Driving to look at a small mobile home park for sale

[Michael Fortier]

I went and looked at a 15 space MHP yesterday that was about 45 minutes away from me in a town of about 22k people. The ad said it had 15 sites 6 of them park owned and 70% full. As I drove down the short road that had homes on both side at least 5 of them were vacant (I could tell because they had boarded up the windows) and most of them were in pretty rough shape so its hard to tell if some of the others were vacant as well. I would guess its maybe 50% full. There were dead trees throughout the park. Across the street on two side was an auto salvage yard. It looked like it just wasn't cared for. The park was listed at 150K with lots rents of 175 for TOH and 350 for POHs. By calculators I have seen others use (lot rent  X 12 X #lots X .5 /.1 it comes up at 84K. I certainly wouldn't pay anywhere near asking price for this, but would anyone think it was worth anything to try to turn it around?