Updated almost 11 years ago on . Most recent reply
Small Mobile Home Park
I have a small Mobile Home Park under contract.
- Property Information
Address: Florence, Alabama
o Price: $66,000
o Rent Value: $1,250 +/ month ($400, $300, $300, $250)
o Cap Rate: 16 (1,250 x 12 x .70 / 66,000= 16 )
o Initial Repair Estimate:4-6k
-Paint each MH exterior (if you want to)
-Paint and refurbish building for storage
o # of lots: 4
o # OF Vacants: 0
o MH tenant responsibilities: Water, Electricity, Gas, Trash---All are individually metered to the resident.
o Cash Flow : $1,250--> This is low rent for this park. It could be raised $50/mobile home and increased to $1450 immmediatly. This makes the Cap Rate to increase to 19.
****Also, if desired, you can move in newer Mobile Homes and charge $500-$600 per month them.
o Expenses: Insurance $700/year
Yearly Inspection Stickers: 4 x $70 = $280
Taxes/year= $500
Total = $1,480/year
o Taxes: $500
o Basement: No
o Vacant/Occupied: All Occupied
Thanks,
Tommy Vise
256-856-8728