Jan 30 • Deal Flow, Pipeline, & Offers
North Charleston Deal
Mobile Home Park – North Charleston, SC
11 Pads | 100% POH | Seller Financing | Grandfathered Zoning
Location: North CharlestonSupply-constrained infill submarket with effectively no new mobile home development. Existing MH zoning is grandfathered and irreplaceable.
Property Overview
- 11 total pads (10 occupied, 1 vacant – easy infill)
- 100% park-owned homes (POH)Some/all titles missing – priced accordingly
- Average rent: ~$1,000 per home
- Stabilized gross: ~$132,000/year
- Utilities: City water & sewer (submetered, tenant-paid)Tenants also pay electric & gas
- Operations: Simple, clean, low expense park
Expenses & NOI
- Annual OpEx: ~$40k–$45k (≈30–34% ratio)
- Stabilized NOI: ~$87k–$92k
This is a capital-structure deal, not an operational headache.
Deal Structure (In-Place)
- Purchase Price: $1,050,000
- Down Payment: $150,000
- Seller Note: $900,000
- Rate: 6.50% fixed
- Amortization: 25 years
- Monthly Payment: ~$6,070
- Balloon: 3 years
- No prepayment penalty
Seller financing eliminates lender friction around POH titles and DSCR and allows buyer to control the asset with limited equity.
Investment Thesis (Why This Works)
- Infill + grandfathered MH zoning = non-replicable asset
- $1,000 rents are still below nearby apartment alternatives
- Small rent drift ($100–$150) materially improves DSCR and refi math
- Seller paper buys time for rent growth and title clean-up (partial or full)
- Multiple realistic exits:partial refi + extension, portfolio lender, or sale
This is a time-arbitrage and control deal, not a yield chase.
Please leave a comment if you'd like to hear more details.
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North Charleston Deal
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