This portfolio contains a manufactured home community and a manufactured home community/RV Park in the town of Knob Noster, Missouri.

One MHC consists of 16 fully occupied sites, while the other property consists of 6 homes (5 occupied) and 7 RV Lots (4 occupied).

The locations of the two communities are 1064 NE 75, Knob Noster, MO (Whiteman Estates) and 510 Hillview Street, Knob Noster, MO (Whiteman RV and Mobile Home Park).

This 16-pad community is just outside of the town of Knob Noster, Missouri. It is serviced by public water and a septic lagoon. The tenants are directly billed for their water usage and the community owners are responsible for the maintenance of the septic lagoon.

The manager is responsible for submitting monthly reports to the Missouri DNR to ensure the lagoon remains in compliance. The lagoon is in compliance and prior reports can be obtain for review during the due diligence period.

The community is fully occupied with a mix of rent-to-own tenants, park-owned homes, and one tenant owned home.

The community owners are responsible for the trash collection and the electricity used for the street lights and septic lagoon pump. All other utilities are the tenants' responsibility.

There is one street on the property. It is gravel and the community owners are responsible for the upkeep of the street.

There is an additional 3.92 acres adjacent to the community that is included in the purchase price. The land could be used to further develop the community and add more lots.

This property consists of 6 manufactured home pads and 7 RV pads. It is situated within the city limits of Knob Noster, MO and is serviced by 100% public utilities.

The manufactured home tenants are responsible for the payment of their water, sewer, electric, and gas bills, while the RV tenants have these utilities paid for by the park owner.

The trash collection bill is paid for by the park owner for both the manufactured home tenants and the RV tenants.

The roads surrounding the community are owned and maintained by the city of Knob Noster, but the road that runs through the park is owned and maintained by the park owner.

Of the 21 occupied manufactured homes, 14 are rent-to-own contracts, 6 are park-owned homes, and 1 is a tenant-owned home.

The balances and maturity dates of the rent-to-own contracts vary, ranging from $5,720-$22,360 and expiring between June 2028-April 2030.

There are 6 park-owned homes on the property. The rental amounts range from $35-$330/month in addition to lot rent.

There is 1 tenant-owned home on the property that pays $360/month.

There are currently 4 RV tenants living in the MHC/RV Park. The RV tenants are a mix of long and short term tenants.

The valuation of this property was based on actual 2025 profit and loss statements. The income was divided into two categories: - Income from Lot Rent ($100,320) - Income from RV Rent ($15,392) Net-Operating Incomes were derived from these two incomes based on the overall expense ratio (MH Lots vs RV Lots).

The lot rent received from the park-owned homes, rent-to-own homes, and tenant owned home (minus proportional expenses) were valued at a Capitalization Rate of 10%, while the income produced by the RV rent (minus proportional expenses) was valued at a Capitalization Rate of 12%.

60% of the RTO balances as of October 2025 ($94,788) were included into the blended capitalization rates used for the final valuation.

The park-owned home income received above lot rent (currently $9,660 annually) was not factored into the valuation.

The valuation breakdown is as follows: - Lot Rent Income (10-Cap) = $534,569 - RV Income (12-Cap) = $68,349 - RTO Value @ 60% = $94,788 Total Portfolio Value = ~$700,000

The current 14 RTOs are on 5-Year terms in which the tenants are paying a variety of amounts and are set to expire throughout 2028-2030. Below is as breakdown of the expiration month/year, the number of RTOs set to expire that month, and the amount each tenant is paying for the RTO:

2028 -June - 1 RTO - $300.00 - September - 1 RTO - $300.00

2029 -January - 1 RTO - $300.00 -June - 1 RTO - $130.00 -July - 2 RTOs - $340.00 + $250.00 -October - 1 RTO - $150.00 -December - 1 RTO - $150.00

2030 -February - 2 RTOs - $200.00 + $230.00 -March - 3 RTOs - $430.00 + $200.00 + $430.00 -April - 1 RTO - $200.00

It is written in the rent-to-own contracts that the property owners are responsible for the replacement of the HVAC units in the RTO homes, when they are no longer operable. Currently, 10 have been replaced. There are a total of 4 HVACs that have not been replaced. They are currently operable, but they will need to be replaced by the new owner when they are no longer functional.

There is a manager that lives nearby the property, but they will likely not continue managing operations after the sale of the community.

The manager is currently responsible for lawncare and snow plowing.

Knob Noster, Missouri is home to Whiteman Air Force Base, an Air Force base that has been present since 1942.

Whiteman employs over 3,000 active duty airmen and women, while also employing about 2,500 full-time civilian employees. Additionally, Whiteman employees nearly 2,000 full and part-time National Guard and Reserve members of the Air Force.

The civilian employees at Whiteman make up a variety of jobs ranging from childcare, food service, retail sales, legal assistance, and administrative roles.