Contact Information

Jon Fisher

License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

Mobile Home Park Details

  • Price: $175,000
  • Purchase Method: Cash
  • Property ID: 1113562
  • Posted On: Jul 31, 2019
  • Updated On: Aug 25, 2020

Property Description

Tamarack Mobile Home Park is located in Jonesboro, IN. It is a mid-sized park that consists of 55 pads and one shed. At the present time the park has only nine paying tenants. The average rental rate for Tamarack is between $200 & $225 per month. The rents have not been raised in over four years. The park is on CITY WATER & CITY SEWER. The underground pipes are predominantly copper & black pipe. The park has electric meters, gas meters, & water meters to the pads without any utilities being back billed. The road is a combination of asphalt & gravel and needs desperate attention. The rent roll provided in this OM was provided by the seller in March of 2020. The listing agent has not received updated financials on the property. The seller will not be able to provide P & L's, Schedule E's, or other common due diligence items. The last financials provided by the seller were from 2016. The listing agent will gladly share the 2016 expenses per request. Tamarack has 25 vacant trailers on the premises. The ability for any of those to be salvaged or renovated for rentals/rent to own units is not known by the listing agent, but one should probably go in with the mindset that those that could potentially be renovated will need a lot of work to get them to that operational status.
Tamarack is currently operating without a license by the Indiana Department of Health. The IDOH has cited Tamarack for a variety of violations. Listing agent will forward copies of inspection reports for your review. The majority of the complaints of the park revolve around the condition of the road, condition of vacant trailers not being secured, an obscene amount of refuse at various lots throughout the park, excess vegetation & dead trees that need to be removed, and unlicensed vehicles that need to be removed from the premises. There are other items cited in the report as well dealing with infrastructure issues with sewer pipes from trailers, water leaks, and the use of extension cords to power a trailer with no electricity available to the pad. The Indiana Attorney General's Office has begun enforcement action against Tamarack for the park to be cleaned up and brought back into compliance. Those enforcement actions will convey to the new owner of this park. Having said that...The Indiana Department of Health & The Indiana Attorney General's Office are extremely motivated to get new
ownership groups in place to clean up the parks and bring them back into compliance. Tamarack is part of a five park portfolio that was distressed. We have already closed on two of those properties. On the two properties that we have closed thus far, the Indiana Attorney General's office has waived the fines/fees allowing for the owner to sell the property. The IAGO has also given the new ownership groups at least six months to clean up the park and bring them back into compliance prior to resuming anymore enforcement action against the property.
As I mentioned earlier this park was part of a five park portfolio. We have closed on two. We are under contract with a third. In addition to this park we have a 24 pad located in Peru, IN that could be available as part of a package. The two parks are approximately 40 miles apart from one another.

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Park Information

Community Type: All Age
Number of MH Lots: 55
Total Occupancy: 16.0 %
Average MH Lot Rent: $225
Size: 11 acre(s)

Lot Information

Singlewide Lots: 55

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

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