water savings - roughly $30,000 a year
manager savings - almost $45,000 ( half what they are paying now)
please advise if this is a good deal?