The reason for this is this census designated place is almost fully comprised of mobile homes worth a median of 11k with contract rents being reported as $950.That being said, the cash flow you actually would realize in these markets will likely be a lot less than what your pro-forma suggests due to the massive risk associated with these markets. 

They usually have all details listed that you would need for your pro-forma.

I would love to form a team of investors one day, that are willing to put some time and effort into these areas, as I believe that Newark is much more feasible to redevelop than many would imagine, and there is a ton of potential as opposed to to other cities. 

Based on the T12 and pro forma, the current rents are lower than the rents that I used in this analysis.4.Based on my market research I believe that we can get those rents.Thanks for your input, I would love to connect and hear what other questions you have and see if we can be of value to each other going forward!

Here is a link to the municipal oridnances: https://library.municode.com/w...More important than the length of lease is the actual form; a lot of leases I see have language in them that makes them unenforceable, because they violate state law.

Thank you, but I have financing and a detailed pro forma profitability model. 

Ben and I are going to form a mutual admiration society!)

Unit rents have already increased from $1200 avg/mo to $1500 avg/mo (our pro-forma #'s.).

From a pro forma perspective, if it pencils then it’s worth looking into.

Looking into Racine WI area since pro formas indicate a 1% rule strategy.