I’m a regular lurker on this forum but first time poster. I’m intrigued by the MHP investment for all of the reasons that are continually discussed here. I’m looking at the following MHP and was curious what the general consensus was here:
126 single wide Pads on 8 acres
99 lots have homes (older homes around 1955)
84 occupied at $320/m lot rent
27 lots vacant
12 park owned homes
Older park Located 15 minutes from medium size city in upstate new york.
Gross Income $322,560
Net Income $158,757
Asking Price $1,500,000 Asking CAP: 10.58%
Other details: separate water meters are needed. Also, the park owner is responsible for the administration of the NY STAR tax refund to the residents (need more info about this)
From what I’ve read this seems like it hits alot of the good points - public water and sewer, few park owned homes, near a medium size city, etc, and the asking price does not seem outrageous. Maybe offer around $1.2mm?