Need help with deal analysis and due diligence
There's a local park that I've been interested in buying for years but the owner never wanted to sell. After a couple of years now he ready to get rid of it. The park has 27 lots 8 of which are currently rented for $85 a month. 7 have old homes no one's lived in for years that have been stripped of almost everything and need to be torn down or removed. The other 12 are overgrown lots that need to be cleared off. There's also an old storage building included as well. I think each lot has its own septic tank, water, and electric meters. The gravel roads throughout the park are in bad shape and need some work. The owner is asking for $5000 a lot and said with $10000 down I can pay however I'd like each month. I really want this park to turn it around and add value to this community so any and all help and advice will be greatly appreciated.