Looking at another park

[Samuel Coronado]

I have another one I'd like to discuss. This is 5 mobile homes and one building being remodeled as a storage unit. 4 park owned homes and 1 tenant owned home. The POHs are $800 a month and the TOH is $300/month. Gross income right now is 2700. When renovations are done (the studio and one of the POHs), gross income will be 4000/month (500 for studio, 300 TOH, 800x4 for the POHs). The property is located in a prime growing area in northern Alabama. It's similar to another park I've done well with the last year. Septic, nonpermanent foundations. The seller has considered seller financing with 20% since this is a paid off property. Wondering what the best entry point would be. They originally wanted 360k, but the mortgage would have the property running negative for the foreseeable future until all renovations are done, which I won't do.