Skyview Mobile Home Park

Keokuk, Iowa, is a small city located in southeastern Iowa, within Lee County. It lies at the confluence of the Mississippi and Des Moines Rivers, near the borders of Missouri and Illinois. With a population of around 9,000 to 10,000 residents, Keokuk offers a quiet lifestyle with a strong sense of history and community. The city was founded in the early 1800s and developed as a key river port and manufacturing center due to its strategic location. Keokuk became known for its lock and dam system and river commerce, although many of its traditional industries have declined. Today, the local economy includes healthcare, education, and small- scale manufacturing, but economic growth remains limited. The median household income in Keokuk is well below the national average, and despite low housing costs, many residents face challenges in securing quality housing. The aging housing stock and limited new development contribute to ongoing affordability issues. There is an urgent need for affordable housing options, including manufactured homes, to better serve working families, retirees, and low- income residents. In summary, Keokuk remains a historically significant river city, but it continues to face economic hardship and a pressing need for affordable, accessible housing solutions.Skyview MHP is a 38-site mobile home community located in Keokuk , Iowa. The community currently includes 21 occupied tenant owned homes paying an average of $225/m, 7 rent-to-own tenants paying an average of $563/m, and 1 SFR renters paying $693/m. All lots are sub-metered and utilities are billed back to the tenants. The investment strategy for this park would be to gradually raise rents to market rate, occupy the three remaining vacant park owned homes that were rehabbed & sell off these homes to the tenants to decrease expenses, along with infilling remaining vacant lots that are equipped with infrastructure. A new investor has the opportunity to purchase a stabilized asset with minimal collection issues & quick upside with a rent increase day one & 20%+ cash on cash returns by year three.