Buy or pass? 24 units for 60k

[Bradley Smotherman]

I am a seasoned single family investor that has an interest in parks, and put my first one under contract. Would you do this deal? 

Facts: 

24 space park, 6 park owned homes liveable, 7 more are not. 100% vacant. Population within 30 minutes is about 30k people. Rural Alabama.

Dirt roads, 10.8 acres. Separate metered utilities. 

I bought this for 60k, 10k down, $500/month at 0%.

Would you do this deal?

[Tyson Cross]

Did you run a test ad in the paper to see what kind of demand there is for homes in the area? It is a great way to gauge how quickly you can fill the park. Obviously you want to get the livable homes rented out asap before you do anything. If you can't even fill those because of demand you will have a tough time with this park. This is probably the main thing I would be looking at in due diligence before I did anything with this park. Alabama has generally low lot rents as well. Dirt roads will make it tough to finance as an exit strategy.