100+ lot mobile home park

[Meron Gashu]

Any mobile home park experts/investors in here? I have a motivated seller...just not sure how to analyze the deal.

-100 lots ( 1 house , 68 mobile homes, 31 R/V)

-57/100 lots currently occupied

-New Rental space currently at $325/month + $45 for water and sewer

-Electric and Gas are submetered

-City sewer and water

-Close to shopping markets, elementary school, restaurants, park, lake

Annual income -$240K (June 2019-May 2020)

Expenses-

Taxes- 5k

Insurance-3K

Manager -4K

Cleaning and maintaining- 6K

Legal, licenses- 4K

Utilities- 80k

Repairs -12k

Total expenses- $114k

Net - $126K ( this is at 50% capacity)

Seller is asking $2.5mil

Any help would be great!

[Rachel H.]

@Meron Gashu Sounds like there are a lot of vacant lots. Your first step is to analyze the market to see if there is a demand from the current population for this type of housing in the area. Good luck!