Small Mobile Home Park (purchase price?)
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?