Mobile homes package deal advice
I have an opportunity to invest in a bundle of mobile homes and it seems like a good deal but want to see if someone has an angle I haven't considered. 10 mobile homes (approx 15to 25 years old), all rented (by a company; $5500 gross monthly rent), no vacancies (for the past several years) already set-up, mixed condition but all liveable, $200 a month lot rent, $135,000 for all 10, 10% down, owner financing, payoff in 5 years ($2025 per month), 0% interest. Net $1475 after note and lot rent. Jumps to $3500/month at 5 years after note is paid off. Freshly paved roads in the park (paid fir by park owner) and to the park. All other units are tenant owned. Central sewer system. He's offering to repair some outstanding issues which are minor. He put a new roof on one unit. Presently installing new appliances and cabinets in the newest unit. Seller owns the park and is responsible for everything on the ground (including lawn car and sewer system). Lot rents will not increase for the next 5 years. That's all I can think of. Thanks for any advice or input.