I am trying to figure out what to do. Here are the details.
I was in a serious car wreck and have permanent back injuries from it. I am still able to work but not as long if it requires a lot of bending. I let my park go when I was really down and now the cost ratio to the income ratio is just a break even situation. I do not and never have had persistent crime problems. I move them right on out when I get one and that is why I still have tenants that have been here for over 16 years.
I have other income so this park doesn’t need to make money but if it doesn’t why keep it. There are 28 spaces on a very large tract of land with with asphalt or concrete parking slabs along with a asphalt road with concrete shoulders. The park has separate electric and natural gas meters. I have a mater meter for the water but do have a sub-meter set up for the park so I can bill tenants based off their water usage. A complete water system with curb meter box pits, Badger 25 meters, lock out valves, customer pit with brass ball valves and the EPA required Reduced Pressure Zone Valve was installed in 2010. Sewer is a self contained lagoon system and other than some fence upgrades needed around the lagoon the sewer system is in excellent condition. There is plenty of land for expansion and it is all unrestricted. There is a park owned Ditch Witch trencher. The city road that crosses my frontage is newly constructed concrete that was done in 2012. All the city water mains that were in the construction area were also replaced at that time. Water pressure is 78 psi at the high point of the property. There is two fire hydrants on the property. One of the fire hydrants is located in the center of the park and fed by a 6" main line. Water supply is not an issue for future developments and I hold a Purchase Water System license and all the required permits from the State of Oklahoma.
I pretty much emptied out the park so upgrades could be done. There was 17 POH and I sold 14 to be moved and kept 3 that I sold retail with owner financing. I am way too cheap on lot rent based off the local market. One side of my park is tight to put an 80’ trailer on while the other side could accommodate anything that is being manufactured. Minimum lot width is 50’ and some wider because of tree locations.
I am in a city of approximately 50K with a major university. A new state of art elementary school that is less than two miles away is under construction. A Walmart Super Center is about 2 miles away. City is beginning to boom again and trends show that it will continue with the multimillion investments that are coming to the community.
Now the question and request for your opinions? After a good clean up how would you go about rebuilding my park?