Mobile home park investment

[Konstantinos Porfyris]

Hi all I’m brand new to the community but I’ve been reading and educating myself through BiggerPockets ... great material !

I live in nyc but I’m thinking of investing out of state as the NYC market is way too expensive

I've found a mobile home park in the south I'm interested in. 16 acres 8 Park owned homes with a rent roll of 4250 a month. After all expenses including taxes and property management and mortgage NOI is $31,000 a year... is this too good to be true ? The property is listed at $185,000.

Any tips and advice is appreciated thank you all so much !

Konstantinos Porfyris

[Mindy Jensen]

16 acres, 8 park owned homes. How many homes total are in the MHP?

This could be someone who doesn't know the value of their park, and it could be someone selling a massive headache.

What is the class of the MHP? Like Don said above, what is the age of the homes and what condition are they in? Septic can be a nightmare repair. What is the economic situation of the city and surrounding areas?