*NO OWNER FINANCING IS CURRENTLY AVAILABLE

The parks are to be sold as a pair only and under no
circumstances will they be sold separately.

Property: The subject property is a two park
portfolio investment. Walnut Creek is located
near Alvarado, Texas and Pleasant Oaks is
located near Joshua, Texas, both of which are in
Johnson County several minutes south of Fort
Worth. The combined investment consists of 115
mobile home spaces, of which eleven are occupied
by park owned rental homes. The park owned homes
range in age from a 1982 model to a 1999 model
and sizes range from a 720-square foot home to a
1344- square foot home. Each property has
on-site parking for both tenants and guests. The
properties are located on a combined 33.93
acres. 45 acres located adjacent to Pleasant
Oaks is negotiable for purchase as well.
Residents currently pay for their own
electricity, cable, and telephone with water,
sewer and trash included in the rent. Currently
seven of eleven park owned homes are occupied
and there are fifteen vacant home sites for a
total of 19 vacant sites/units. Total occupancy
including park owned rentals is 83.5 percent.
Both parks are on waste water treatment plants
and Walnut Creek is on a private well, all of
which are in good working order. Owner is to
retain all mineral rights upon sale of the
properties.


Location: The properties each are in areas which
consists primarily of ranch and farm land with
single family homes fairly prevalent as well.
Pleasant Oaks is located about one mile west of
the city of Joshua in

the heart of Barnett Shale drilling territory.
Walnut Creek sits about one mile east of
Interstate Highway 35 West, Fort Worth's major
arterial thoroughfare, and three miles north of
the city of Alvarado. Each

property is located within about a mile of a
major highway leading into Fort Worth. Tenants
work in various professions including
blue-collar jobs, construction trades, and
clerical positions.


Condition: The properties are in fair condition.
A new owner might consider adding some
landscaping and cutting back the trees. Also,
the new owner may include some provisions for
orderly parking and basic rules for yard and
house maintenance which would improve the parks'
curb appeal.


Pricing: The property is priced at $1,480,000.
With the current pricing, total returns looking
back at 2009 are 13.9 percent. At current
occupancy and rent rates, and assuming expenses
at 2009 numbers, returns reach 17.8 percent at
list price. It is assumed a new buyer will
originate a new loan, at 6.75 percent interest
and 60 percent loan to value, amortizing over 20
years. The property has also been priced to a
1.75 debt coverage ratio, factoring $25 per site
for replacement reserves into the current
property operation expenses.

45 adjacent acres are available and will be included
for a full list offer. Raw land has been marketed
and sold for between $5,000 to $7,000 an acre in
that area. Even at fire sale pricing of the land,
applying any sale of the 45 acres to the mortgage
will significantly increase the returns associated
with the parks.