Would you build a mobile home park from scratch ?

[Brittney Anderson]

Hello everyone and I hope your having a productive day!

I have contacted a seller that has 25 acres for sale with 4 mobile homes in Eastern North Carolina. The land was previously zoned for a mobile home park and I have spoke with county zoning department (they are double checking to see if the zoning is still applicable). The previous zoning does not utilize the entire 25 acres.

The previous zoning approved 10 lots:

Water supply: well

Sewage: separate septic for each lot (connected to county sewage)

Electrical: distributed by the Utility Company

The seller is asking $250,000

Lot rent in the area range between $150-$200

Mobile Home rentals in the area range from $500-$700 for a 3 bedroom 2 bathroom.

The land already has 4 septic systems, power poles, and a well (needs a new pump).

In your opinion, would you take the opportunity? Any advice is greatly appreciated. Thanks in advance.