Package of 60 Homes – 26.3% LRR - 34.7% Pro Forma

[Jason Richardson]

Package of 60 Homes

26.3% LRR

34.7% Pro Forma

Elkhart County, IN

$2,400,000

This is a package of 60 single family residences all located in Elkhart County in Indiana. The package is professionally managed by the owner and his staff, and they would be happy to stay on to manage for a new owner. All have been well maintained and updated as needed, and all are in C and above neighborhoods, no war zones. Current gross monthly rents are $34,635, which is $4,000 below market rents, but the average occupancy term for the package is 40 months long and the average occupancy level ranges between 97 and 100% occupied. These are the last 60 left of a much larger portfolio that the owner has acquired over the last 12 years. Cash on cash returns run 11.6% to 13.3%, current gross to pro forma, and leveraged rates of return run 26.3% to 34.7%.

Elkhart County is considered to be the “RV Capital of the World”, producing more RV’s, campers and travel trailers than anywhere else in the world. With over 26% of the people living in the county employed in the RV industry, it ranks 21st out of 2,903 US counties in the number of manufacturing jobs available. Unemployment rates are currently among the lowest in the state at 4.9%. Median household income for Elkhart county is $30,200, with the average county household income at $54,556.

Serious inquiries only. Email for more information.