How do I know if this is a good deal?

[Andy Traum]

I am looking at a mobile home park in CT with the following details:

- 18 spaces fully rented for $455 / month (received as an HOA - owner does not own the mobile homes but rents the spaces and includes utilities as part of the $455 fee)

- Separate unit on the property:

- 3 offices rent for $400 each / month (currently rented)

- 1 apt bedroom for $800 / month (currently rented)

- A storgage shed that gets $1400 a year

Total Annual Income = $122,400

Total Annual Expenses = $92,701

They are asking $1.2M for this property, and I am new to this type of investment. My questions are:

1) Is their a good formula to understand what a fair price is for this property?

2) What are the other factors I should be researching to understand if this is an overall good deal? 

Thanks in advance for any thoughts. I like how this appears to be cash flow positive but do not want to seriously consider a property without doing all the proper research.