Combination Multifamily/MHP totaling 18 rental units, located on 80-acre Lake Mabel.

Occupancy is usually 100% but recently is down to 66% occupied. The owner doesn’t have the time to manage this property. There are three MH units that need rehab or replacement. $100,000 is provided within Year-1 in this report for expected MH unit rehab/replacement and other repairs.

Property includes:
• 7 - 1/1 Cottages (Concrete Construction + Metal Roofs)
• 1 - Residential Home (4-Units)
• 1 – 2/1 Park Model
• 2 - Duplex MH Units (4-Units)
• 2 - RV’s
• 1 Dock
• Well-Septic

Two Parcels 27-29-11-000000-044010 & 27-29-11-000000-044030
• 7.85-Acres (Combined Parcels)
• Zoned Commercial/Industrial
• Property Use: Hotel/Motel
• Lakefront: Approximately 5-acres

Current Financial Information
• Gross Rental Income: $106,960 (Based on 66% occupancy at current average rents)
• Expenses: $27,053
• NOI: $79,907

Projected Financial Information (Based on $900/unit average rent, within year 2)
• Gross Rental Income: $194,400 (Based on 95% occupancy, expected to be reached within Year-2)
• Expenses: $52,941 (35% of Gross Revenue)
• NOI: $141,459