Price is $275K, he won't carry anything back45 spaces12 lot rent28 park owned (would sell those to tenants on owner financing/rent to own to get to lot rent)5 Vacantpark homes rent currently $400-425lot rent currently $125- I think market is 175-200, but not many parks around so has been hard to get numbers3 bed houses rent in nearest large(ish) city of Florence SC (30 mins away) rent for $800-900city water and sewersmall park footprint wise, just 2 roads- 1 paved 1 dirt- and all houses in the middle of it, very small footprint, tight parkArea:Marion SC, super small town, but is 10 min from super walmart, 30 min from Florence, that is the nearest MSA (technically Marion is not in one)Marion small, slowly dying town; Florence growing, solid city/townFlorence metro good growth since 2000, like 17%, low unemployment, everything looks solid there.Numbers:I am pro forma-ing it at $150/space lot rent, 40 spaces, $6K/mo, after 45% to expenses is $3,300/mo net/mo... which is $39,600 net/year14.4 cap on property pro forma12 cap on property based on 125/mo lot rent at 40 spaces.

Doesn't matter if its built with 30 year shingles.  

The Area: The town is Palestine Texas pop. 25,000ish the house is located in an older part of town but not in any danger zone.

Since June 2018, 2 homes of identical or smaller sq footage within a quarter mile of mine, built within 3 years of mine, sold for $1,900,000 and $1,800,000 (each was on the market for less than 2 months before selling. 

The vacancy rate in this town is 0.1%.

The house I'm considering was built in 1975 with 2900 sqft on a corner lot...

Have a family friend coming in to town for a 6 week rotation and we’re not sure if we need to do a lease and background check.

We are looking at a 4 bedroom 2 bath that was built in 1893.

@Joel Fine this is one of the main reasons that I am more inclined to invest in apartment buildings instead of single family homes, town homes, condos or small multi.

You can pick any contractor to give you an inital bid to make sure the numbers work with a buffer built in.