I bought a park in Washington in 2019 for $1,000,000
The rents were $350/mo...less than half market rent for the area in 2019
The power was unsafe, and almost 12 spaces were vacant due to inadequate electric
There was no fence between the park and the junkyard next door, creating innumerable safety issues
We
1) Upgraded all the power
2) Added a 9' privacy fence between the park and junkyard
3) Paved the roads
We sold the park in 2023 for $2,600,000
The rents were $650 at the time of sale
The rents went up, but the property is safer, more comfortable, and still affordable.
When rents are "too low", quality of life for tenants is also low