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9499391133
Washington, Indiana
$ 379,000.00

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26 lot mobile home park

7.5 acres

1120 Old State Rd 60 Salem, IN 47167

MILLION DOLLAR potential turn around upside!

Includes a stick built home valued at around $100,000

CITY WATER, CITY SEWER, CITY STREETS

Water, sewer and trash directly billed to tenants from city! Zero water/sewer/trash bills to you

City streets (no snow plowing fees during winter)

Lot rents are currently underpriced at $150. Market rent should be around $220

Expenses:

Insurance – $500

Property Taxes – $3300

Annual Permit – $100

Repairs/Maintenance/Mowing – $3000

Yearly Expenses Total: $6900

Average monthly would be: $575

Reason for selling: Need time and capital to expand my other business

Selling below market for quick sale. Asking only $379,000.

Out of state owner. Park runs itself. Have not been to park in over 6 years!

Great tenants and great manager.

Deposits are made to our local bank account

OPTION 1: Owner finance at 20% down with 5% interest

That is a $75,800 down payment with monthly minimum payments of $1,263

Currently park has 10 owner occupied lots and 1 stick built home with a 10 year+ long term tenant and never any repairs requested in past 5 years

On day 1 with raising lot rents to $220 per lot and raising house rent to $550, monthly income would be $2750.

$2750 – $575(average monthly expense) = $2175

$2175 – $1263(monthly loan payment) = $912

$912×12= $10,944 profit per year

$10,944/$75,800 = 14.44% YIELD

or

OPTION 2: 10% down with 6% interest

That is $37,900 down down payment with monthly minimum payments of $1,705

Currently park has 10 owner occupied lots and 1 stick built home with a 10 year+ long term tenant and never any repairs requested in past 5 years

On day 1 with raising lot rents to $220 per lot and raising house rent to $550, monthly income would be $2750.

$2750 – $575(average monthly expense) = $2175

$2175 – $1705(monthly loan payment) = $470

$470×12= $5640 profit per year

$5,640/$37,900 = 14.9% YIELD

Filling up the entire park would make total monthly collections: $6,270

Which would have a valuation of $960,000 at a 7% cap rate!

Very beautiful picturesque city.

Population is increasing.

Brand new Super Walmart just built in the city

Demand is extremely high for affordable homes in Salem, IN

A lot of opportunity here for the future owner.

Text or email for quickest response


1120 Old State Road 60, Salem, Indiana 47167
Salem
47167
7.5

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