Mobile Home Park Analysis

[Bram Klein]

Looking seriously to purchase a 1980’s park with about 15 pads. Walked through the park and most of the units are needing rehabs. All mobile homes are owned by the park. Water is paid by the Seller. Every two units share a septic tank.

My plan is to buy the park, remodel or replace the units, Rent to Own these once the leases come up. My question is 1. How expensive is it to submeter for water? 2. How do I transfer the cost and maintenance of the septics to the “new” owners (I know it is best to be on county sewer)? 3. When analyzing the property to purchase (since the Homes are not in great shape but are rented at about $500 a piece), do I just use a lot rent for value?

Thank you for your help!

Bram Klein