The mobile home park is performing okay but has a tremendous amount of upside. There are 19 mobile home sites and a building that has been used as an apartment. There are two vacant spaces. Of the 17 homes, 8 are currently occupied and paying rent. Four of these 8 are owned by third parties, the remaining four are park owned and are sold on contract. The 9 vacant homes and the apartment are either park owned or can become park owned due to impending evictions and by filing quiet title actions. The current lot rent is $240 per month and is being raised to $250 per month in July. We just purchased a newer home and are setting it up in the park.

Currently the property grosses about $2,300 per month. The vacant 9 homes, 2 lots and apartment represent $3,250 per month or more in upside opportunity!! Also, newer homes could replace some of the older ones, when nicer homes have become vacant, we have had no trouble in filling them.

The property is about 3 acres and is near a large commercial street. The property is on city sewer and water and the residents pay their own gas and electric. The park pays for water, sewer and trash. All the sewer has been replaced, about half of it this summer and the other half a few years ago. There is a vacant piece of land that is part of the property and could be developed into an additional 6 to 10 sites.