Woodhaven is permitted by the city for 100 spaces. 57 are currently developed. There are currently 44 park owned homes of which 37 are online (I just moved in 7 that we are working on installing). Gross income with the 44 online will be about $32,365 per month. Once developed out to all 100 gross income will be around $75,000 per month or $900,000 per year. Currently with 37 of the 44 homes online park gross income averages $27,475 per month.
NET cash flow would be about $600,000 per year as taxes and insurance are low, maintenance is very low. All city utilities. Homes rent for an average of $755+ for three bedrooms. All are three bedroom/two bath except for 4-5 two bedrooms in the community.
Woodhaven is a very modern park…..built from scratch in about 2001 with all new infrastructure: water and sewer lines, electrical underground, asphalt road, concrete parking at each lot, etc. Each lot has it’s own individual water meter. Very nice park.
60-70% of Mineral Wells citizens are renters. Their choice is either apartments, old houses, or expensive brick houses. We have the market corned in town for that middle ground of modern, all electric, central heat and air places in this mid price range.
Mineral Wells is a suburb of Dallas/Fort Worth.
At this park it averages us around $20,000 +/- per lot to purchase and completely install a home. I'd estimate around $1.25M additional to fully develop out the park to 100 park owned homes, or $125,000 or so to develop the remaining 43 lots if you wanted to rent out the lots. So, for 3,650,000 total investment, including the initial purchase, the property would generate $900,000 per year gross ($600,000 NET cash flow).
This park was professionally engineered like a subdivision and the owner has all engineering plans.
We have a very good crew of maintenance personnel on staff working full time.
Various documents are attached. Please review before messaging. We will be happy to answer any questions after a review of the attached docs, but please do not send the standard "send me more info" messages.
Due to very high interest in this property this will be a cash only sale.
Downloadable financial spreadsheets are attached to this listing.
Call Ted: 940-654-0940