I’m new to this forum. I have been thinking about buying a mobile home park or rv park for sometime and have looked at whatever comes up for sale in my area. There is a small mobile home park for sale in our town right now. It has 17 spots 12 of which are rented. Of the 12 that are rented 10 of them are park ownede and are in very bad shape. The other two spots are rented to full time rvers. The lot rent is $125 a month and the mobile homes are rented for another $200 a month for a total of $325. The rent includes water, sewer and gas and the electric is payed by the renters. It also has a lift station. I am a totally uninformed and don’t know what a lift station is. The park is located on 10 lots that are 50 by 150. The price for the park was originally $150,000 but has come down to $99,000. The place is covered with trash including one collapsed mobile home. The property itself once it was cleaned up is not really bad. It is shady and the neighborhood is average. It is not a wealthy neighborhood but not but not a bad area. The town I live in is a winter Texan and retirement haven.
I was thinking if I bought this property I could probably make the most by cleaning the place up and either selling the lots or fixing up the mobiles and selling the lots and homes together. I know older mobiles with property that are maintained are selling for $35,000 to $45,000.
Anyway what would be a good offer to make on something like this?
Thanks so much for the input,