CREOP.com

Rent and Rent Collection

The lot rent for the tenants is currently at $180/month, but is scheduled to be increased to $200/month in August of 2024.
There is one park-owned home on the property that pays $420/month. The POH is in lot 24 and is a 1983 Marshfield home.
Rent is collected by check, cash, or money order and dropped off at the current owners' home.
There is a $30 late fee charge that is assessed after the 7th of the month.
Lot 22 is the only tenant that is behind on payments, but they are currently on a payment plan.

Single Family Home

The single family home includes a 2-car detached garage and is currently being rented for $490/month. The roof was replaced in 2016 and the current owners have windows for the top floor of the home that will be included in the sale.

Utilities

The park is serviced by rural water and a lagoon septic system.
The water lines are 1 1/4" pipes. The water usage is metered by a master meter at the park entrance and billed back evenly to all the tenants each month.
Most electrical wires were placed underground within the last 5 years. Each lot is serviced by 100-200 amps.

Lagoon Septic System

The sewer is serviced by a lagoon system that is located across the street to the south of the park.
The testing is completed by the current owners by bringing a sample to Keokuk Municipal Sanitation. They pay $535 per year to have testing completed.
The lagoon water level is lowered twice per year.

Park Maintenance

The current owners are responsible for mowing the vacant lots, road maintenance (gravel road), tree trimming, and plowing the snow. There is a $30 fee that is charged for tenants that do not mow their yards.

Improvement Opportunities

The lot rent is scheduled to be raised to $200/month in August of 2024, but market rates in the area could support $250/month lot rents. Additionally, the single family home rent could be increased to $600/month.
There are currently 9 vacant lots that could have homes placed on them to increase income.
The trash collection is paid for by the current owners. It could be billed back to the tenants to reduce yearly expenses by nearly $3,500.

Keokuk, IA

Keokuk, IA has a population of about 10,000 people and a median household income of $48,000.
Currently, 62% of residents own their home, while 38% of residents rent.
The largest industries in Keokuk are Manufacturing (21.2%), Healthcare (20%), and Food Services (10.5%).
The largest employers in the area include: DuPont Chemicals, Conagra Food Processing, Roquette Pharmaceuticals, American Ordnance, Great River Health Systems, Siemens Gamesa Renewable Energy, and the Iowa Fertilizer Company.

Area Industry Updates

Middletown, IA (35 miles from MHC) recently broke ground on a $1.5 billion addition to their current munitions plant. It is scheduled to be completed in 2027 and will increase their production levels by 500%.
Allied Blending (food processing) in Keokuk, IA broke ground on a new 50,000 sqft facility in August 2023. The addition will bring over 100 construction jobs to Keokuk and an undisclosed amount of full and part time careers upon completion.