Mobile Home Park deal! Need experts!

[Clinton Ide]

There is a mobile home park for sale in my town listed for $194,500. This deal is land only. All the mobile homes are tenant owned. It is currently set up for 9 spaces, but with a couple adjustments, it can have 12 spaces. Each space has utility hook ups. Water and sewer are all on one meter and paid by owner. Gas and electric are separate.

Anyone have some insight on the numbers on this deal? If lot rents are in the $300-$400 range and there is room for 12 homes, are we looking at something interesting? I would love to discuss this and look at partnering on this del if it makes sense??

[Howard Williams]

That's an interesting deal. Especially at that price for just the land. With the current 9 spaces are they full? If so that's go ou d money flowing in and you rather just have the land without headaches. May want to converse with the owner on amount he pays out for gas, electricity, water and sewer. Knowing the cap rate can help the perspective as well. @john fedro may can help.