Hi, I am signing a contract today on a community in the Midwest. Its 70 lots, 65 occupied and performing, 5 park owned homes. Generally good condtion overall and homes in the park were manufactured from the 80’s to the 2000’s. No major deferred maintenance that I’m aware of yet. Direct billed city Utilities. Price works out to a 11-12 CAP and lot rent is $250 (average for the area). All of that is appealing to me, my only hangup is that the park is located in a town of about 3500. Population has increased about 5% in the last decade and crime is very low. Its about 8-9 miles from two other towns of 7000-9000 people and 23 miles from a major city of over 300,000. Curious as to thoughts some of you may have on pursuing this? Is the population too small or is it close enough to the city to be worth the risk? Any other factors I should consider? My other park deals have all been in larger populated areas, so I’m curious to hear from those that maybe have parks in more rural areas. Thanks!
Go to www.Bestplaces.net. Enter the park’s zip code. Look at the upper tabs under “metro area”. Does one show up? Click on it. What does it say the population is?
yes it has a metro area listed and population of it listed as 650,000…
The town itself is listed as having a population of 8300, up 6.7%…
We have had no problem with rural parks in the Midwest. If you start going south (like Oklahoma) you might need to be more careful.
I need what the metro tab says on the top – that’s the important thing, The city population doesn’t mean much. Go on Best Places again and click the metro tab (right above the initial information) and tell me what it says – or does it say “no metro”.
Sorry, not sure if this is what you are asking, but it does list a metro area right above the initial zip code information. When I click on the metro area it states the area has a population of about 650,000 which is down about 1/2%. Unemployment 5.7%, median house price 90k…thanks for your help!