Mobile home park Deal or no Deal?
Good morning BiggerPockets! I find myself needing some direction. Ive focused on Self Storage and MFH over the last year or so. So to my surprise, when one of my letters was responded too for the sale of a MHP instead of Storage. I thought I’d entertain the idea because who doesn’t like a deal in any space of real estate right? So speaking with the seller here’s what we have.
46 pads
22 homes
13 rented
Lot rent is 200 a month
The park is city sewer and water.
Tenants that are currently renting do pay their own utilities.
The park was built in 1976.
The price she wants to sell at is 385k. She will not budge off the price. Demographics in the area are solid. Population growth is stable. Median income is around 52k a year. More than one employer in the area.
This park is very mom and pop run. She currently does all the financials on a note pad. No P&L or rent roll. No advertising. Park itself is in pretty good shape and right now the street from a couple schools.
My questions for all you savvy MHP investors is this:
1. Is this a potential deal?
2. How would I fill up those empty spaces?
3. Can this be ran remotely?
Thank you in advance!!