Mobile Home Purchase Question
I came across an off line deal. Owner is selling a mobile home park that has 5 mobile homes on it. Here are the specifics.
- Purchase price: $145(mobiles and land included in price)
- All mobiles are paid in full
- 5 mobiles all rented monthly gross is $2500
- 2016 Taxes were $1,000K
- Ran numbers with 5%(Vacancies, Cap Ex, Property Management) and still got $1200 cash flow
- C + neighborhood
My question is, is there anything I missed?
What other items should I be thinking about which would determine if it's a good deal?