1120 Old State Road 60, Salem, IN 47167 - Washington County

26 lot mobile home park

7.5 acres

1120 Old State Rd 60 Salem, IN 47167

Invest: $79,400 as owner financed down payment

Make: $900,000

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

Possible to recoup down payment in first year of ownership by selling home!

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 rent is $225

11 owner-occupied lots

House rent is $500

Total monthly income: $2975

Expenses:

Insurance - $500

Property Taxes - $3300

Annual Permit - $100

Management - $3500

Repairs/Maintenance/Mowing - $3000

Total Yearly Expenses: $10,400

Average monthly expenses would be: $867

Total net = $2975-$867 = $2108(total monthly net)

------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Reason for selling: Need more time to focus and expand my other businesses.

Out of state owner. Park runs itself. Have not been to park in over 7 years!

Great residents and great manager.

Deposits are made to our local bank account

Currently park has 11 owner occupied lots and 1 stick built home with a 10 year+ long term tenant and never any repairs requested in past 7 years we have owned the park.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

$397,000 Purchase Price

20% down ($79,400) with 4.25% (WSJ Prime Rate +1)

$317,600 balance with a monthly loan payment of $1,124

$2108(monthly net) - $1124 (monthly loan payment) = $984 net profit

$984 x 12 = $11,808 Yearly Net Profit

$11,808(Yearly Net)/$79,400(Down Payment) = 14..87% YIELD

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

In a span of 3 years it is possible to bring rents up to $270 or higher and filling up the entire park would make total monthly collections: $7,570

Which would have a valuation of over $1,300,000 at a 6% 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

Tony: 949-939-1133