WA State Mobile Home Park Feasibility

[Zach Schwarzmiller]

Greetings! I am interested in buying a mobile home park in Washington State. I have sold a couple larger ones from a brokerage perspective, but they were both development plays, so I feel the feasibility was very different than what I will be looking for in buying one as an investment. The part was in foreclosure, someone bought it and fixed it up and about half of the spaces are still vacant but ready to be rented. All spaces are land lease only, part does not own any of the homes (which I was looking for, for my first MHP purchase). I am very familiar with underwriting Multi-Family Apartment buildings and think it would be somewhat similar, but as it was recently distressed I am working with limited financials. Does anyone have any advise on specific things I should be aware of when looking into this MHP in WA State that I wouldn't look for in Multi-Family? Thank You!