Analyzing mobile home park
I currently have 3 mobile homes I am renting out that I paid cash for they are not in a park. I live in Arkansas and have ran across an elderly couple wanting to sell their mobile home park. Below are the numbers I have what is your opinion good deal or not any suggestions or ideas would be great.
Asking $295,000. Willing to seller finance with $75,000 down. 20 mobile home lots 18 park owned homes 2 lots rented for lot rent. Total gross income $8,500 w 4 units vacant if fully occupied gross income $10,000.
Monthly expenses. $200 direct tv for 20 units she said this was incentive for renters, taxes $200, electric $175, $200 water park is on well so electric for well and monthly testing by health dept, $250 insurance ,$150 trash, $180 sewer $1000 maintenance she allowed for this. The mortgage terms haven't been worked out yet but payment should be around $2500 month. Mortgage can be adjusted if needed to make numbers work. What r ur thoughts. They r looking to finance to supplement their income