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We bought a small park in 2021 for $1,200,000. The average rent was $375 (market rent for the area was around $650) From talking to the tenants, we learned: 1) The laundry room was so bad no one used it (the closest laundromat was 7 miles away) 2) Almost all tenants were renting a storage space off site at an average cost of $100/mo 3) The open spaces were badly overgrown and unusable, so multipl...

  For many, the phrase “onsite treatment system” sounds like a liability nightmare. And “city sewer” feels like safety. But that assumption deserves a closer look. Public utilities come with real tradeoffs: High cost: Monthly water and sewer fees can materially impact affordability — whether paid by the owner or passed through to tenants No pricing cont...

This is the most common concern I hear from prospective buyers — but it’s based on a misunderstanding of what “owning the land” actually means. When you own land, you’re responsible for: 1. Property taxes 2. Insurance on the entire property 3. All repairs and maintenance for the land and utilities And in Oregon and Washington, these costs haven’t just ris...

The Pacific Northwest once had 22 active manufactured housing factories. Today, we’re down to fewer than 10 — and several more may close in the next 12–18 months. At the same time, recent legislative changes are opening the door for manufactured and modular housing to expand like never before. That creates a rare moment: We have existing factory infrastructure, sitting idle o...

The first mobile home I ever sold changed how I think about affordable housing. In 2013, I sold a 1985 single-wide in Southeast Portland—located in the very first manufactured housing community I ever bought. We weren’t doing anything fancy. I added appliances, bought laminate flooring from Home Depot, and installed it myself (my one and only personal floor install). The buyer was B...

We recently walked away from a deal — and there was nothing wrong with it. Financing was lined up. The equity raise went smoothly. Investors were excited. The park was in a strong location with value-add upside we’ve executed on many times before. So why didn’t we close? Because of me. I’ve been burned badly by an older, non-conforming septic system in the past — ...

It is nice. But it wasn’t magic. The purchase price didn’t include the $300,000 in capital improvements we invested. Nor does it reflect the 45 dumpsters of garbage we hauled away to make the property habitable. And during COVID, when half the residents stopped paying rent, the “value” of the park became purely theoretical — because no one would have bought it in t...

  In 2014, we acquired a 40-unit manufactured housing property that was only 70% occupied for $715,000. Low rents didn’t equal affordability — they reflected deep dysfunction: The septic system and well required full replacement Two rental homes and six apartments needed complete rehabs Trash service required 75 full-sized dumpsters Roa...

Cities have long been skeptical of manufactured housing communities. The reasons are usually the same: 1. Aesthetics: They’re not viewed as “attractive” compared to newly built housing. 2. Tax revenue: They generate far less property tax than dense multifamily or commercial development. 3. Age and complexity: Many communities predate modern zoning codes, making enforcement &...

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