34 Lot community, city water, sewer, electric and trash all metered, read, and billed directly to residents by the city. Very low maintenance and easy to operate.

Rising Sun, Indiana-county seat for Ohio County, Indiana.

Population: 2205 for the city:
http://www.bestplaces.net/city/indiana/rising_sun
Suburb of Cincinnati, Ohio metro, Population 2,157,720 https://www.bestplaces.net/metro/ohio/cincinnati

34 LICENSED LOTS-100% OCCUPIED
+ metal garage(rented for $150 mo), and room to develop 2 additional lots.
City water, sewer, electric, and trash pick-up direct billed by the city to residents.

Built in 1978 with modern underground PVC water and sewer lines. Never a sewer line issue and water line issues are rare, 200 amp electric service at every lot. Surrounded by city owned and maintained streets makes this park a “sweetheart” from a maintenance and expense perspective.

8 RTO park owned homes sold on rent credit agreements avg home pmts of $340 per month.

All park owned homes and agreements included with sale. Remaining contracts valued at $80,000 to be paid out in approximately 36 months.

All residents brought in have been screened for criminal background history and landlord references in addition to having been required to put $2000-$2500 down upfront for park owned homes. This alone has been an excellent screening tool. While this had resulted in me only selecting 1 out of 10 prospective applicants, we have attracted the “cream of the crop” in tenant base for this area.

Park was purchased in February of 2015. 2015 and part of 2016 Repositioning the park took place by tearing down old homes, rehabbing homes, and bringing in 8 newer homes. I’m in the mobile home business so am very experienced at sourcing homes, rehabbers, and parts. The effort was worth it as the park is now very stable with quality tenants.

We have an onsite park manager that handles lawn care, posting notices, trash and is available for cleaning and rehabbing homes as well.

Where the park stands today:
Solid and dependable park income and park owned home income with low delinquencies.

2017 Income
Lot rent only NOI 2017 was $86,665
POH Sales NOI for 2017 was $45,506
Combined NOI for 2017: $132,171

Standard park expenses run under $11,000 per year.

These low expenses will make sense when you consider you do not have leaky galvanized water lines, septic treatment plants, pools, clubhouses, or playgrounds that drive expenses to the typical 30-50% of revenue you see with most park offerings.

Other notes of interest:
Rents are deposited directly into our bank account down the street allowing “real time” collections.

What I’m looking for:
A qualified buyer. If you cannot prove you have cash of at least the 20% down that most lenders require then please do not inquire. I will not allow the community to be placed under contract for possible non performing buyers. Unless you are paying cash please be prepared to provide evidence of your ability to purchase which includes: available cash, credit, and/or experience purchasing multifamily properties.

What type of purchase will I accept?

All cash. I have lenders locally that will finance at 4.25-4.5% for 15-20 years with 20% down and low closing costs.

Please, let's work together to knock out your due diligence items quickly. I realize some investors want to renegotiate during DD as a strategy. With all do respect, let’s get your big due diligence questions out of the way up front.

You won't find a park any easier to understand or operate than this one. Due diligence will be a piece of cake.

Conclusion and key points:

Reasons this is an attractive purchase:
**Part of very stable major metro.
**Affordable housing is booming here.
**Low lot rents that can be increased.
**Great demand.
**Low maintenance with PVC water/sewer lines.
**200 amp electrical service.
**Friendly city and friendly to the community owner.
**Well screened tenants.
**Lots will accommodate 16 wide homes.
**Natural gas available on many lots.