47 Lot Mobile Home Park in Orangeburg, SC

MHP located less than 4 miles to Orangeburg and I-26. Park currently has 47 spaces each with public water and power paid by the tenant. Lots currently use septic for waste. There are 16 park owned homes 11 are rented. Vacant homes need extensive work. The roads are gravel with some remnants of paving left. There is an old RV park at back end of property. This owner has never operated it but says there was a shower and RV hookup for he thinks around 15. There’s wetlands between the 2 areas and RV part needs cleared. Only utility is small power bill for lights. No pets. Rents for spaces are $125 and homes rent for $325 to $450. Competing parks charge $200 lot rent, homes up to $600 for a nice 3 bedroom. Rents for all could easily be increased. Park at 55% occupancy. There is a lot of potential for this park. Asking price is $705,000. Owner will finance 25 years at 6% with 25% down. Park is being sold as-is at $15,000 per space with enough income to keep the new buyer above water until the rental increase or more homes are added. Owner has manager that collects rents and takes calls for him. The manager is not a licensed property manager but she collects rents and takes calls for the current owner and would be willing to stay. She is paid $500 a month for her labor. This park has a ton of potential and can easily be turned into one of the nicest parks in the area with an owner willing to put in some time and money. Owner financing could avoid a lot of fees for appraisals and origination fees with the bank, plus no need to renew loan every 5 years. Not many owners will take financing this long. Potential income at current rents is over $74,000. Last year the collected rent was $61,600 due to some vacancy and leniency on the owners part in collection practices. Gross rents for 2016 were $53,360 and gross rents for 2017 were $60,125. Road through the park is named Creekmeadow Circle. You can use this for GPS, but please do not disturb or talk to tenants. Sale has not been disclosed to them.