Mobile Home Park, Pinellas County FL

8 Replies


I have been looking at a mobile home park deal that seems to have some good upside potential. The property is a 33-unit park (manager lives on-site for free so 32 effective units) with 17 park owned homes, 2 apartments, 4 park owned RV's and the remaining 10 are just rented lots. the park is currently 25% vacant and is a bit of a dump. The lot is 1.33 acres but sits in a growing area in Pinellas County, right next to a chick fil a, Walmart, target etc... near main arterial roads and good demand drivers with solid population growth. We have 11 townhome and SFR rentals and are considering buying a mobile home park to boost cashflow.

So the subject has a sale price of $925K , gross income for trailing 12 months was $150K and annual expenses were $58K of which $35K were utilities ( landlord pays and they are all city, water, sewer etc..). Avaerge 

From my very conservative underwriting parameters, and with limited capital expenditures i'm coming with a present value of around $730-775K for the property.

With 32 x $450 X 12 x .5 x 10 = $864K which is much closer to the list price. 

My questions are;

1) Does this seem like a potentially good deal? - (First time with a MHP, not sure what to expect)

2) What is the biggest problem/best way to deal with old, fully-depreciated park owned homes? Gift them to the tenant and lower maintenance costs? fix them up and up rents/ keep home in use? gid rid of them?? this part is the big underwritting killer.. too may variables 

3) We're thinking of metering each pad individually and implementing expense reimembusrments effetively cutting the expenses by over 50% and increasin the capitalized value of park by 20-25% ???

Any advice is very apprciated !! 

these are some of my assumtions, Let me know if i need to change something!

Let me put this in perspective. I just built a 200 unit park for $3.5M with revenues of over $100,000 per month. The infrastructure maintenance costs can be large and you still have a small park. Hardly worth the management overhead. 

@Victor Menasce that is impressive, $500 per lot is awesome. Where did you develop this park? I am curius as to what the minimum amount of lots you recommmend before economies of scale make sense. is 33 too small, even for a newbie? I would rather build a 200 unit park for $3.5MM but unfortunately I am not at that level yet :(  

I'm actually at $550 per lot and have a plan to increase to $625. We are in Lake Charles, Louisiana and the park provides workforce housing for the tens of billions in natural gas and petro-chemical plants that are under construction over the next decade. I consider that you need at least 75-100 for the numbers to make sense. A small boutique park with 33 lots could work if you turn it into a senior independent living park, perhaps as a coop. But you really want to make sure you have low turnover and that all of the structures are resident owned. 

I personally wouldn't really be interested in it unless it was sub 600k. There's just not a lot of upside in it in my opinion. You're stating is a a dump, which will require tedious work to get it where you want it. 

@Victor Menasce Well done that's a pretty fantastic rate just for lot rents. Especially considering Lake Charles you can probably find stick built homes that rent 1k/m or less. 

@Victor Menasce How were you managing the development/operations from Canada?
My partner currently has an 80 lot RV park in the permitting phase and it's one of the last RV parks allowed in the Lake Charles area. Would it be possible to have a chat?

Happy to chat. Send me your email and phone number using the contact form on my website at and we can set up a time to talk. Sending email addresses in the BP forum is not permitted. I'll be in LC next week. We have a ribbon cutting ceremony with the Mayor.