We just closed on this 75 site RV Park near Midland, TX for $385k cash. Includes 25 long-term tenants at $350/m, 40% less than the local competition. We will easily increase monthly rates up to $500+ after implementing showers, fire pits, cleanup, and gazebo/bbq area (only $50k in capex). Targeting a refi in 24 months at a 9% cap ($700k valuation), based on a conservative occupancy of 41-65%. Targeting $165k NOI post-refi.
