Mobile Home Park Details

  • Purchase Method: New Loan
  • Property ID: 1235593
  • Posted On: Mar 29, 2020
  • Updated On: May 1, 2020

Property Description

PLEASE DO NOT INFORM ANYONE IN THE PARK THAT IT IS FOR SALE.
The property is mortgaged so no owner financing is available.
I'm a fellow bootcamp graduate.
This park was purchased by Dave Reynolds from the original owner. His Phase 1 from 2015 is included below (save $ thousands during due diligence)!
The park is surrounded by single family homes so no changes to environmental status.
Park is permitted for 20 lots.
17 tenant owned trailers ($226/mo)
1 park owned trailer ($350/mo)
1 empty lot (no trailer, all hookups available)
The barn is the 20th lot ($250/mo - electric only)
City Water/Sewer
Water/Sewer billed to park and passed to residents through RUBS Electric and Gas billed directly to residents from Alliance
Great onsite manager is a retiree and gets $150/mo.
All billing is handled via Cozy.co and snail mail, just like Frank suggests in order to correctly assess late charges.
Lots are roughly 50x100
Immediate Upside - fill last lot and raise rents (not raised for 2 years)
I was easily able to secure funding with local bank.
I have 3 years of Schedule C forms I will share to confirm income and expenses.

Location

Metro - 300k
Median Home Value - $160k
Desirable school district

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Park Information

Number of MH Lots: 20
Total Occupancy: 95.0 %
Year Built: 1985
Average MH Lot Rent: $226
Size: 4 acre(s)

Financial Information (Actual)

Gross Income $63,000
Operating Expense $30,000
Net Operating Income $33,000
Expense Ratio 47.6 %
Debt Info Mortgage through Cedar Rapids Bank & Trust

Lot Information

Singlewide Lots: 18
Doublewide Lots: 1
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $350

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