Help evaluating park with high expenses

[Shawn S.]

I am looking at making an offer on a park in the Southeast.

Median house value 120k

Median income 39500

Population 200k

Park age 1970

City water master metered.  Owner pays water and trash

Gas and electric handled by city and submetered 

45 lots

40 lot rent

1 free lot to manager and he makes 550 a month

3 park owned 1 vacant

2 lot only vacant

Lot rent at 160 but increasing to 185 soon

Park owned homes rent for 380-420

Paved roads 

extra land to build possibly

2016

Gross last year was 80k and expenses were 70k= net of 10k

Expenses included 18k for utilities and almost 30k for repairs and maintenance of which 5k was allocated to rehab of a rental trailer, another 5k on sewer tile repair, 3k on tree removal, 3k on a water leak and another sewer repair

Payroll was 8500, trash was 2500, taxes and permit 4200.

2015 numbers

65k gross

49k expenses. Net 16k

18k utilities, 13k repairs,6500 payroll

2014 

70k gross

49k expenses net 21k

Repairs 16k, utilities 13k, payroll 6800

What is this park worth?  What concerns do you have?

What needs to be done to get this park to 30-40% expense ratio?

How does that factor into pricing?

I expect seller to want 300k from discussions.