Another "does it seem like good deal"

7 Replies

110 spot on 15 acres 25 minutes from large city in Texas.  100 units  owned by individuals. 10 units and office would be mine. 100% occupied. City services. 

It is a little run down i.e. Roads need repaved, trees trimmed. Most MH are older but they seem to kept their area clean.

Owner hasn't released rent rolls yet. 

Asking $2.8m. 

What would rent need to be to make you want to be in?

I can't seem there being much room as is for a bump in rent.

I have manager already and place is 5 miles from my main residence

Need more detail regarding expenses and financing to give a meaningful answer. Have you checked out site?

he hasn't released his financials yet. I'd be financing 75%. Tenants pay utilities. 

Whats the market lot rent? 

@El Madera the lot rent should be $310 based on the Frank & Dave (MH university) formula. 110*310*12*0.7*10=2.864m

 However, it is very generic number. 

I am still trying to get the owner to release the financials. I do not think it is $300 a month. Probably closer to $200.

@El Madera

That will be of great relevance but in order for you to put the deal together , the market rent will be of great importance.  If the market lot rent is 200 not so much then, but if you find yourself in a market where the lot rent is 400 that can change the situation. 

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