Updated over 9 years ago on . Most recent reply
Mobile home opinions
Hey guys I I hope everyone is doing well! I was looking at some mobile home properties and came across one I would like a few more opinions on if i should invest or not. I will leave info below. Thank you!!
| Purchase Price: | $350,000 | Total Pads: | 37 |
| Rented Pads: | 33 | ||
| Acres 14.32 | Lot Rent/month: | $200.00 | |
| Water - Well | |||
| All Tenant Owned Homes | Sewer - Aeration | Jan Rent Roll: | $7,000.00 |
| Rent Roll/Year: | $84,000.00 | ||
| 95% Occupancy | |||
| 2015 | Rent Raised $20 | ||
| Income * | |||
| Rents: | $84,000.00 | $91,700.00 | |
| Animals/Late Fee's | |||
| Water | |||
| Sewer | |||
| Subtotal: | $84,000.00 | $91,700.00 | |
| $0.00 | |||
| Total: | $84,000.00 | $91,700.00 | |
| Expense: | |||
| Taxes: | $6,513.00 | $6,513.00 | |
| Insurance: | $1,600.00 | $1,600.00 | |
| Read Water Meters | $2,400.00 | $2,400.00 | |
| Water | $3,100.00 | $3,100.00 | |
| Sewer: | $8,300.00 | $8,300.00 | |
| Trash: | $6,000.00 | $6,000.00 | |
| Electric: | $2,400.00 | $2,400.00 | |
| R&M: | $2,500.00 | $2,500.00 | |
| Mowing | $1,500.00 | $1,500.00 | |
| Snow Removal | $1,500.00 | $1,500.00 | |
| Management | $4,200.00 | $4,200.00 | |
| Subtotal: | $40,013.00 | $40,013.00 | |
| Contingency: | $0.00 | ||
| Total: | $40,013.00 | $40,013.00 | |
| Net Income: | 2015 | 2016 | |
| Gross Income: | $84,000.00 | $0.00 | $91,700.00 |
| Expense: | $40,013.00 | $0.00 | $40,013.00 |
| Net Income: | $43,987.00 | $0.00 | $51,687.00 |
| CAP Rate 12.567 | CAP Rate 14.476 | ||
| All Homes Are Tenant Owned Except For One Home | |||
| Water Is Well, Owner Is Not Billing Water Back To Tenants, New Owner Could Do That | |||
| Sewer Is Aeration Plant, Owner Is Not Billing Tenants, New Owner Could Individually Meter Sewer And Bill Back Tenants | |||
| Roads Are Tar & Chipped | |||
| New Owner Should Raise Rents Minimal $20, Or Bill Back For Water, Sewer, Or Trash | |||
| Great Paying Tenants | |||
| Gas Workers Take Up The 4 Vacant Spaces From March Thru October With Their 5th Wheel Campers For 100% Occupancy | |||
| Seller retaining gas and mineral rights |