MHP For Sale by Owner - Madison County, Illinois
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Flexible Seller Financing Terms for Qualified Buyers:
Purchase Price: $950k
Interest Rate: 7%
Loan Terms: Interest-only, 2-3 year balloon, or 25-year amortization
Down Payment: $200k-$240k
Closing Timeline: 30-45 days
Books & Records: Limited availability - reason for seller financing
Park Overview:
Total Lots: 43
Occupied Lots: 32 homes onsite (primarily TOHs, with a couple exceptions)
Vacant Lots: Cannot currently be infilled per county restrictions. Zoning application required for infilling which can take some time. Therefore, The new owner must work with the county to demonstrate improvement plans for the property to get approval.
Financials:
Lot Rent: $370 per lot per month
Potential Gross Income (at Market rents):
$430 × 32 lots × 12 months = $165k annually
Potential NOI:
$165k gross income × 40% expense ratio = $100k
Potential Gross Income by occupying vacant homes:
$370 × 32 lots × 12 months = $142k annually
Potential NOI:
$142k gross income × 40% expense ratio = $85k
Gross Income annualized:
$370 × 27 lots × 12 months = $120k annually
Current Annualized NOI:
$120k gross income × 40% expense ratio = $70k
Utilities:
Water: City water billed to the park (individual Metron meters in place for potential bill-backs).
Sewer: Septic/concrete tanks system.
Trash: Dumpster service billed to the park.
Electricity: Paid directly by residents.
Next Steps:
Proof of Funds (POF): Serious buyers must provide POF to access rent rolls and P&Ls.
Qualifications: Ideal for experienced operators but open to new buyers with sufficient capital.
DM me with a number and good time to schedule a call.
Email: partnershipOps@gmail.com