I have had discussions with an older owner of a MHP who is ready to sell his park in south Louisiana. This would be my first park owned by myself so I am a bit cautious. He did not give me a specific “listing price” but he did say he has an offer which is “a bit over $550,000.” I just wanted to run numbers with you all to see if it makes sense and to know what you all would offer.
Using the formula of (occupied lots x rent x 70) i get a bit over $500k. Would anyone offer more than what the formula gives you? (i.e possibly $600k?)
38 total lots.
36 are occupied (all TOH)
$200 Average lot rent
Oxidation ponds for sewer
Repairs needed: add gravel to road, clear up excess brush on perimeter of oxidation pond, new mailboxes.