Purchase w/ huge lot rent?

[Skye Bowen]

Alright everyone, I really could use an opinion if you don't mind... I'm looking at a potental buy, and it would be the first, so I'm a little nervous!

It might be a long story, but here are the details -

I'm looking into a really nice 2br/2ba in a well maintained park. It doesn't have a refrigerator or washer/dryer in it, but those are the only appliances it's missing. The guy that I would be buying it from is a builder, and he and his wife put $4,000 into it to fix it up (or so they say), and they were planning on selling it. They're having a really hard time selling it though, I think mostly because they're asking for at least a $2,000 downpayment, ie, they're naming the terms. He was willing to sell it to the first person that walks by with $3,000 cash. I think it would actually be a great deal. I mean, I almost want it for myself!

The biggest problem is, the lot rent is a whopping $470! Can you imagine?? $470 just for lot rent. I mean, they mow your lawn and plow and things like that, and the park is right next to a major city; you couldn't get an apartment in this area for less than $700, so... It just seems like the profit margin is really tight, and especially since he said that everyone he showed it to got turned off by the lot rent. It's a nice looking park, the nicest one I've seen in the area, and people obviously pay it because it looks to be at least 90% occupied.

Any thoughts on this would be helpful! If I can deal with the lot rent issue, this would be a wonderful park to work in.

Thanks!!
~Skye