Thank you Marvel_Equity for taking the time. To answer your questions:
G=Garbage around here in ad space, but I will switch to T if that works better for this forum?
Water and Sewer is provided by the city to the entrance of the park. All lines within the park are my responsibility. The 1965 sewer lines have had leakage issues per public works.
No master meters for gas, etc.
72% based on 2014 P&L. Rounded off top 3 expenses are water/sewer - $30k, Taxes - $16k and prof mgmt $10k. It will take a while to appeal the tax valuations so that number will remain for a year or two. As I mentioned above, would pass through the water/sewer, and cancel the mgmt service to get closer to a finance able situation. Per the realtor, the kids think this is worth a million dollars. He has been trying to educate them about the financing, and how their park would never mortgage at that price.
2 bed apartment on Bestplaces is $825. I am familiar with the area and the student housing alone for the neighboring University drives 2 bedrooms to $1,000 -$1,200. I have never seen $825.
You are right I did not do a standard test ad. With some optimism and students and staff looking for housing at the University, I tried to kill a few birds with one stone. I wanted to see how the $375 lot price would be received. I wanted to start compiling a client list so that I could erase those vacancies as quickly as possible to get me by till I could get a license to sell Clayton homes and then start filling the vacancies that present themselves with new homes. One of my callers is already very interested in purchasing a home to live in the park. I also wanted to use this list to present to my credit union in case I could convince them to finance it at some point.
Oh, and I did not pick the planet or the price. As I mentioned I used the spreadsheet provided by MHU. Which is one of the reasons I put the scenario on the forum for comment. Thought that might be a bit low. I used a 12 cap because from what I read the FED is going to be increasing rates this year and thought I would hedge against with a 12 cap.
I think I got all the questions you had and thank you again for taking a look at this.