MHP Deal Analysis - I think we have a winner.

Here is a deal that I currently have under contract. I would love to hear your thoughts. 

Lots - 89 lots

Occupied - 57 lots

POH - 0 (9 will be kept under a master lease with seller and will pay lot rent)

Vacant lots- 32

Utilities - city water and sewer

Lot rent - $325, close to market, possibly bump $10

Expense Ratio - 41%

Location - Durham, NC MSA

Purchase price - $1.525mm

Water/Electricity/trash - passed through to tenants

Financing - Bank, no seller carry

Demographics - mostly Hispanic

Objective - bring in new homes and fill up vacant lots and bring down expenses slightly (currently have 3rd party manager)