Affordable Homes 4 Life is a 20-pad mobile home community located on 1.60 acres in a smaller farming community called Pana, IL. The age of the park is unknown by the seller. The property is zoned commercial (0060) and is believed to be legally conforming. The park is not located in a flood zone. The park does not currently utilize an on-site manager, however the owner believes that there are residents of the park who might serve well as a "park greeter".

At the present time the majority of the trailers in the park are POH. There are currently nine POH's in the park, of which seven are currently being rented at an average of $600/month. The seller has the titles to all nine of the POH's. There are also four TOH's in the park that are currently averaging only $125/month (below market value). The rent has not been raised on either the POH or TOH since 2019. There are no vacant trailers that need to be removed from the park. The park currently has zero tenants behind in their rent. The park does not utilize leases for the TOH's. The POH's utilize an annual lease and many have now morphed into month-to-month as the yearly term has already expired.

Although the park has a good group of paying tenants now, it struggled during COVID and as a result the 2021 financials will look significantly different than what we are forecasting for 2022 & beyond. I mention this in advance for those of you who will need to obtain financing. This park might be better suited for an investor that already has a well established lender relationship.

CITY WATER & CITY SEWER!!! Affordable Homes 4 Life MHP is on city water & city sewer. The underground pipe material is composed of iron. The electrical pedestals to each trailer are all 100 amp. The park has electric, gas, & water meters to each pad. The tenants are all direct billed by the utility providers. The roads through the park are comprised of gravel, are maintained by the park, and are considered to be in "good" condition by the seller. The tenants are responsible for mowing their own pads. The park mows the vacant lots and common areas of the park. The park utilizes a 3rd party provider to move snow and is just utilized as needed.

The park owners have owned this property for a couple of years. This was their first purchase of a MHP and was primarily utilized as an affordable way for them to learn about this asset class and dip their toes in the water. Now that they have a comfort level with running a mobile home park, they would like to sell this one and buy a larger park closer to them in their home state of Wisconsin. In the past two years the owners have made the following improvements to the park:
•Completed roofing projects ($15,000)
•Purchased adjacent land ($10,000)
•Renovated Lots 3, 8, & 16 ($30,000)
•Purchased a newer trailer for lot 17 ($36,000)

They spent $91,000 in improvements not including all of the miscellaneous water heaters, appliances, flooring, and paint that has gone into the park.

When asked what items would they continue to improve if they continued to own the property:
•Continue to bring in additional trailers and in-fill the park.
•Improve the current POH to increase the rental value.
•Raise rents to market level.