Contact Information

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

Mobile Home Park Details

  • Price: $900,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.7%
  • Listing ID: 5535805
  • Posted On: May 3, 2024
  • Updated On: May 12, 2024


Daisy Hill Estates is a 15-pad MHP located on 9.16 acres in Borden, IN. According to county records the park was developed in 1999. The park is zoned 415 (MHP) and is believed to be in compliance. All of the tenants pay their rent online via the STESSA property management program. The park is presently self-managed by the owners who live nearby. The owners have identified an individual who they feel would be a capable manager. The owner is presently handling the maintenance duties.

The size of the pads were not provided but they should be large enough to accommodate modern trailers. No homes are abandoned or need to be removed from the park. All fifteen of the homes in the park are park owned and currently occupied. (80% occupied). The rent on these currently range between $900-$1,100 per month. There are no vacant trailers being held for back taxes. The park utilizes month-to-month leases. One tenant is currently behind in rent (they always catch up the owner says). The park currently has titles for 13 out of the 15 trailers (the other two trailers will be conveyed by a bill of sale). The park is not located in a flood zone. There is one spot in the park where an additional trailer could probably be added.

City water & city sewer! The composition of the waterlines was not provided. The electrical pedestals are believed to be 100 amp to each pad. Residents are billed directly for their electricity & water by their respective providers. Garbage is provided as part of the property tax bill for the property. The roads are considered to be in "good" shape are asphalt. The park maintains the roads. The park mows the entire park (tenant is paid $75/mow).

I asked the owner of the park to provide some insight on the improvements that they have made in the park since they've owned it:

"Lots of new flooring, light fixtures, removed all gas from the park, deck updated including board replacements, staining, painting, five new metal roofs in 2023, installed locking mailbox (each tenant now has own key), some newer appliances. We no longer provide appliances. What is there can stay and when they break the tenant is responsible to get their own. We have acquired two trailers. This is just a small list of the things we have completed. The rents are well under market value. Most could go up a few hundred dollars per month."

I also asked the owner if they were going to operate the park going forward what would you concentrate on improving?

"Generally, just like any other rental property I would try and get a
better tenant each time. In this case when people move we try and
make the property a little nicer each time."

MR. LANDMAN, LLC is a licensed real estate broker company in the State of Indiana under License #RC52000015. Jonathan Fisher is a licensed managing broker in the State of Indiana under License #RB18000549.


Borden is a town in Clark County, Indiana. The population was 786 at the 2020 census. The town's official name was New Providence until December 29, 1994.

The median home cost in Borden is $180,300. Home appreciation the last 10 years has been 81.4%. Home Appreciation in Borden is up 15.2%.

Renters make up 18.2% of the Borden population.

Renting a two-bedroom unit in Borden costs $990 per month, which is 30.8% cheaper than the national average of $1,430 and close to the state average of $980.

Borden has an unemployment rate of 4.4%. The US average is 6.0%.

Borden violent crime is 15.0. (The US average is 22.7)
Borden property crime is 30.5. (The US average is 35.4)

Borden, IN is located approximately:

22 miles NW of Louisville, KY
109 miles SE of Indianapolis, IN
126 miles SW of Cincinnati, OH
128 miles NE of Evansville, IN

Clark County is a county in the U.S. state of Indiana, located directly across the Ohio River from Louisville, Kentucky. At the 2020 census, the population was 121,093. The county seat is Jeffersonville. Clark County is part of the Louisville/Jefferson County, KY–IN Metropolitan Statistical Area.

Louisville is the most populous city in the Commonwealth of Kentucky, sixth-most populous city in the Southeast, and the 27th most-populous city in the United States. By land area, it is the country's 24th-largest city, although by population density, it is the 265th most dense city. Louisville is the historical county seat and, since 2003, the nominal seat of Jefferson County, on the Indiana border.

The Louisville-Jefferson County, KY-IN Metropolitan Statistical Area (MSA) includes Louisville-Jefferson County and 12 surrounding counties, seven in Kentucky and five in Southern Indiana. As of 2023, the MSA had a population of 1,365,557, the 43rd largest in the nation. An economic snapshot of Louisville-Jefferson County, KY-IN Metropolitan Statistical Area is located in the back of this OM.

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Park Information

Community Type: All Age
Number of MH Lots: 15
Total Occupancy: 80.0 %
Year Built: 1999
Size: 9 acre(s)

Financial Information (Actual)

Gross Income: $134,219
Operating Expense: $29,263
Net Operating Income: $104,956
Expense Ratio: 21.8 %

Lot Information

Singlewide Lots: 13
Doublewide Lots: 2

RV Information

Number of RV Lots: 0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 15
Average Rent for Park-owned Homes: $866

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