park in eastern southern state, good climate, schools , and growing population. All information points to an excellent area, 132K win metro area.The park was built by the seller who has been in business for 30+ years. Lives a few miles from the park and has an office nearby… 93 sites, everything in place except roads in unopened two sections. The opened section has 32 homes, 30 between 2003-2009 models and 2 1998s. Most homes rented at 525, city water and sewer. Nice clean good looking park.I have told seller the only way I could do deal was with owner financing. What’s it worth?Thanks
the lot rent in the area is 275, not sewer but septic
Questions to find out and consider before calculating the value:1. How much acreage do the 93 sites sit on?2. Does each site have its own Septic Tank? If yes, how old are the Drain Fields?3. Do the undeveloped sites have Septic Tanks? If no, do you have DHEC Permits (or your State’s Regulation Board’s Permit) for the Septic Tanks? If yes to DHEC Permits for the Septic Tanks, how much would each Septic Tank & Drain Field cost to install?4. How much would it cost to push in roads and create the sites for the undeveloped sections? (Water Lines, Electricity, Septic Tanks)5. Are the water lines owned by the City or owned by the Mobile Home Park?6. Are the undeveloped sections zoned Mobile Home Park?We wish you the best!
Kristenthe park was built in 2003, all the infrastructure is about 11 years old and is complete throughout the entire approved 93 sites. I am certain septics were built to state regulations, the owner has been in park business for 30+ years and has been involved in mobile homes sales too. of course this would be confirmed during dd. Not for certain, however i think the owners health had gone south these last ten years and he needs to slow down. He is going to work park time at his home selling business which must be good thing for the park.Dont wish for septic, but will check out well.This is a nice looking park, nice entry sign, clean rods and nice trailers.
What is the lot rent only and how many lots are occupied with tenants paying rent?
If the homes are all park owned I personally would not be interested at any price unless the seller was willing to separate the home sales from the park. Offer a price on the park based only on lot rent and have him remain responsible for selling the homes separately.
Home maintenance/repair cost are about to begin to start/climb sharply base on their age.
Homes are completely paid for and will transfer with the sale of the park.So we have 32 homes, all newer models, rented at an average of $500k, with excellent infrastructure (park build in 2003). I see the value as 32 X 225 X 70 or approx $500k plus maybe $3k per home for a total of $600k value. I am negotiating on the section containing the homes, maybe a few more sitse depending in how the park will be subdivided. Comments …