Tennessee Southern Scout MHP

Basis window: trailing six months, January to June 2026 ("P&L YTD 7.1.26"). Excluded from the operating calculation by the seller's statement: capital repairs of $20,755, mortgage expense of $20,419, and insurance of $238.78/month January to May. The 28.5 percent expense ratio reflects that basis. Current insurance policy: $1,869 annually.

Kimball is the retail center of Marion County, an incorporated town where US-41 (Main Street) meets Interstate 24 between Chattanooga and the Alabama and Georgia lines. The property fronts that corridor directly: 10,935 vehicles per day pass the subject's stretch of Main Street, and 45,011 per day run the I-24 mainline two miles south (TDOT, 2025 actual counts).^[2] The exit 152 interchange, anchored by Walmart Supercenter, Lowe's, Tractor Supply, and the county's hotel node, is 1.8 road miles from the front entrance.^[6]

The tenant base draws on a real employment floor, not a single plant. Lodge Cast Iron's foundry operation sits four road miles away in South Pittsburg alongside Shaw Industries, US Stove Company, and Colonial Chemical; the Jasper industrial park (Valmont Industries, Mueller, AZZ Galvanizing) and Parkridge West Hospital sit within a five-mile ring on the other side.^[7] Chattanooga's broader employment market is about 35 minutes east.^[6]

Within one mile of the property, median household income runs $59,324 and 31.1 percent of households rent; mobile homes are 13.1 percent of the housing stock, which tells you manufactured housing is an accepted, supply-constrained part of this market rather than an outlier (ACS 2020-2024).^[3] The offering memorandum's submarket work puts Kimball-Jasper single-family rents at $1,100 to $1,400 a month against this park's $775 to $1,050 park-owned home rents, which is the spread that keeps these pads full.

Two Tennessee structural points investors from out of state should price in: no state income tax on the cash flow, and Marion County property taxes that ran $1,939 on this asset over the trailing six months. The parcel also sits inside Marion County's single designated federal Opportunity Zone, tract 47115050301, which matters if you are pairing this with capital gains you want to defer.^[4]

Start with the basis. At $635,000 you are in at $63,500 a pad for a fully occupied community where the heavy capital is already behind it: roughly $175,000 of documented work since the November 2023 acquisition, including three 40-year metal roofs with a fourth completed this year, PEX retrofits, park-wide metal underpinning, and mold remediation with clear post-remediation inspections. Sub-25-pad Tennessee assets have been clearing at 9 to 11 percent caps over the trailing 24 months; this one prices at 10.3 on annualized trailing and 9.8 on the stabilized pro forma, at the value-add end of that band without the value-add condition problems.

The revenue quality is better than the size suggests. Five of the seven park-owned homes are on twelve-month leases, which is unusual discipline for a park this size and matters if you are financing the purchase. The five month-to-month leases are your rent-reset lever, not a weakness: the OM's comp work supports $50 to $100 per month of headroom across the seven park-owned homes, worth roughly $44,000 to $88,000 of value at a 9.5 cap.

The utility configuration is the first thing experienced buyers check in a small park, and it is right here. Tenants hold their own electric and gas accounts; ownership's recurring exposure is master-metered water, about $4,600 a year, plus septic upkeep. Trailing-six operating expenses ran $13,003 against $45,640 of income on the seller's basis, a 28.5 percent ratio.

What we point buyers to in diligence, because you will find it anyway: this is a septic property, so get the system inspected and priced; the water is master-metered, so submetering is a future project, not a current fact; and a ten-pad park lives and dies on management discipline, which is why the seller's third-party manager at 7.5 percent is worth keeping if you are out of state. The seller's trailing statement excludes CapEx, insurance, and mortgage from its operating calculation, and we have put that fact next to every NOI figure on this page rather than bury it in a footnote.

The exit paths are real: hold it for a 10 percent-plus yield on today's rents, reset rents to market at renewal, or self-manage toward the 11 percent owner-operator figure. The seller will also carry paper at $650,000 across three tiers, with the existing lender's written confirmation that a sale will not trigger due-on-sale. Call us and we will walk you through the file lot by lot: Gabrielle at 615-541-4641 or Chad at 912-856-3548.