Mobile Home Park Analysis

[Aaron Davis]

Found a park in NC near research triangle (Raleigh Durham Chapel Hill).

9 tenant owned homes on 1 acre + lots.

7 x $150 monthly lot rent

2 x $160 monthly lot rent

$1,370 monthly income

—-

$1,020 annual taxes

$372 annual power for 3 street lights

Seller receives checks at their PO Box. No tenant turn over since 1992.

Road is in good shape.

Sellers asking price - $170,000

Property has 30 additional acres, some of which may be able to have mobile homes. A flood plain is near the property making some of the lots unusable.

- Each home has its own septic

- Water is individually metered

I figured I’d raise rents $50 each year for the next couple at least. If I can add some mobiles to the back lot then that would be a bonus.

Anyone have any ideas??