I am looking to buy a 200 lot park with only 100 occupied lots in the Northeast. Infrastructure is substantially completed for the entire park. The operating partner recently died and the active partners have no interest in bringing in homes. I have a manufacturer willing to inventory finance to fill most of the vacant lots.
Lot rents are $400 and park owner pays water/sewer, and does not bill back to residents. The market rent is around $400 these days.
Below is the P&L. Expenses are very high (66% of rent) - the only unordinary line item is a sewer reservation fee for future lots - which cannot be undone, so long as I plan to occupy the other 100 lots. I am going to try for a re-assessment to get taxes down. The maintenance is high b/c the park has 100 lots paying rent, but the park is 2x that size.
Where are the other opportunities to boost NOI? Any help is appreciated!!!