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Updated almost 4 years ago,
I need help assess a off market Mobile Home Park deal
Hello everyone, I am a newbie to Mobile Home park investment. I have been reading and learning from BiggerPockets regarding the Mobile Home Park investment. I was wondering if anyone with Mobile Home expertise can help me assess the off-market deal I have received.
Property Description:
Approximate 1.6 acre lot size (252'x269'x266'x266') with approximately 252' of frontage on Hwy 231/431. Mobile Home Park includes the 1.6 acre lot, 7 mobile homes (fully rented with leases and deposits), laundry room - currently inactive (with restroom, 2 coin washers, 2 coin dryers)
The asking price for this Mobile Home Park is $189,000. All the Mobile Homes are owned by the park owner and it comes with the deal.
I do know how to assess single/multi family rentals, but not the Mobile Home Park. I do want to point out that the Mobile Homes are a bit old. I am not sure if I should be worried about that. I would definitely have some due diligence contingencies when I sign a contract. Have this inspected fully.