Excellent investment opportunity with multiple options. The investment consists of three parcels totaling 7.2 acres. All have road frontage to U.S. Highway 17-92 in Davenport. The property was used as a mobile home park that included multi-family structures and single family homes. Currently all units are vacant and in need of repairs to be made rental ready again. There are four single family homes, one quad, one triplex, and one duplex. The old mobile home shells are being removed from the property and will not convey. We recommend rehabbing the fixed structures and renting them out. As for the mobile home lots, once the shells have been removed, the lots could be used to build more multi family structures, rent the lots to mobile home owners, or possibly place mobiles back on the property as rentals. Either way, there is a huge upside with this opportunity.
Rental Income: $11,700 mo. / $140,400 yr.
Investor Price: $599,900
Closing Costs to Buy: $10,000
Rehab Projection: $378,000
Property Insurance: $5,000 / yr.
Estimated Taxes: $4,627 / yr.
Property Management: $14,040 / yr.
Maintenance: $4,000 / yr.