UPDATES MADE BASED ON NEW INFO FROM SITE VISIT
22 Lots - 8 occupied currently
$130/month Lot rents currently
All directly submetered utilities - (even trash is billed through the city)
6 park owned homes come with it; but most need some rehab to be move-in ready
Asking price is $175k
Seller Financing offered:
$860/month (20 yr amortization @ 6%)
Expense ratio is extremely low as the city water meters are directly outside each mobile home; and 1/2 of the streets are city built and maintained.
The purchase includes an adjoining (3) acre plot that can be developed into a mobile home park as well (Confirmed per the City). An additional (+/-26) lots are possible. Once full, this could add another $32k to the NOI for a total of $60k per year potential with a lot rent bump to only $150/month.
Each lot comes with a large yard and they are all individually fenced in.
This property will be sold on a contract assignment.