Offer feedback please

[Bryan H.]

I'm making an offer on a park, it will be my first. Want to get feedback from the group.

Here are the community stats

• Metro pop 280,000, up 12%since 2000, up 25% since 1990
• Unemployment 4.8%
• Median family income $53,000
• Median home price $101,000
• 22 lots, 19 tenants, no POH
• Avg rent is $197, avg market rent $214 
• Rent includes city water, private septic, trash, lawn
• Estimated expenses are 49%

I got a quote to sub-meter and requesting a $10,000 credit at closing so I can get that done when I purchase. Billing back water to tenants will bring expenses to 37%

My offer is $240,000

Thoughts? 

[Janene Tompkins]

what is the average rent for a 2 or 3 bedroom apartment in the area? If I s over $600, you probably have room to rate the rents to at least $225. If this park is in NC, a lot of towns go from $200-$275 per lot. It looks like a good deal to me. Make sure to do your due diligence on the water lines and pipes, etc. mobilehomeuniversity is a great resource. Good luck!