Mobile Home Park Purchase - I'd appreciate more critical eyes
Greetings all,
I've nearly got under contract my first mobile home park in central Illinois and I feel at a good price - where I'm unsure is some of the projected expenses that aren't necessarily accounted for or broken down by the current owner. I.E. telephone and advertising costs haven't been accounted for and all the management, payroll, and all types of repairs and improvements are lumped as one sum.
I've prepared a break down of what the projected expenses would be.
Any input would be widely appreciated! Where this deal shines is that lot rents are about $75 below market and the park has some vacancies, both pads and homes, that once filled up will bump this NOI higher.
If you see expenditures I'm missing, or seem unrealistic let me know! Be my extra set of eyes.
Thank you!