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Updated almost 7 years ago,
Potential MHP Deal - First Multifamily Please Help
Here are the details! - I appreciate any help, feedback, or additional due diligence suggestions. I may need a partner on this deal. If it appeals to you, please comment below!
$430,000
20 Units, 7 Vacant
950 sq ft building, livable, used as ‘office’
3 Acres
City Water, City Sewer, Paid by park
Power, 1/2 Separately metered 1/2 Master metered (how much does that conversion cost?)
5 Park owned homes recently renovated
Water lines recently updated, sewer lines giving some trouble with longer runs otherwise ok.
Rent: $4950
Expenses: $1,250
Gross Cap: 13.8%
Debt service: $2,028
Est. Cap on Cash: 14.2%
Financing: 25% Down, 25yr amort, 5.75% commercial
Working on: test ads, quotes for separate electric meter conversion, crime report from local PD, better financing
What am I missing?