First Time MHP Investor

[Chris Peckham]

Hi all -

I'm a new real estate investor and have a keen interest in mobile home parks.  I'd be curious to hear some expert opinions on this particular property. I'm very much in the "I don't know what I don't know" phase, so what may seem obvious to you is probably not to me.  Any and all comments would thus be welcome and appreciated.

What I know:
*There are two separate parcels of land, each with four units. Two of the units are double units, so there are effectively 10 rentals, per the listing.
*Total of both parcels is 1.25 acres.
*All units are POH (I know this is not great).
*Income = $50,400
*NOI = $25,773
*Tenant pays for electric, heating, and cooling.
*All units share a well.
*There are six septic systems in total. Some are individual, others are shared by two units.
*All units are occupied and most tenants have been there for several years.  The newest tenant has been there for 8 months, but the average tenancy is 4.3 years.
*Location is on a county road, approximately 2 miles outside of a small Indiana town with a population of ~15,000.
*Asking price is $229,000.

Full disclosure: This is literally the first property I've evaluated. That fact alone tells me I should use this only as a learning exercise and to stay far away, but if any of you good folks would be so kind as to offer your thoughts and opinions, I would greatly appreciate it!