In 2014, we acquired a 40-unit manufactured housing property that was only 70% occupied for $715,000.
Low rents didn’t equal affordability — they reflected deep dysfunction:
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The septic system and well required full replacement
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Two rental homes and six apartments needed complete rehabs
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Trash service required 75 full-sized dumpsters
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Roads were nearly undrivable
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Tenant-owned homes were unsellable due to infrastructure failures
Fixing these issues took years and required meaningful capital investment.
In 2021, the property refinanced at a value of $2,600,000.
Today:
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Older single-wide homes trade for $30k–$50k based on tenant sales
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Formerly unrentable units are 100% occupied
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Utilities operate efficiently and roads are safe
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15+ homes and rental units were added back into the local housing supply
This is what actually preserves and expands affordable housing:
patient capital, operational discipline, and reinvestment — not artificially low rents.
Projects like this are still achievable, even in highly regulated markets.
The real opportunity isn’t fighting rent laws — it’s finding assets where thoughtful reinvestment can restore livability, value, and long-term affordability.
That’s where investors can make the biggest impact.