Copenhagen — Winds of St. Armand’s North (Sarasota, FL)

Deal: Rental (Mobile Home) Status: Stabilized • Tenant Occupied

Thesis: Acquire a distressed unit in a park that allows rentals, rehab core systems to make it livable, and stabilize with strong positive cash flow while retaining upside through ongoing improvements.

Monthly Cash Flow
≈ $600
CoC ROI
~31%
DSCR (if financed)
≈ 1.52
Before Renovation — Copenhagen Carport
Before
After Renovation — Copenhagen Corner
After

Scope of Work

  • HVAC: Major repair/replacement (primary CapEx item)
  • Carport: New materials purchased; permits pending for completion
  • Interior: Minor cosmetic updates for tenant-ready condition
  • Exterior: General cleanup and prep for handover

Financials

Purchase Price$11,000 (≈ $13,000 after closing)
Renovations≈ $10,000 (HVAC + carport + cosmetics)
All-In Basis≈ $23,000
Tenant Rent$1,750 / month
Lot Rent$1,150 / month
Monthly Cash Flow≈ $600
Annual Net Cash Flow≈ $7,200
CoC ROI~31% (on $23K all-in)
DSCR (if financed)≈ 1.52

Permits pending for carport finish. Licensed HVAC contractor used.

Timeline

Acquisition: Purchased under-market for $11K (listed $20K).
Rehab: 1–2 months (HVAC + carport prep).
Stabilization: Tenant placed immediately after rehab.

Risk Register

  • Permitting Risk: Carport repairs pending permits; staged work + filings before completion.
  • Tenant Risk: First lease cycle positive; long-term stability depends on tenant quality/retention.
  • Maintenance Risk: Park-owned infrastructure can shift costs; mitigated via clear lease terms and contingencies.

Vendors & Compliance

  • Licensed HVAC contractor for system work
  • Handyman support + self-performed cosmetic updates
  • City permit process underway for carport completion

Outcome

  • Stabilized rental at $1,750/month
  • ≈ $600 monthly spread after lot rent
  • Acquired ~45% below list; upside retained with future improvements

Lessons Learned

  • ✅ Target rental-friendly parks for exit flexibility
  • ✅ Under-market acquisition provides immediate equity cushion
  • ✅ Core systems (HVAC) are non-negotiable first priority
  • ⚠️ Address permitting issues up front to avoid delays
  • ⚠️ Pre-screen tenants earlier to compress lease-up time