01. Core Asset Profile
RV Parks
- • Extended stay, workforce, or destination focus.
- • Minimum 20 pads (preferred 50-100+ pads).
- • High percentage of monthly/long-term tenancy.
- • Mom-and-pop owned with below-market rents.
Mobile Home Parks
- • Tenant-Owned Home (TOH) majority focus.
- • Minimum 40 pads.
- • Value-add via infill or utility bill-back (RUBS).
- • No more than 20% Park-Owned Homes (POH).
02. Financial & Geographic Coordinates
Deal Size: $1,000,000 to $10,000,000+ (Single assets or portfolios).
Geography: Texas (DFW, Austin, Houston, San Antonio), Sunbelt Region, & Midwest opportunistically. Must be within 2 hours of major MSA.
Target Returns: 8%+ Going-in Cap Rate on actuals, path to 12%+ Yield on Cost.
Value-Add: Operational inefficiencies, absent management, deferred maintenance, unbilled utilities.
Utilities: City Water/Sewer heavily preferred. Well/Septic considered if permitted and fully operational.
03. Hard Passes (Automatic Rejection)
Flood Zones
Assets entirely in FEMA Zone A/AE with history of total inundation.
Heavy POH
Portfolios where the majority consists of aging Park-Owned Homes.
EPA Issues
Failing lagoons, unpermitted WWTPs, or severe environmental contamination.