Rend Lake MHC
Benton, IL
Asking price
$1,300,000
Sites
—
Cap rate
—
Price / site
—
About this property
MR. LANDMAN, LLC is excited to represent Rend Lake MHC, a 53-pad manufactured housing community situated on approximately 11.12 acres in Benton, Illinois. The age of the community is unknown. The property is currently reported to be approximately 46% occupied, providing significant potential for future growth through additional home placements and continued infill. The property is not located within a designated flood zone. The community benefits from municipal water and municipal sewer, eliminating the need for privately operated well and septic systems. Ownership pays the water expense but utilizes a Ratio Utility Billing System (RUBS) to recover the majority of those costs from residents. Tenants are responsible for their own garbage service. The park's interior roads are asphalt and are reportedly in decent condition. Residents maintain and mow their individual lots, while the park handles snow removal as needed. According to the October 17, 2026 rent roll, the community consists of 19 tenant-owned homes (TOH), including one vacant, abandoned home; five park-owned homes (POH), including two income-producing rentals, one occupied by the onsite park manager, and two vacant homes requiring rehabilitation; and five homes under active rent-to-own (RTO) agreements. One of the vacant park-owned homes is a double-wide. Ownership believes three homes will ultimately need to be removed from the community. The two income-producing park-owned homes currently generate an average base rent of $800 per month, excluding utility reimbursements. Both park-owned home rents and tenant-owned home lot rents were increased in April 2026. The community currently has five active rent-to-own agreements that generate approximately $1,665 per month in home installment payments, separate from lot rent and utility reimbursements. Based on the October 17, 2026 RTO balance schedule, the combined remaining contractual balances total approximately $72,000, which would transfer to the purchaser at closing, subject to verification of the outstanding balances and terms of the individual agreements. These payments provide an additional income stream beyond recurring lot rent, although the home payment portion will eventually terminate as the contracts are satisfied. The community utilizes a combination of monthly and annual lease agreements. Residents may pay rent through an online payment portal, check, Cash App, or money order. Ownership reports that two tenants are currently behind on their rental obligations. Rend Lake MHC has an onsite park manager who receives free rent in exchange for management services, eliminating a separate cash management expense under the current arrangement. The property also has an onsite maintenance employee who assists with general upkeep and repairs. Since acquiring the community, current ownership has undertaken several property improvements and maintenance projects, including tree trimming and removal, rehabilitation of three homes, cleaning of sewer lines, and ongoing general maintenance. Ownership is also in the process of installing a flush hydrant as part of its infrastructure improvements. Rend Lake MHC presents an opportunity to acquire an established manufactured housing community with municipal utilities, onsite management, existing rental income, and considerable remaining pad capacity. With 53 total pads and reported occupancy of approximately 46%, the property's primary value-add opportunity is increasing occupancy through additional manufactured home placements and continued infill. The two vacant park-owned homes may provide opportunities for additional rental income following rehabilitation, while the existing RTO agreements offer approximately $72,000 in remaining contractual receivables. Additional vacant pads provide the potential for further expansion of the community's income producing inventory, subject to utility capacity, local requirements, and placement costs.
All details
Figures are transcribed from the source listing as published. “Source page last checked” is when our crawler last fetched that page — it is not a check of the financials and not confirmation from the broker.
| Asking price | $1,300,000 |
|---|---|
| Address | 231 South Court Street |
| First seen by UnitListed | Oct 27, 2026 |
| Source page last checked | Oct 27, 2026 |
| Source last changed | Oct 27, 2026 |
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.
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.
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".
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.
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.
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.
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.
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.
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.
Asking price — disclosed
Currency of the asking price — disclosed
Whether the land is included — disclosed
What has changed
Every date below is when we observed a change, not when it happened. We first saw this listing on Oct 27, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Oct 27, 2026First seen by UnitListed
The asking price has not changed across any of our observations.
