Park has 54 pads , all full with owner occupied mobils. Rent is 195 a month. Paved roads, city sewer, and water/New roads and water line. Park stays full.
Located in small town but mostly rural for 100 miles in either direction.
There is an additional 50 acres already approved for park expansion.
Asking price is 1,200,000, 400dn, 5% for 10 year with balloon at 10 year.
Park pays for water and sewer which is 19,000 a year.
I think it is easy to pass on the water costs to tenants either using submetered or sharing costs between each lot. Last rent increse was in January 2013
Only four apt advertised for rent in the town for 650.
Has a very capable manager and renters do all their own maintenance including yard maintenance. Manager mostly collects rents and deposits them. No collection problems. Owner lives out of state.
Looking to pay this off in 10 years with 300 dn.
Any suggestions to consider or look for? Looking for my first purchase.