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Updated almost 6 years ago,
Investor in WA State - Mobile Home Park Analysis
Hi everyone,
I wanna check with you guys what you think about this. The MHP has 6 units (4 MH's and a single home divided in 2 units) inside 2 parcels that sum 27 acres. The property can be subdivided into 88 lots to either add more MH's or rent out/sell the lots. All units are under septic and private well. The MHP permit is currently just for 5 acres but the zoning allows the use of the rest of the parcel to develop it.
Current rent collected for all 6 units = $5,485
Current land-lord expenses = $1,265
Variables (vacancy, capex, mgmt) = $2,030
County assessment = $668,600
Asking price = $700,000
The property is well located but uninsured. Tenants are required to buy renters insurance.
What do you guys think at first glance?