Developing a new mobile home park- Help

[Samuel Coronado]

I am starting a park that will end up with roughly 20-25 lots on plot of land that's roughly 20 acres (including an existing 4/2 house). The house rents for $1200 month currently and will be able to get $1600 if renovated (finish basement bathroom, new flooring and fixtures, mainly cosmetic). I am having land cleared soon for either 4 single wide homes or 2 doublewide homes. The singlewides would be roughly 1000/month gross rent each ($4000 total). The doublewides would be $1500 gross each ($3000 total). I am leaning toward the doublewides for longevity and lower turn over purposes. On the other side, I am planning 15-20 doublewides. These will be done in multiple phases.

But per lot it will cost roughly the following:

$1,500 Electrical poles, meter installation

$2,000 water taps and connections

$5,000 grading and land prep

$8,000 septic installation (assuming a 1:1 ratio of homes to 1000 gallon septics)

$5,000 down payment on each home ($700-750 / thereafter per unit)

$21,500 total set up x 17 = $365,000

Ongoing expenses after development would look something this for POH model:
$12,750 a month in mobile home mortgages (17 x 750 for PITI on each unit)

$1,900 a month in land mortgage PITI (house)

$3,000 a month landscaping

$2,000 a month in reserve emergency fund

$2,200 management

$21,850 a month total expenses

$262,200‬/year

Ongoing incomes after development would look something this for POH model:

$27,000/month ($1500 x 18 {17 mobile homes plus house})

$324,000/year

324k-262,2k = 61,800 net pre-tax profit or $5,150/month.

Opportunities to reduce start up expenses:

Bulk deals with the government or contractors for doing all the work at once (electrical, water, land grading, septic)

Trade free rent for someone to mow and landscape (turning a $3k event into a $650 event every month). Savings of $30,000 a year.

Management fees- free rent in exchange for licensed agent living in the community and coordinating work orders, etc.

$288,000 income - $199,600 expenses without management and landscaping = $88,400 / year or $7,366/month.

Doing the numbers on a commercial property value calculator, without debt service I will be at at a valuation of $3,026,400.

Property is currently worth $425k before the land improvements and development of $365k being added. $790k turning into a multimillion property seems like it's too good to be true. Can someone tell me what I may be leaving out before pitching this?

This deal works best with an equity partner and I have a short list of those who will be looking at the deal soon.