How do I evaluate a purchase price of an RV park
Full disclosure, I am not an investor yet, as I am the guy who always says Im just not ready, so I dont want to waste anyone's time.
I am currently sitting in a mobile home/RV park in the D/FW area, and it is a ****hole. I am here for work, and pulled my trailer out here bc its cheaper than hotels. I pay $475/month, and pay electric here each month. There is no wifi or cable offered. There is trash everywhere on the property and the "office" is an attached to a mobile home where the lady keeps small dogs and the smell of pee and poop is stagnant. My sewage hose from my trailer is attached to the sewage hookup by way of a cinder block keeping the end in place, but the smell of sewage comes with the breeze. There is no lighting on the property nor are the RV spots marked very well. I came at night to park in spot 23, and found it with a flashlight on the electrical pole at the back of the spot. Id say the property is about 5-7 acres which is 50% full, and there is no website for it. With all of this, I see potential for this place. I see a waiting list just to get into this place, with the right modifications.
With all of this, how would I even come up with an offer, even if it isn't for sale? The location is perfect, as it is close to AT&T stadium, Six Flags, Hurricane Harbor (water park), and minutes from the airport. There is obvious signs of tenants that have been here in their RV for years, and very little mobile homes on site. I was told this was originally a mobile home park, which leads me to believe it just wasn't a pleasant place to own a home here. I know I could make this place shine, with a waiting list of people wanting to stay here.