Mobile Home Park
I am looking at a potential mobile home park purchase and would love some input on the deal. It has 18 lots sitting on about 3 acres of a 19 acre parcel. Lot rents are $325/month, currently 17 are filled. The sale would come with the vacant mobile. The asking price is $435,000.
I'm thinking we could sell off 10-15 acres of land, it is a fairly desirable area and the land wouldn't feel right on top of the park as it is wooded and hilly. There's also the possibility to add a few units. Currently on a septic that can't be expanded, though sewer should be coming, and it's on city water. Owner is saying expenses are about $10,000 per year. No owner financing, so I'm not sure how we would finance it, but I think we could make something work. It's definitely not pretty, mostly older single wides and stuff everywhere! There's also a 3 bay garage for storage that could provide some extra income, it's very near to a lake.
Thank you!