New investor looking at 24 owner owned for $750,000

[Giora Sela]

I was offered a deal on a 23 unit 3.5 acre park with another house for $750,000 in NC. Location is fairly good, land is on a major rd and the back part of it connects to an established neighborhood with older brick SFR’s All units a tenant owned, utilities aren’t included and overall condition of the park is on the low end. Main driveway is practically dirt pavement mix. Pods are rented for $275 which is $75-$150 lower then larger parks within 2-3 miles that are in a nicer park. Taxes are $6000, manager lives at site in a separate building which is the office essentially. The owner turned down an offer for $625,000 from a different buyer yesterday and the agent is insisting this is a 20% cash on cash deal with 30% down over 20 years. It seems too good to pass so I’m intrigued but I don’t have enough knowledge to tell what I’m missing