Rolling Hills MHP
Maxwell, IA
Asking price
$1,950,000
Sites
126
Cap rate
8.70%
Price / site
$15,476
About this property
Rolling Hills MHP is an all age community located 20 minutes south of Ames, IA and 25 minutes north of the Des Moines, IA MSA. The property is zoned for 126 pads and currently has 81 developed sites, 42 undeveloped licensed sites, and the possibility of further expansion on the western side of the property. The property is currently served by public water and a private sewer lagoon. Lot rents at Rolling Hills are at a modest $340 with similar communities ranging from $400 - $580 per month. This offers new ownership the ability to raise lot rents to market over time for realistic and attainable equity. The property currently consists of 16 tenant owned homes, 16 park owned homes, 8 rent to own homes, 16 abandoned homes, and 3 resident RVs. Ownership pays for water, which is not billed back to the tenants. New ownership could bill back water to further decrease expenses. Current Ownership is willing to offer seller financing to qualified and experienced operators. The financial analysis assumes debt based on the below preferred seller financing terms. Down Payment: 30% Interest Rate: 5% Term: 5 Years Amortization: 30 years Contact Broker for Additional Details
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 | $1,950,000 |
|---|---|
| Sites | 126 |
| Price per site | $15,476 |
| Cap rate | 8.70% |
| Year built | 1972 |
| Address | 31100 653rd Avenue |
| First seen by UnitListed | Sep 6, 2026 |
| Source page last checked | Oct 24, 2026 |
Before you call the broker
7 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.
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
Site count and hookup mix — 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 Sep 6, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Sep 6, 2026First seen by UnitListed
The asking price has not changed across any of our observations.
