Updated almost 7 years ago on . Most recent reply
Mobile Home Park Deal Advice
I'm considering wholesaling a 10 unit Mobile Home park. Four spaces/units currently rented, three ready for rent and three need renovation to make rentable. Total expenses per month according to the owner are about $215, gross rents are currently $1275. Renovations are estimated at $10-20,000 for the rehab of three units. These are all 2/1 units. Would a purchase price of $145,000 be reasonable? If so, is it enough to provide two pro formas: one showing the current rent roll and proposed purchase price and one showing the projected rents upon full rehab? Appreciate any input you can provide.