I bought a park in Washington in 2016 for $600,000
Two years later we refinanced at a value of $1,600,000
I still own the property; I've refinanced it twice, most recently at a value of $2,500,000
The park has been an absolute home run financially
What about the rents? When we bought the park:
1) The sewer/water bill was almost $10,000/month
2) The roads were in bad condition, forcing tenants to park on city streets not in the park
3) 75% of the spaces were on aging, 50amp electrical connections
The rents were very low, but tenant quality of life was also VERY low
We repaired the leaking water line, and also added water meters instead of increasing rents in 2017; this dropped the sewer/water bill down to around $5,000/mo. Tenants who use less water don't have to "pay" for tenants using more water now.
The park was completely repaved, including driveways; now every tenant has parking for two vehicles next to their home.
We upgraded the main transformer in order to allow 100 or 200 amp services to all the homes.
1) Rents are still the lowest in the city
2) The project was a financial home-run
3) Tenants have an increased quality of life
All of this can exist simultaneously