Robert,
I want to make sure I am following you here... Your going to sell or rent the homes? This looks like renting... so I will continue down that path... your paying 15,500, and renting for 6-7 hundred and then- who pays the pad rent?
Doing some quick numbers, a general rule of thumb I use is to keep the blended payment of pad rent, and home payment / rent lower than the average rental of a 2-3 bedroom apartment. In my parks with pad rents of 200 / month, the payments might be 300 or 350. Blended payment- 500 - 550. So off the cuff, if there was some correlation between pad rents in the areas, your overall payments seem high to me.
Also- a strong word of caution. Your subleasing a property. So controlling the tenant can be a real pain. The park knows your paying the rent, so they are not motivated to approve a tenant. You need to factor in vacancy and repairs, which on a mobile home can be pretty huge. Most homes we rehab after we repo them cost 2,000 if the tenants were really nice to them, and up in the 3 - 5 range if they really rode it hard.
I own 6 parks, and carry financing on over 100 mobile homes- and I do NOT rent any of them. Period. Mobile homes are not built like your stick built dwelling, so repairs are more frequent, materials are sub standard etc...
Why renters run celery and entire pots of spaghetti into the disposal, and wonder why it is frozen solid... I will never know.
Anyway- if your really selling... I will post up another reply...
