PARK SIZE

• Pads: 50–200

• Will consider 30–49 pads if pricing + upside are strong

OCCUPANCY

• Minimum: 70% occupied

• Prefer 80%+

• Stable collections required (no war-zone parks)

PRICE & RETURNS

• Target purchase price: Value-add pricing, not retail

• Cap rate (in-place): 7%–9%

• Pro forma cap: 10%+

• Must support seller financing or creative terms where possible

RENT & UPSIDE

• Below-market lot rents required

• Clear path to rent increases ($50–$150/month over time)

• Infill upside strongly preferred (vacant pads with utilities)

• Ability to convert POH → TOH or stabilize tenant base

UTILITIES (VERY IMPORTANT)

• Preferred:

  • City water & city sewer

• Acceptable with discount:

  • Well & septic (must be functional, documented, and priced right)

• RUBS potential a big plus

• Sub-metered utilities preferred or achievable

PARK PROFILE

• Tenant-owned homes preferred (lower capex)

• Park-owned homes acceptable if priced right

• Paved or gravel roads (no dirt-only parks)

• No major environmental issues

• Not in flood zone

LOCATION

• Population 40K+ within reasonable radius

• Blue-collar / workforce housing demand

• Near employment drivers (manufacturing, logistics, hospitals, military, colleges)

• Secondary & tertiary markets preferred (not core urban)

OPERATIONS

• Professional or semi-professional management

• Clean books (T-12 available or reconstructable)

• Ability to add operational efficiency

• Not dependent on one problem tenant

FINANCING

• Seller financing strongly preferred

• Open to:

  • Seller carry

  • Hybrid terms

  • Master lease → purchase

  • Short balloons with refi path

DEAL BREAKERS

• <70% occupancy

• No clear upside

• Severe deferred maintenance without price adjustment

• Environmental contamination

• Rent-controlled jurisdictions