Help evaluating a potential MHP deal

[Ryan Taylor]

Hello! My wife and I have several SFR and small MF long term rentals, but are looking at getting into MHPs. I found a potential deal on a park near Chattanooga. It is a 33 Lot park on 9 acres. 4 lots rented at $250. 1 home about to be rented for $675 per month. 7 homes on site that need work to rent out (6-12k per home). Rest are empty lots ready for new homes. All sites have individually metered water meters. Park is on septic tanks.

The current owners recently bought the park less than 6 months ago (stated they got a good deal for it) but reported they have other larger parks they are focused on and just don't have the time to invest in this one, which is why so many lots have remained vacant and there is very little cash flow right now.

It is listed at $375K and there is a potential option for owner financing. I see that there is some decent potential in the park given the location and room to improve, but I know with so many empty lots, it is going to take a lot of work and capital to get this thing going. I live out of state so will be doing this remotely if it makes any difference. Does this sound like a good opportunity or too much of a headache? Thanks in advance!