RV Park Analysis - looking for feedback

[Chadwick Hill]

Hey all - first time poster here! I’m in the process of closing on my first RV park and wanted to get everyone’s thoughts on the overall deal and see what I may be potentially missing here.

The property is selling for $400k and includes the following, it will be an all cash transaction and the idea is all long term tenants with a family member managing the property for me (who does real estate in the area and is a co-investor with me):

1) ~8 acres of land outside of Jacksonville in a small rural community.

2) 10 established RV sites with electrical and septic tank, fully leased (annual leases) at $450-500 / site / month, which includes electricity and use of an on-site laundry. One site gets free rent to do all the maintenance and cut all the grass.

3) double wide mobile home that needs approximately $10k of work and will rent for ~$1,500 per month.

4) 20 additional sites approved by the county which will need to be added, including all electrical connections and additional septic. My estimate is this will cost on average about $2-3k per site, but again this is my first time so I may be way off.

Any helpful knowledge, links, etc. would be amazing as I try to work through this deal! Also, we will have to evict the current tenants of the mobile home, anyone have experience there in FL with advice??