LAKESIDE CABINS RESORT: Features and Amenities
- 4.5 Star Rating with more than 200 reviews at TripAdvisor.com
- Two heated swimming pools
- Stocked fishing lakes, no fishing license required.
- Walking trails and paths to the southeast.
- A lodge with a game room
- Full basketball court, sand volleyball court, shuffleboard
- Complimentary kayaks and paddleboards
- Playground and swings
- Organized arts and crafts, athletic activities, games, nature tours, bingo, and Saturday night parties with live music.
THREE OAKS, Michigan is conveniently located
- Harbor Country consists of 8 lakeside towns, including Three Oaks, Michiana, Grand Beach, New Buffalo, Union Pier, Lakeside, Harbert, and Sawyer.
- Nearby attractions include beaches, nature preserves, water sports, antiquing, breweries, wineries, and art galleries.
- Twelve backroad bike trails ranging from five to 60 miles along country roads, through fields and pastures in Berrien and LaPorte Counties.
- Apple Cider Century (ACC) is an annual one-day 15, 25, 50, 75, or 100-mile bicycle tour of the orchards, forests, and wine country in and around Three Oaks, Michigan. It is always the last Sunday in September.
- 90 minutes from Chicago (80 miles)
- 2 hours from Lansing, Michigan (145 miles)
- 3 hours, from Oakland County, Michigan (200 miles)
- 14 minutes to Lake Michigan, New Buffalo Beach (7.6 miles)
- 12 minutes to New Buffalo, MI Amtrak train station (7.3 miles)
These 400 sq. ft. CABINS are classified as Recreational Vehicles (RVs):
- They are not mobile homes, not manufactured homes, they’re RVs.
- They still have wheels attached, which are hidden.
- The maximum size allowed by law for an RV is 400 sq. ft.
- Approximately 12 feet wide by 34 feet long
- The siding and interiors are real wood.
- All roofs are made of long-lasting steel.
- They have screened decks attached which may be up to 600 sq. ft.
LOWER ‘2ND HOME’ PROPERTY TAXES eliminate a significant expense.
- As a recreational RV park, property taxes are significantly lower.
- At an RV park, by law, an owner may spend only up to 180 nights per year.
UP TO 3 QUEEN BEDS in a CABIN (and another on the porch)
- Most cabins have one bedroom and a loft that is bisected by stairs.
- The loft has a 5’ ceiling and can accommodate two queen mattresses.
- Each of the 3 sleeping areas may accommodate up to a queen size bed.
- Most cabins also have a premium sleeper sofa bed in the living room.
- Some cabins have a sleeper bed in the screened porch area, too.
- Very few cabins have two bedrooms, because other living space must be sacrificed for it.
APPLIANCES are RV SIZED
- The kitchen has smallish RV-sized appliances.
- The heat is forced air using liquid propane gas.
- Some cabins have bathtubs, some have showers
- Built-in washers/dryers are rare because they require the replacement of the forced-air HVAC, but a laundromat is on-site in the B section.
TOTAL ANNUAL EXPENSES are about $4,500/year (or $375 per month)
- $3,310 LCR Membership fees include water, sewer, grass care, trash pickup, basic cable TV, siding staining, and all exterior maintenance.
- Internet is available from Comcast for about $70 per month.
- $340 Electric per year
- $120 LP Gas for heating per year
- $600 Average insurance cost per year
- Annual expenses can be deducted from gross income as an ‘operating expense’
NET ANNUAL REVENUE is $15,000 to $30,000 ($875 to $1,750 net revenue per month)
- Cabin D14 on a large lakefront lot with a firepit had gross revenue of $25,000 in 2022 with presumably a net revenue of $17,500 or $1,458 per month. It is for sale for $209,000.
- Typically, a cabin may have a gross annual revenue between $15,000 to $30,000
- The rental season is only from May 1 to October 31st. This is approximately 26 weeks.
- Peak rental season rates are the 14 weeks between Memorial Day and Labor Day, when school is in summer recess.
- Rental reservations for the upcoming year open on July 1st.
- 3 Night Stay $900 weeknights, $1,300 weekends,
7 Nights $2,200-$2,400 during prime season - The association manages reservations and cleans the cabins for 30% of the gross revenue.
- Of the 185 cabins, only 55 are available for short-term rental.
- The most popular rentals are those in the southeast “A” section near the lodge, heated pool, and beach. Many family groups often reserve multiple units a year in advance.
- Also popular are any cabins on the water.
- Also popular are any cabins having a firepit, or near a firepit. Not all lots are large enough to accommodate a firepit.
- Cabin resale prices increased about 25% post-covid, but this increase is not typical
- Cabin C62 because of its patio/deck space and lake views.
- I expected that there might be more sales at the end of the rental season but this isn’t necessarily true.
FINANCING: TBD
- With net revenue at the minimum of $875 and expenses at $375, a mortgage payment of $500 could be paid from the income with a $0 cost per month.
- Minimum down payment: 20%
- Balance financed for no more than 15 years.
EACH YELLOW HIGHLIGHTED LOT has a CABIN FOR SALE.
