6906/6904 Penny Road

Description

Huge Investment Opportunity on this 2 parcel mobile home park. Currently 10 mobile homes and 1 RV in place. All tenant occupied with 2 more mobile home spaces that can be added. Current annual income at $125,400 with very low expenses because well and septic systems in place equates to no public water bill. Property has 2 wells and 3 septic systems. The electric bill for both wells is roughly $200 per month. Trash $220 per month. Taxes per year are $2195. Rents range from $600 to $1380 per month. All management and maintenance issues are currently addressed very quickly by a highly trusted on-site tenant. Tenant manages and maintains the property, collects rents, handles evictions, making this investment perfect as a passive investment for a hands-off owner. Each mobile home has been updated with granite countertops. Most units have new AC units, waterproof vinyl plank flooring, upgraded bathrooms, cabinets and doors. Also look at 8209 thru 8215 Hwy 2301 (MLS# 730828) listed at $199,000. If both properties purchased together, Sale Price for both properties is $1.3M (savings of almost $100k). Total Gross rents for both properties combined is currently at $150,360. Total Expenses for both properties combined are $3141 Taxes, $3120 Trash, 0 Water and Sewer because of 3 wells 4 septic systems and Electric $3000. Manage and maintain yourself for a Cap Rate of 10.85% or add in Seller's management and maintenance person already in place and takes care of both properties combined. Raise rents by 7.5% and bring in just 2 tenant owned units for $600 per unit and even with Seller's on-site maintenance and management, cap rate would be 10.06% based on a Sale Price for both properties combined of $1.3M.