Updated almost 7 years ago on . Most recent reply
40 Unit RV Park Property
I am contemplating offering on a property in the middle of Tennessee, along the I-24 corridor. The property is 20 acres with two houses, above garage apartment ($150 per wk), 40 possible campsites/RV rental spaces that bring in $160 per month, 2 pavilions, and a bath house with shower/toilet. The thing I am unsure about is that it is zoned residential AND commercial because it acts as a campsite business essentially. They are asking $325,000 but from tax records I have gathered that it is appraised at over $400,000. The kicker is that it has been on the market for two years and still has not sold. I am wondering if there is a problem with the residential/commercial zoning that complicates buying the property and if this would be more like running a business than managing a property. What do you all think about this deal?