Loans and Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Aggregate Principal Payments of All Loans Payable Including Credit Facility

The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows:

Year Ended December 31,
2017	$	30,566,256
2018		255,164
2019		255,955
2020		4,245,631
2021		136,771
Thereafter		22,933,662
Total Loans Payable		58,393,439
Unamortized Debt Issuance Costs		(108,054	)
Total Loans Payable, net of    Unamortized Debt Issuance Costs	$	58,285,385

Summary of Mortgages Payable

The following is a summary of mortgages payable at December 31, 2016 and 2015:

	At December 31, 2016				Balance at December 31,
Property	Due Date	Interest Rate			2016			2015
Allentown	10/01/25		4.06	%	$	13,637,719		$	13,873,376
Brookview Village	04/01/25		3.92	%		2,832,889			2,884,660
Candlewick Court	09/01/25		4.10	%		4,551,134			4,629,572
Catalina	08/19/25		4.20	%		5,739,657			5,936,296
Cedarcrest	04/01/25		3.71	%		12,268,266			12,501,441
Clinton Mobile Home Resort	10/01/25		4.06	%		3,579,289			3,641,139
Cranberry Village	04/01/25		3.92	%		7,769,600			7,911,589
D & R Village	03/01/25		3.85	%		7,837,828			7,983,634
Fairview Manor	11/01/26		3.85	%		16,299,292			9,921,261
Forest Park Village	09/01/25		4.10	%		8,486,324			8,632,586
Hayden Heights	04/01/25		3.92	%		2,134,846			2,173,861
Heather Highlands	08/28/18		Prime + 1.0%			354,529			678,288
Highland Estates	09/01/17		6.175	%		9,035,246			9,226,700
Holiday Village	09/01/25		4.10	%		8,075,696			8,214,880
Holiday Village- IN	11/01/25		3.96	%		8,674,151			8,826,242
Holly Acres Estates	10/05/21		6.50	%		2,228,629			2,260,360
Kinnebrook Village	04/01/25		3.92	%		4,127,176			4,202,600
Lake Sherman Village	09/01/25		4.10	%		5,611,924			5,708,646
Olmsted Falls	04/01/25		3.98	%		2,133,656			2,172,210
Oxford Village	01/01/20		5.94	%		6,963,586			7,162,128
Shady Hills	04/01/25		3.92	%		5,089,892			5,182,910
Somerset Estates and Whispering Pines	02/26/19		4.89	%		395,886			566,425
Springfield Meadows	10/06/25		4.83	%		3,191,381			-0-
Suburban Estates	10/01/25		4.06	%		5,686,136			5,784,391
Sunny Acres	10/01/25		4.06	%		6,329,351			6,438,720
Southwind Village	01/01/20		5.94	%		5,562,311			5,720,900
Trailmont	04/01/25		3.92	%		3,393,262			3,455,273
Twin Oaks	12/01/19		5.75	%		2,494,084			2,567,451
Valley Hills	06/01/26		4.32	%		3,466,014			-0-
Waterfalls	06/01/26		4.38	%		4,716,994			-0-
Weatherly Estates	04/01/25		3.92	%		8,279,558			8,430,867
Woods Edge	01/07/26		4.30	%		6,969,958			-0-
Worthington Arms	09/01/25		4.10	%		9,514,851			9,678,840
Various (3 properties)	05/01/16		6.66% (1)			-0-			8,618,982
Various (4 properties)	07/01/23		4.975	%		8,226,015			8,363,756
Various (5 properties)	01/01/22		4.25	%		14,072,987			14,382,719
Various (5 properties)	12/06/22		4.75	%		7,294,460			7,426,995
Various (5 properties)	02/01/18		6.83	%		8,818,862			8,954,713
Various (11 properties)	08/01/17		LIBOR + 3.0%			10,625,352			11,416,309
Various (13 properties)	03/01/23		4.065	%		50,095,192			51,106,376
Total Mortgages Payable						296,563,983			286,637,096
Unamortized Debt Issuance Costs						(3,538,391	)		(3,587,294	)
Total Mortgages Payable, net of
Unamortized Debt Issuance Costs					$	293,025,592		$	283,049,802

(1) Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%.

Schedule of Aggregate Principal Payments of All Mortgages Payable

The aggregate principal payments of all mortgages payable are scheduled as follows:

Year Ended December 31,
2017	$	25,905,661
2018		14,701,232
2019		19,675,147
2020		5,779,756
2021		20,396,125
Thereafter		210,106,062
Total	$	296,563,983