2003 S. Tremont
Oceanside CA
3 Manufactured Homes.
Off market Opportunity
It is a single lot, with three single family homes. Each home is 3 bedroom, 2 bath with a 2 car garage
and small private yards for each house. They are all rented with one year or two year leases although some of the tenants have been there 3-4 years.
This property was developed in 2013, so the lot is fully engineered with proper grading, underground drainage, new utility lines, sewer lines to a new sewer main installed at our expense in the street.
The homes are a hybrid of manufactured core units with stick built garages, porches, trim. They are upgraded units, but as manufactured homes they do not qualify for conventional loans. They are also fire sprinkled. All utilities are separate for each house, separate meters and separate accounts.
Because they do not qualify for conventional financing, they are not desirable for someone wanting
a leveraged property. However, they make great rentals in a highly desirable location. They are very well maintained, upgraded and fully rented.
According to the OLD Mls page the rents from 2015 the rents are all $2,400, is that still accurate? Rents average $2830/mo current.
You mentioned that the separate meters..... just to confirm: is each house separately metered for water (have to ask, not to common). Each house has a separate 1 inch water meter, with a special valve to meet Fire Dept requirements. Utilities are all underground to the property.
In terms of expenses then an Owner would only need to pay for insurance, property taxes and maintenance? Yes, insurance is about $2300/yr for total property includes loss of rents, since each house is fire sprinkled on the special water meter.
Do the tenants also pay for trash? Trash is built in to the water bill, which the tenants pay, except one tenant, which I pay.
