Jan 27 (edited) • Partnerships / Investors
Rural Ohio Package Deal Partnership Request (Details Below)
Hi everyone,
I have a deal where the numbers make sense, but I can't set it up as a wholesale deal, so I need to find someone to partner with on this one. The seller wants to sell both in one fell swoop, so I need an experienced operator to help orchestrate this deal. Please reach out, and I can give you addresses and we can see how we can work together on these.
Park #1: Ada, Ohio
Asking Price: $600,000
Pads: 17 (100% occupied)
Rent: $450 / pad
Utilities: Well + wastewater treatment plant ($1,000/mo, compliant, maintenance records available)
Tenants pay: Water (individually billed), electric & gas
Roads: Gravel
Ownership: Mostly TOH (1 POH) Income 17 × $450 × 12 = $91,800 / year
Operating Expenses (Actual / Conservative)
Wastewater treatment: $12,000
Well maintenance: $2,500
Management (10%): $9,180
Property taxes: $1,760
Insurance: $1,500
Roads / gravel / snow: $2,500
Repairs / reserves: $3,000
Total OpEx: ~$32,440 / year
NOI
$91,800 − $32,440 = 👉 ~$59,360 NOI
As-Is Cap Rate @ $600K: ~9.9%
Bank Financing (Conservative) Assumptions: 65% LTV 6.75% interest 25-year amortization
Loan Amount: ~$390,000
Annual Debt Service: ~$32,500
Cash Flow NOI: ~$59,360
Debt Service: ~$32,500 👉
Cash Flow: ~$26,800 / year 👉 ~$2,230 / month DSCR: ~1.83 (very strong)
Cash-on-Cash: ~12%+ Cash Required to Close Down payment (35%): ~$210,000
Closing costs: ~$12,000 👉 Total Cash In: ~$222,000
Park #2: Wapakoneta, OH
Price: $1,400,000
• Pads: 36 total | Occupied: 30 | Vacant: 6
• Utilities: Private well + wastewater (fully compliant, documented O&M at $1,000/mo)
• Roads: Gravel
• Management: Tenant handles mowing/plowing/roads in exchange for use of barn
Current Rent Roll (30 homes):
5 @ $500 | 5 @ $450 | 20 @ $400
Current Gross: $153,000 / yr
Actual Operating Expenses:
• Wastewater: $12,000
• Well: $3,000
• Management (10%): $15,300
• Taxes: $5,000
• Insurance: $6,000
• Misc / repairs: $2,000
Total OpEx: ~$43,300 As-Is NOI: ~$109,700 (≈7.8% cap)
Day-One Financing Assumption:
• Bank loan @ 65% LTV (~$910K)
• Rate: ~6.75% | 25-yr amort
• Cash in (incl. costs): ~$518K
• Day-one cash flow: ~$34K/yr
Value-Add Plan:
• Raise 20 pads from $400 → $450 (+$12K/yr)
• Infill 6 vacant pads @ $450 (+$32.4K/yr) Stabilized Gross: ~$197,400 / yr
Stabilized Expenses: ~ $50,700 / yr
Stabilized NOI: ~$146,660
Refi Assumptions:
• 7.0% cap | 70% LTV
• Stabilized value ≈ $2.1M
• New loan ≈ $1.47M
• Cash-out ≈ $525K
Post-Refi Cash Flow: ~$25K/yr (~$2.1K/mo)
Net Cash Left In: ~$0 (full capital return)
3
3 comments
Rural Ohio Package Deal Partnership Request (Details Below)
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