The Centerville, IA MHP Portfolio is a portfolio of two parks that are located approximately one mile from each other. The two parks have a combined 51 pads. Out of the 51 pads there are 31 tenant occupied (12 TOH & 19 RTO), and 19 vacancies (18 vacant pads & 1 vacant POH's). The current owner has owned these parks for approximately three years. The parks are all believed to have been developed in 1963 (Oaktree) & 1973 (Sunset). The parks currently have a manager who the owner believes would have interest in continuing in that role going forward. The current manager is also the maintenance man. He has lived in the park for 16-years. The manager used to build custom homes and can do electrical, plumbing, structural, cosmetic, interior, etc. He will be a great asset for an out-of-state owner. We have good records on these properties for your DD period including recent survey's & phase one reports.

Centerville has a Super Walmart approximately one mile from Oaktree Estates.

This portfolio offers tremendous upside for seasoned operators by:

• Raising all lot rents to $350/month would increase NOI by $6,360 annually.
• Rehabbing the one remaining POH ($15k investment) will add $7,800 annually.
• Park infill
• Incorporating Sunset Estates into the city (versus the current county) would drop the water rate by 50%.
• Includes $256,663 of RTO contracts!

Sunset Estates is a 30-pad park on 2.92 acres. Of the 30-pads in the park, 15-pads are occupied by tenants (50% occupied). Here is the breakdown on pads in this park (7 TOH, 13 Vacant Pads, 2 Vacant POH, & 10 RTO). The pads in the park vary in size but many of the sites are large enough to accommodate double-wide trailers. None of the trailers needs to be removed from the park. Of the two vacant POH's in the park, one is renovated and will be available to sell as a RTO starting in early January 2024, the other vacant POH is being rehabbed and will be ready to sell in early February. The park is on city water & city sewer and it back-bills the tenants via Metron meters which are read digitally. The park pays for garbage collection. The water pipes are a mixture of PVC & Steel. The sewer pipes are majority PVC with some clay. The electrical pedestals are 100-amps. The road is gravel and considered to be in "good" condition. The tenants have month-to-month leases. The tenants currently pay their rent by direct deposit at a local bank or via CashApp. Sunset Estates is right across the street from a senior living facility.

Oaktree Estates is a 21-pad park on 1.66 acres. Of the 21-pads in the park, 13-pads are occupied by tenants (62% occupied). Here is the breakdown on pads in this park (9 RTO, 4 TOH, 1 Vacant POH). The pads in this park will accommodate single-wide trailers. None of the trailers need to be removed from the park. The vacant POH has been gutted and needs about $15,000 in rehab before it would be able to be sold. The park is on city water & city sewer and it back-bills the tenants via Metron meters with are read digitally. The park pays for garbage collection. The water pipes are a mixture of PVC & Steel. The sewer pipes are majority PVC with some clay. The electrical pedestals are 100-amps. The road is gravel and considered to be in "good" condition. The tenants have month-to-month leases. The tenants currently pay their rent by direct deposit at a local bank or via CashApp. Oaktree is right across the street from a grocery store.

The park manager currently mows the vacant pads and common areas. If the tenants want their pad mowed he charges them $20. The park is responsible for snow removal on accumulation over three inches (about 3-5 times per winter).

There are currently nine tenants on payment plans to catch up on rent collection. Here is the explanation by the owner:

1. "I do poorly keeping on residents about collections due to bandwidth constraints and no time. I am stretched thin with with two toddlers, a demanding full-time job, and another demanding side business working 80-hour weeks. Everyone pays when I send reminders, charge late fees, and keep up with them. I just don't have time to do that, and rarely check-in"

2. "The little time I do have to focus on the parks has been devoted to project management of the 20 full-gut rehabs we have done ensuring supplies are purchased, suppliers are paid, contractors are paid, and homes get sold."

3. "The 1-3 remaining hours in my day I have chosen to spend with my kids over chasing residents on collections.

Here is a list of the upgrades that the current owner has completed during the past three years of ownership:

1. $450,000 investment in turnaround and stabilization of both parks.
2. All vacant and abandoned homes have been rehabbed (with one remaining) and sold on contract to new residents.
3. Roads were regraded and graveled in October of 2023.
4. Digital sub-meters were installed on each home.
5. New signs installed at each park.
6. All new electrical pedestals needed have been completed.
7. All new electrical meters needed have been completed.
8. All sewer lines needed have been completed.
9. All water line repairs needed have been completed.
10. All mobile home leveling and blocking have been completed.

Jon Fisher is a Licensed Iowa Broker Officer with MR. LANDMAN, LLC, IA License #B68919000.