Over 70 pads
25 tenant owned
25 ish rentals
Lot rent 200
City water direct billed but still has a master meter and a bill of approx 300 month. Leak or theft. I don’t know. They can’t find leak.
Streets are old paved roads.
Located in a ok metro with a larger metro 40 miles away of approx 500k
Estimating this park conservatively at a 40% expense ratio, I still come up with a value around 700k.
Are there many other factors that would knock the value down. His p&l statements stink and has an overpriced full time maint man due to health issues.
This park was under contract but buyer needed a p&l for the bank along with a 3 week extension. i guess this is normal and not a good indication the deal will fall through. Too bad for me, it’s only 1.5 hours away from me.