Updated about 15 years ago on . Most recent reply
Help Evaluate This MHP Deal
Hello everyone, seems like I don't post very often but at least I know when I do I always find someone to help out with questions. Anyway the park I am looking at is 47 pad, with 41 occupied. Lot rent $225 mo which seems pretty fair with comparison parks. It has a duplex $700 mo
and a house $500 mo.
The 2010 P & L is:
Ordinary Income/Expense
Income
Unit Purchase 28,995.43
Soda 102.28
Misc 2.00
Application Fee 425.00
Rental Income 94,713.60
MH Down Payment 350.00
Late Fees Income 6,372.97
Total Income 130,961.28
Gross Profit 130,961.28
Expense
Application Fee Charge 125.00
Eviction (377.83)
Deposit Refund 640.00
Appliances 150.00
Dues and Subscriptions 110.00
Fees
Eviction 960.00
Fees - Other 1,359.17
Total Fees 2,319.17
Insurance Expense 2,139.00
Interest Expense
US Bank Line of Credit 474.29
Mobile Manor 13,516.79
Interest Expense - Other 1,684.07
Total Interest Expense 15,675.15
Miscellaneous (36.00)
Professional Fees
Legal Fee 422.00
Total Professional Fees 422.00
Repairs and Maintenance
Electric 1,790.50
Plumbing 1,055.00
Repairs & Maintenance 5,472.40
Yard Care 2,751.12
Total Repairs and Maintenance 11,069.02
Subcontractors 45.00
Taxes
Property Taxes
Property Taxes 8,822.86
Total Property Taxes 8,822.86
Total Taxes 8,822.86
Utilities
Electric 1,193.33
Electric/Water 1,667.13
Gas 909.07
Sewage 28.66
Trash 170.34
Water (1,406.37)
Total Utilities 2,562.16
Total Expense 43,665.53
Net Ordinary Income 87,295.75
Net Income 87,295.75
The current owner raised rent in July of 2010 so I am thinking it is not completely reflected in numbers. Also used the house for his office which added to utility numbers, and didn't add to income. Haven't looked at the park yet, just wanted to see what the pros thought before I wasted anymore time. Unit purchase above is for the 11 notes he holds in the park, which go with the park at purchase. Thanks ahead of time!