15 site campground at 340k and the income sheet is one page
This is the first thing I have ever looked at seriously, so apologies if the question is obvious. A 15 site campground came up at 340k. Ten sites with water and electric, five tent sites, one bathhouse, a small building the listing calls an office and store. Sits on 6 acres near a river with public access a half mile away.
The income sheet the agent sent is literally one page. It says gross income 78,000, expenses 31,000, net 47,000. No breakdown of either number. No occupancy figures, no rate sheet, no month by month.
47,000 on 340,000 is about a 13.8 percent return which sounds too good to me for something this easy to buy. Either the number is wrong or there is a reason nobody has bought it. The property has been listed 210 days.
I do not know what to ask for next. I asked for tax returns and the agent said the owner runs it out of a personal account and does not have a separate return for it, which felt like an answer I should worry about. I also do not know what a place like this costs to run in a year, so I cannot tell whether 31,000 of expenses is plausible for 15 sites or laughably low. What would you ask for on the next email?