VILLA MANOR MHC
A 78u mobile home park in Dodge City, Kansas, Villa Manor has been a fantastic performer for us since we purchased it out of bankruptcy in March, 2022. After inheriting a near-20% delinquency ratio, we quickly cleaned up the collections, increased rents, and are working towards ﬁlling the remaining (5) vacant units. Our YTD NOI is beating our budget by 25.3%, and we anticipate adding nearly $691,714 in value (at a 7% cap) to the park that we did not anticipate. For starters, we did not foresee increasing rents in Y1, as we wanted to clean up the delinquency before moving forward with a rent increase. We found quickly that there was no need to wait, in that tenants began to pay rent immediately once we started enforcing collections. Our $45 rent increase, coupled with the (2) homes that we are bringing in this month, have been a bonus that we did not underwrite. This property was also purchased very well, as another park nearby in Dodge City is currently in escrow for $2.3mm+. At only 60 spaces, this $38k/unit valuation gives us close to $1mm in equity over what we paid at our park.
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