Is there any hope for this MHP (long)? - Posted by Dr. B. (OH)

Posted by Dr. B (OH on September 26, 2003 at 15:01:55:


Is there any hope for this MHP (long)? - Posted by Dr. B. (OH)

Posted by Dr. B. (OH) on September 24, 2003 at 21:14:15:

10 unit park on 5 ac zoned MHP

1 sewage plant on 5 ac zoned commercial-other
no way will they rezone the 2nd 5 acres for MHP
Too rural and off main road for any commercial activity.

licensed for 10 units only-limited by sewer plant

all rentals/park owned

whole mess repo’d by bank
bank sent me a letter to “bid” starting at $182K

At least 3 MHs need to be scrapped
2 are being lived in and are OK one 12 wide and 1 14 wide.
four of the other five are 12 wides and in various states of disrepair and vandalized
est $18.5K for repairs

plenty of room for bigger singlewides. would have to redevelop for doubles.

road is gravel

sewer plant not working-overgrown with weeds-sewage seeping out from under a lid. I saw it working last spring.

other 5 ac is mostly field, a little soggy- neighbor has dumped approx 100 tons of clay on it in 4 foot piles.

local lot rents are $225-$245 for parks with managers, paved roads, etc.

nearby 5 acre residential plot sold for $57K in July.

So even if I bought this for $104K and scraped EVERYTHING, for about $10K,I’d be losing money (RE Agent comm.) for a lot of work.

Even at $10K per lot, That’s only $100K, the bank note, I’m guessing is $180K. Former owner bought it in 1997 for $189K.

I feel like I might not be seeing a bigger picture. It just seems a waste to have 10 MOHOs tying up 10 acres, they take up about 2.5-3 of the actual acreage.

Is this a “run for the hills” or is there a way to make this work?

Happy Trail(er)s

Re: Is there any hope for this MHP (long)? - Posted by Ernest Tew

Posted by Ernest Tew on September 26, 2003 at 05:47:32:

It sounds like a way to get a lot of experience–but at a very high cost in terms of money, time, and grief.

However, if the land without any improvements is worth more than the total cost, it could work out.