This property is currently breaking even with a $13,581.19 Net Operating Income for 2014 year-end. That is why the sellers have reduced the purchase price to $14,750.00 per site, which is way below replacement cost in order to generate a quick sale. The only way someone can turn this around is to pay cash, complete a renovation, then approach a lender to finance your money back out. The owners will not carry paper due to underlying financing requirements from their current lender. The note in place is non-assumable. This opportunity is surrounded by five large, 55+ mobile home and RV parks. You are purchasing the “Ugly Duckling” of the neighborhood!! Gold Dust is on all city services and water metered. This community was built for park model style homes and RVs.
There are 9 contracts for sale (see attached loan summary sheet for details), 11 inventory homes (in various states of repair), 2 vacant spaces and 6 tenant-owned homes. Please see the attached rent roll for a site by site breakdown. The property is in dire need of new ownership and management.