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Updated over 8 years ago on . Most recent reply

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3
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Mobile home opinions

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Posted

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

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