Princeton IN Park- $900K for 87 Lots, 63 Occupied, But No MSA

Hey curious to get your guys thoughts on this deal, and especially the Princeton IN area market if anyone is familiar with that. Is 40 mins from Evansville IN

Details on deal:
Price: 900K
Lots: 87
Occupied & paying: 63
Lot rent: 180
Market: 250 (to be confirmed)
Utilities: city water and sewer, direct billed, but the lines are responsibility of park owner, not city
Roads: paved but need work
Home ages: 70s and 80s mostly with a handful of 90s
General on park: Pretty decent, well laid out park, appears to be in decent overall shape

Princeton IN- 8700 people, solid income and median home price
County is 33K people, solid income and median home price
Princeton is county seat
Toyota factory is only game in town, billion+ dollar factory, has been expanded in last few years with couple hundred of million addition, a number of parts suppliers nearby

Thanks all

I struggle with the median home price and rent rates. The rents seem depressed and difficult to recoup infill investment. But if everything is TOH it could be a nice little cash flow machine. I wouldn’t expect to have market appreciation in your rents every year - maybe every 3rd year. That’s what you get with no MSA…

Your test ad can further confirm, but that’s the broad strokes. I would need this at a 10+ cap rate to consider.

I tried to work a deal on smaller stuff in Princeton as well as Evansville. Probably 3 years ago at this point and remember driving the areas and I just couldn’t quite get there. I know they were talking about some bigger wind farm project , not sure if that went through but probably has limited impact anyways. Again my numbers are off the top of my head from 3 years ago I know the rents were a bit lower. I think one thing I was looking at was maybe 135 and then realistically felt the cap was 185 on some of the market rents. Possibly not all parks also included utilities. See if you can figure out who owns parks there and reach out to them also perhaps as an assignee.