Found a RV park lead, now what?

[Joseph Young]

I have found a mom and pop owned RV park that is willing to sell.  It is located near Portland, Oregon.  I don't even know where to begin.  

My experience;

My wife and I managed a 16 unit apartment complex for three years.

The park;

about 50 units, 385 per space, 4 park owned homes (2 double wides, 2 single wides) most of the rest are RVs.  Long term renters, just under 10 acres of property. Located on a main road.

City water, city sewer, (don't know right now if it is all separately metered)

WIth some of the formulas I have seen thrown around

lotsxrentx12x0.7 operating expense/0.1caprate= rough ask price

50x385x12x0.7/0.1= 1,617,000

Does that seem right?

I approached my lenders, but with my lack of experience in mobile home parks, they said NO.

I didn't exactly give them the best presentation regarding the opportunity, but I thought I would post today and see what suggestions some of you may have.

Thanks,

Joe Young