Fabulous Lakefront Motorcoach Lot and Coach Cabana

Before you call the broker

8 things are not disclosed on this listing. These are the questions that would close the gap — specific to a park, not a generic list.

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  Net operating income — not disclosed

  What is the trailing twelve-month NOI, and what does it include and exclude?

  The single number a lender will size debt against. Ask what is excluded — management fees and reserves are the usual omissions.

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  What period the financials cover — not disclosed

  Are these figures trailing twelve months, last calendar year, or projected?

  A projected stabilised NOI and a current operating NOI can differ by a third, and both get called "NOI".

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  Gross income and operating expenses — not disclosed

  Can you share a trailing twelve-month profit and loss, with the expense lines itemised?

  NOI alone hides whether income is high or expenses are being under-reported. The split is what you underwrite.

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  Reason for sale — not disclosed

  Why is the owner selling, and how long have they held it?

  Never published on a listing, always worth knowing. Retirement and a looming capital bill are very different situations.

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  Site count and hookup mix — not disclosed

  How many sites are there, and how many are full-hookup, partial or tent?

  Full-hookup sites earn a multiple of what a tent site does. The count alone does not tell you the income.

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  Operating season and seasonal mix — not disclosed

  Is this year-round or seasonal, and what is the split between seasonal, monthly and transient guests?

  A seasonal park with a five-month window is a different business from a year-round one at the same annual revenue.

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  Utility infrastructure — not disclosed

  Are water, sewer and electric municipal or private, and what condition is the infrastructure in?

  A private septic or well at end of life is a capital item that can exceed a year of NOI, and it will not appear in the expenses.

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  Permits and non-conforming use — not disclosed

  Is the current site count permitted, and is any of it legal non-conforming?

  A park operating more sites than it is permitted for cannot be financed at the income it shows.

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  Asking price — disclosed

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  Currency of the asking price — disclosed

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  Whether the land is included — disclosed