[Calc Review] Help me analyze this deal

[Jose Lira]

Hello everyone,

This is a complex deal but I really want to make it happen (by making everything match) and I focus that all of you can help me find the golden mean here and potentially to find a partner.

Short story about this property: The owners moved out of the property several years ago and then passed it to a living trust. Since then, no body has taken care of the property (for several years now) but it is still collecting rents under the executor's management. It looks like at some point they passed away and the beneficiaries of the trust never dealt with the property and clearly have no intention of paying any attention to it.

Sale details: the executor's have very little info about the property. It has been for almost a year on the market with several discounts. For sale "as is". It has 5 manufactured homes and 1 main residence with 2 units. Every house has it's own septic and all share well water. Also, there are 4 buildings that need to be tear down. These last 4 buildings are 1 manufactured home that looks like it was destroyed and 3 old stable-style buildings. The 27 acres are coded for permission to build 4 buildings per acre, although almost half of it is forestry. The cleared land looks abandoned and needs cleaning and landscaping. No bank will finance because of the conditions of the overall property. Close inspection of the property upon offer approval.

Rental details: all 7 units are currently occupied. Tenants are month to month and want to stay after sale. By contract they must be carrying renters insurance.

Area: has been growing for several years and in words of RE agents, developers and reports from the City "it looks like it will keep growing for several years". Around the area new and nice developments keep forming and houses sold or rented out within an average time frame of 2 months. The downtown of the city is 5 mins away from the property and has everything -hospitals, schools, gyms, entertainment, etc. It is 20 mins away of big shopping areas, including outlets. The main RE customers are military families since there's a base about 20 mins away.

Extra info/ideas: I already have all the county info available. And I think that this property would do very good for a mobile home park.

About this report: this is a preliminary report but most of the rental info are current and verified estimates. The purchase info is what I am trying to figure out since the purchase price is negotiable and I am looking for a partner to finance the deal.

What's you opinion guys?

How can I improve this analysis for starting a proposal?

How can I find a financing partner for this kind of deal?

How do I do better for sealing this deal?

Thank you.

View report

*This link comes directly from our calculators, based on information input by the member who posted.