Property Description:
MUST SELL ASAP! MOTIVATED SELLER! BLOW OUT PRICE!
WAS: $59,900 - NOW: $39,900
Potential cash flow income of $3,800 – $4,800 per month!
Perfect for an investor looking to develop a MHP/RV park with lots of value add and cash flow!
You can go back with mobile homes and rent them out or the easiest thing to do would be get the pads ready to rent and rent out RV/camper lots long term. It shouldn’t take long to fill it up.
We already ran some ghost ads to rent RV lots for $475 per month and had multiple calls in a short period of time.
The park has 8 existing lots and is on public water and sewer and individually metered! No well or septics to deal with!
There is 1 park owned MH that rents for $275 per month. Long term tenant and he pays 3 months at a time ahead. You could sell the MH to him (cash or terms) and continue to rent the lot or you could raise his rent or move him out and raise the rents. Or you could remove the MH all together and rent it as an RV lot.
Value add items…
There are currently 5 old MH’s that need to be moved out. We have a price to do this of $14,000. No permit is required to remove the existing homes per the town of Rison.
The road and pads need to be scraped and gravel added. We have a price from a grading contractor of $10,200 total.
Some of the power services will need to be repaired or replaced. Estimated to cost $5,000 – $10,000. Depending on if you just repair the power poles or add RV metered pedestals.
Some of the water/sewer connections will need some work. Estimated cost $5,000 – $10,000 as well.
We can provide you with our estimates and contractors we have spoken to.
You may need to add some water taps based on our research. Or you could sub-meter all of the pads.
There is also natural gas already ran to each lot if your tenants wanted to use it.
Once completed you could have a nice updated and upgraded RV park bringing in $3,800 – $4,800 per month potentially. All individually metered! So there are minimal expenses and overhead.
You could even do the value add in two phases to conserve funds which is what I thought about doing. The first 4 lots would be easiest as there is only one MH to remove and the other 3 lots are already vacant. So you could get the park up and running with 5 total tenants (counting the existing tenant) with minimal expense. Then you could finish it out later once you have cash flow coming in.
The mayor is on board with the re-development to bring in affordable housing for the area. and says it is really needed. He has told us we can bring in more mobile homes, campers, RV’s or tiny homes. He says there is a real need for affordable housing.
The property is close to town and has easy access to Hwy 79.
The park has just been neglected for a long time and needs some love. No room for expansion but lots of existing value add opportunity.
This is a great value add opportunity at a deep discount and will not last long at this price! We already have some estimates in place for the buyer.
I live in SC and just don’t have the time to re-develop this right now.
Message me at 803-831-2875 for more pics and info if you are interested as I don’t think it will last long at this price.