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Updated over 8 years ago,
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 |