The park is located inside the city limits of a nice city in Iowa with a strong local economy and excellent (highly rated, great reputation) school district. Very solid community about 30 minutes from the nearest Walmart and Home Depot, and 40 miles from a metro area with over 100,000. The city has a (recently expanded) hospital, several nice city parks, lots of local jobs, a wonderful downtown, and is the county seat. POH’s on either “lease option” agreements or a “rent credit” program. Homes in the park fill quickly once "rent ready." If, after you review the below information, you believe you may be interested in acquiring the park, reply via email.

PRICING

Based only on lot rent income (8.5% CAP, 30% expense ratio) = $2,100,000
Based on income other than lot rent; e.g., home rent, etc. (12% CAP, 40% expense ratio) = $500,000
TOTAL PRICE = $2,100,000 + $500,000 = $2,600,000

BUYING OPTIONS

1. Cash.
2. Down payment and a loan from a lender or bank.
3. Down payment and seller financing. For the right buyer, seller financing is possible: 25% down payment, balance at 6.5% amortized over 30 years with a 5 year term.

HOMES AND LOTS

-- Total number of lots = 96 (84 +12)
-- Total number of vacant lots = 4 (with utilities and pads)
-- Total number of vacant lots = 12 (with utilities, no pads)
-- Total number of TOH’s = 42
-- Total number of POH’s = 38
-- Total number of occupied POH’s = 31
-- Total number of vacant POH’s = 7

TOH = Tenant Owned Home.
POH = Park Owned Home.

INCOME

-- Actual 2016 year-to-date gross income = $29,500/month
-- Current Lots Rents (average) = $292/mo

UTILITIES AND INFRASTRUCTURE

-- Park is within city limits and is served by public water, sewer, and natural gas.
-- Park pays for garbage service (curbside pick up).
-- Residents pay for water, sewer, elect, and natural gas (all direct billed to residents by utility company).
-- All lots have 200 amp service.
-- Roads are paved (asphalt) and in fair condition.
-- Park is built on 20 acres.

COMMUNITY

-- Population = 5,000 to 10,000.
-- Sperling’s Best People’s Crime = “low” property crime, and “low” violent crime.
-- Sperling’s Best People’s Cost of Living = 80 to 90 (100 is national average).
-- Sperling’s Best People’s Housing = Renters 25% of population with a vacancy rate below 7%.
-- Sperling’s Best People’s Housing = Avg rent for 2 bedroom apartment is $600/month.