Help on evaluating a park - Posted by amills65
Posted by amills65 on October 20, 2003 at 13:50:20:
Found this in my local area.: “Motivated Seller” (haven’t spoken with him yet). Owners live out of state.
30 spaces 4 empty
Rent is $250
Manager lives in park w/free rent and $3114/year
Cleaning materials $831/year
Water/sewer $12,132/year (no seperate meters)
Repairs $7,926/year ($6000 was to repalce sewer line. Only one original line left, all others replaced already)
Park was refinanced in April of '96 on balance of $160,000.00 @9% int for 20 years. Balance as of 4/1/2002 is $137,240.00
Yearly note $17,274.96
Selling Price $500,000
I am still learning how to evaluate parks, and am looking through the archives for more info. Any input is appreciated.