Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

MR LANDMAN LLC

CONTACT BROKER

Price: $300,000
Purchase Method: Cash, Seller Financing
Cap Rate: 13.3%
Listing ID: 6860723
Posted On: Apr 3, 2025
Updated On: Apr 3, 2025

Description

Heartland MHP is an 18-pad mobile home park located in Murphysboro, IL. Situated on 1.70 acres, the park is not within a flood zone and is believed to have been constructed in the 1960s. The park offers a mix of tenant-owned homes TOH) and rent-to-own units (RTO), making it an appealing investment opportunity.

Occupancy & Infrastructure:

•Current Occupancy: 12 occupied trailers (8 RTOs & 4 TOHs)
•Vacancy: 2 vacant trailers and 2 vacant pads
•Pad Usability: Owners believe all vacant pads should be able to accept trailers.

Utilities:

•Water: City water
•Sewer: Aerobic treatment system with single-stage lagoon
•Sewer Condition: Owner recently met with the EPA and water treatment company regarding PH and dissolved oxygen levels, which were slightly below state standards. Repairs were made last week, and the system will be reinspected next month.
•Underground Plumbing: Believed to be galvanized metal
•Electrical: Majority of pedestals have been upgraded in recent years; believed to be 200-amp service
•Gas: No gas service; all-electric park
•Billing: Tenants are direct-billed for utilities

Operational Details:

•Roads: Gravel roads in need of maintenance
•Landscaping: Owner believes the park maintains all mowing
•Tenant Payments: Venmo & Cash App
•Leases: Annual leases in place
•Collections: Owner has heard that tenants are current on rent with no known collection issues

Challenges & Considerations:

•Sewer Line Issues: Owner states that there have been clogs, but it is unclear if the lines have been scoped.
•Water Bill: Higher than expected; potential leak suspected but has not been confirmed through scoping.
•Record-Keeping: The park was recently taken back from a lease-to-own scenario, resulting in incomplete records. As a result, traditional bank financing may not be an option.

Investment Opportunity:

•Purchase Price: $300,000

•Seller Financing Terms:
•$50,000 down payment
•$250,000 seller-financed at 9% interest
•Estimated monthly payment: ~$2,011
•Open to a 3-5 year balloon

Heartland MHP presents a compelling investment for a buyer seeking a value-add opportunity with flexible seller financing. With occupancy stabilization, minor infrastructure improvements, and potential for rental growth, this park has strong long-term potential.

Location

Murphysboro, Illinois, is a historic city in southern Illinois and serves as the county seat of Jackson County. Located within the Carbondale-Marion metropolitan area, Murphysboro is known for its small-town charm, rich heritage, and proximity to outdoor recreation. Situated along the banks of the Big Muddy River, the city offers a blend of scenic beauty and Midwestern hospitality.

Murphysboro is just a short drive west of Carbondale, home to Southern Illinois University, providing residents with access to higher education, cultural events, and economic opportunities. The city is also well-known for its annual Apple Festival, a beloved local tradition celebrating the region’s agricultural roots.

Outdoor enthusiasts appreciate Murphysboro’s close proximity to the Shawnee National Forest, which offers hiking, camping, and scenic views, as well as nearby Kinkaid Lake, a popular destination for fishing and boating. The city’s historic downtown features locally owned shops, restaurants, and landmarks that reflect its deep-rooted community pride.

The median home cost in Murphysboro is $90,100. Home appreciation the last 10 years has been 35.3%. Home Appreciation in Murphysboro is up 14.3%.

Renters make up 31.9% of the Murphysboro population.

Murphysboro has an unemployment rate of 5.9%. The US average is 6.0%.

Murphysboro has seen the job market decrease by -6.9% over the last year. Future job growth over the next ten years is predicted to be 21.5%, which is lower than the US average of 33.5%.

The Median household income of a Murphysboro resident is $38,949 a year. The US average is $69,021 a year.

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