Hey all, hope $$$ is being made! Need some perspective…
Small park of 33 lots/ 32 being occupied- 29 @ $330 and 3 @ $350 (rent to all be taken to $350 soon). No POH.
City utilities- park pays water/ direct billed electric to the tenants. Well for irrigation.
Expenses claimed to be avg’d at $3,000… Water- $1500, trash- $500, taxes and insurance- $1000.
Developer/ owner claims that park runs very low expenses. Recently got a bid of $20,000 for individual water meters to be installed to direct bill water.
Asking price of $900,000. Possible owner finance w/ 50% down (not that I have it )
Local park to me, no travel issues. Park in good area, secure, established w/ hardly ever a vacancy. Looking at talking to some banks and family (if needed) but will see. I know the expenses are low and not showing all expenses but do you’ll think the park has upside… Seems so w/ rent increase and water bill back. Thanks to you’ll.