Evaluating MHP based on cash flow

[Philip Lamachio]

I've found a fairly dilapidated, smaller mobile home park (maybe 20 units?) that has only 1-2 actual tenants on the property with numerous abandoned homes. It sits on a very nice little pond in a rural setting by not very far from town.

The property is in a trust and looks like it was the victim of complete neglect by the family members it was entrusted to. I think it could be a good buy, primarily because it is very hard to get new zoning for MHP's across the country. 

It's not on the market, but I have located one of the family members who inherited it and have his phone number. I would like to try to put together an option to purchase the property as is, of course after doing all the proper due diligence. ( I suspect that much of the electrical and plumbing is shot...lots of work to bring it up, but it could be a beautiful place) 

Can anyone point me to a basic investor formula to evaluate a reasonable offer for this type of property as is, and determine what the percentage and length of an option should be? I have a basic grasp on how to determine ARV, but any suggestions there would be great as well.

I'm considering finding investors who can fund the restoration or considering simply assigning the contract to an investor in MHP's, as I haven't done anything like this yet.