HI BP! Looking for your expertise, guidance!
*Off Market Price-$1.2M (7.7 ac, Fully Occupied)
*30 Units (23 Units POH) (7 Lot leases)
*23 Units POH - $700 per mo=$16,100
*7 Lot Leases - $375 per mo=$2,625
*Tenant paid utilities
*Total Expenses from Tax Returns: $36,600
*All 30 park spots have their own septic tanks, and were all pumped Summer of 2018.
*The property has 3 wells while only utilizing one well for the park. The other two are well maintained and can be brought online at anytime if needed.
*Dumpster is on site for trash
Park is immaculate shape and needs no repairs currently. POH avg age of 20 years.
What are your thoughts on this deal?
Joe, the numbers on this park are incredible obviously. I really do have to question the expenses. With 23 POH, I think that's a bit low. Are they paying for management?
The biggest question for me would be the location. The park is full now, but you have to worry about being able to fill vacancies when tenants move. This is the downside of having a high percentage of POHs. If the park is in a good location, I would get it under contract quickly. You can dig in and find any issues during your due diligence process.
Lee, Thank you! I am currently waiting to see full financials and should see expenses on Tax Returns. The location is in a great area. Thank you again for the reassurance!