Small Mobile Home Park (purchase price?)

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Currently looking at small 14 pad mobile home park for sale. Lot rents $210 includes city, water, sewer and trash. All pads rented, also mobile home out all owned by tenant. Also building on property rents for $450 monthly. Income around $40,000 yearly Expenses $10,000 yearly (property taxes, trash, water, sewer, park license, insurance) What is price I should be looking to purchase at? Also what kind of financing would I be looking at from bank? Wound you do a 30 year or shorter for something like this? Also this is out of state. Which is another concern of traveling i plan self managing property. Can you afford a property manager on small park like this?

Small local bank, or all cash are best on deals like this, depends on price. private lender is potential as well.  your going to be looking at 5-6% for smaller banks as well w/ 5-7 year balloon, maybe 20 year amortization as well.

 smaller parks like this are not going to run that clean of expenses unless the utilities are all direct billed? which is doesn't sound like they are???

don't forget about mowing, snow plow/salt, some turnover, taxes for your manager/workers comp, free lot rent, money for your management time, accounting software, LLC set up cost

Your going to have more of a greeter in a park like this, which would be free lot rent only and maybe $5 a lot...smaller parks have really thin margins...if you have 2 tenants move out, die, leave town, get arrested, whatever, you then lose 14% of your tenant base and monthly income for the property, get to 5 tenants and your at 40% which could throw your loan into nonperforming very quickly unless your willing to come out of pocket on something like this

just to show your top gross revenue will never equal 40,000(210*14*12=35,280)

just do your diligence and i wouldn't pay more than 200k for something like this...and thats a stretch or if there willing to carry some of the paper

something this small, don't turnover to a property management company because they don't know what their doing normally with a park like this and their going to charge 10% of revenue probably. which eats into your budget big time