Mobile Home Park Deal Analysis

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Any experienced MHP investors out there? I'm working through analyzing bigger deals and came across this one:

To note, all but one of the homes appear to be owned by the lot so maintenance/repairs could vary wildly year to year and would require quite a bit of work. Other than that, the deal appears to net ~$250k/yr after expenses (not including prop mgmt I believe).

One thing I noticed, in 2017, expenses were ~$40k higher than 2018 and for 2019 (projected) due to "completely rehabbing several units"

Account Closed I took a quick look at the 28 space park and in 2 minutes can see why it fell out of escrow. The lender knows that is not a 16cap deal. The expenses are running at 21%. Anyone experienced in the park industry knows that is extremely low. Expenses can run as low as 35% of gross, but normally you will find them to truly run in the 40-50% range. If you use 50% to be conservative, the NOI becomes roughly 37k, which results in a 5cap price. That's why it fell out of escrow. That's why it's on Loopnet. It's overpriced.