Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $100,000
  • Purchase Method: Cash
  • Property ID: 1501772
  • Posted On: Aug 23, 2021
  • Updated On: Sep 10, 2021

Property Description

Sycamore Estates (Investor Highlights)
•Value-add opportunities present!
•City Water & City Sewer!
•Low Property Taxes!

Sycamore Estates MHP is a 20-pad mobile home community offering "value-add opportunities" located on 1.88 acres in Montezuma, IN. The age of the park is unknown to the seller. The property is zoned for a MHP and the park is believed to be legal conforming. The park is not located in a flood zone. The park is presently managed in-house. The seller does not know the exact sizes of the pads but simply calls them "large". There is one vacant trailer that need to be removed from the park. Of the 20-pads in the park, 13 are occupied by TOH averaging only $140/month. There is currently one tenant who is significantly behind in their rent. All of the residents in the park are currently on month-to-month leases. The last rent increase was at least ten years ago!

CITY WATER & CITY SEWER!!! Sycamore Estates MHP is on city water & city sewer. The underground pipe material is PVC. The seller believes the pedestals to each pad are believed to be 200 amp. The park has electric, gas, & water meters to each pad, and all three are billed directly to the tenant from the supplier. The road through the park is asphalt and the park is responsible for maintaining it. The road is in poor shape, however some affordable pothole repairs would go a long way (I've sold parks with worse). The tenants are responsible for mowing their own space. The park mows the vacant pads and common areas. The park retains an outside vendor for snow removal as needed. Off-street parking is provided in the driveways to each pad.

Due Diligence items will be in very short supply for this property. Financing will most likely be extremely limited if dependent upon financial records. Please keep this in mind as you consider this property.

MR. LANDMAN, LLC is a licensed Indiana Real Estate Broker Company that is licensed under #RC52000015. Jon Fisher is the managing broker for MR. LANDMAN, LLC and his Indiana license number is #RB18000549. MR. LANDMAN, LLC is a licensed foreign entity with the Indiana Secretary of State under license #202001211368938.

Location

Montezuma is a small farming community of approximately 1,000 people near the Illinois-Indiana border. Montezuma is 25 miles north of Terre Haute, IN, and 65 miles west of Indianapolis.

Parke County, IN is perhaps most famously known for its 31 covered bridges, and in turn the "Covered Bridge Festival" which is a major tourism boost each fall...they refer to themselves as the "Covered Bridge Capital of the World". It is a sparsely populated county is which under 20,000 residents reside. The largest community in the county is Rockville, and their population is only 2,600 residents.

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Park Information

Community Type: All Age
Number of MH Lots: 20
Total Occupancy: 65.0 %
Average MH Lot Rent: $140
Size: 2 acre(s)

Lot Information

Singlewide Lots: 20
Doublewide Lots: 0
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: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0
Average Rent for Park-owned Homes: $140

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