South Park Mobile Home Park

Located in central Iowa, Des Moines is a thriving city known for its welcoming community, vibrant culture, and strong economic foundation. As the state capital and largest city in Iowa, Des Moines combines the charm of the Midwest with the energy of a growing metropolitan area. The city is recognized for its beautiful parks, walkable neighborhoods, and excellent quality of life, making it an appealing destination for families, young professionals, and retirees alike. With its central location and convenient access to major highways, Des Moines offers the perfect balance of small-town friendliness and big-city opportunity. Des Moines is home to major employers such as Principal Financial Group, Wells Fargo, MercyOne, and Drake University, providing stable jobs in finance, healthcare, education, and insurance. The region’s strong job market continues to attract workers from across the state, but affordable rental housing has not kept pace with this growth. Many employees—especially those in entry-level or service roles—struggle to find reasonably priced housing near their workplaces, creating challenges for both residents and local businesses seeking to attract and retain talent. Investing in affordable rental housing in Des Moines represents a compelling opportunity to meet this growing demand. By developing high-quality, accessible homes, investors can help strengthen the local workforce and contribute to the city’s continued economic vitality. With steady population growth, a diversified economy, and increasing demand for workforce housing, Des Moines offers long-term investment potential while addressing a critical community need. Expanding affordable housing options will not only support sustainable growth but also enhance the overall quality of life for residents of this dynamic Iowa capital city.The MHP Value Team is pleased to offer for sale South Park, a 25-site mobile home community located in Des Moines, Iowa. The owner has invested approximately $1,000,000 in community improvements since 2020. Upgrades include new PEX water lines, sewer lines, electrical runs, and full paving throughout the park. Each home has been remodeled with new paint, skirting, and modern interiors featuring updated amenities. Before closing, the owner plans to spend an additional $10,000 to seal coat the roads. New concrete patios and driveways have been added to every home, and bedrock was placed between units to reduce landscaping costs. The park currently consists of 17 rent-to-own (RTO) homes with an average lot rent of $608/month and an average remaining balance of about $27,000 per home. Each RTO tenant pays an additional $300/month toward ownership, typically with over 10 years remaining on their notes at 9% interest. There are also seven park-owned homes—three rent-ready and to be occupied at closing, while the remaining four are salvageable. Remodeled homes have historically sold for $40,000–$72,000 each. The investment strategy for South Park involves remodeling and selling the four vacant park owned homes, infilling the one vacant lot and raising rents to market. A new investor has the opportunity to acquire a majority RTO community with seller financing.