Guidance on evaluating a MHP deal

[Raj Bat]

Hi,

I am evaluating a MHP deal and am looking for advise on few things as below:

1) The asking price is 500k with 60k Gross income. Expense of 14k. All are tenant owned homes for this small 10 home park. Septic and water well in place. Tenant pay own electricity and water is sub metered. No property management in place. I am looking for a 10% CAP rate but the seller does not have great P&L data in place to verify accurate history. Can anyone provide insight on the numbers of this deal?

2) Will it be easy to get a property management in place for such a small park? Any suggestions for property managers in NY region for mobile home parks?

Thank you!