Caramel Apple Court is a midsized 36-pad mobile home park in
Martinsville, IN (30 miles south of Indianapolis). The park is
currently 81% occupied. Of the 27 occupied pads there are
currently 11 TOH, 13 POH, & 3 RTO units. Two tenants currently
rent extra yard as well. The park is currently receiving $255/month
for TOH, and $600/month for POH. The park has three additional
POH (one vacant, one being rehabbed, and one that will be
removed from the park). The rent has not been raised on POH in
over two years. The rent has not been raised on TOH in four years.
There are currently two tenants behind in their rent and both are
seeking state rental assistance.

The park is on city water & city sewer!!! Each pad has electric, gas,
& water meters. The water was recently submetered and is back
billed to the tenants. The entire park was also plumbed with new
pipe three years ago. The road is asphalt and in good shape. Off
road parking for the tenants is gravel. The park presently mows the
entire park and also takes care of snow removal as needed.

This park is generating nearly $13,000/month in rental income in
large part to the added revenue of the POH in the park. The
present owner has a qualified manager who handles all of the
leasing, water meter reading, and managing the onsite
maintenance man. The maintenance man lives on the property and
is paid $25/hour as needed (projects traced by the manager and
before/after photos provided on all projects). Both the manager and maintenance man would be open to staying on with the new
ownership group. One of the other advantages of having POH's is
that the park has some control over the quality of the trailers. The
POH in this park are the nicest looking of the bunch.