First Buy and hold small mobile park evaluation help

[Bobby Larsen]

This is my first post!

I am looking at a mobile home park for sale. It has 8 lots. 7 of 8 mobiles are being sold with the property and one of the homes is tenant owned. There is not much maintenance associated with the property(land) that I can see. Each unit has its own water/sewer and electrical service. Water and Sewerage are public utilities(big plus!) The gross income at full occupancy is $3500/mo, rents are mailed to a PO box. The one lot is rented mont to month for $200. One unit is newly vacant and needs small repairs. All units are 30+ years old. Majority of tenants have been there over 10 years and one for over 25 years. Parking lot is in good shape and is limestone aggregate. Yard work cost $40/month Property tax is about $700/year on the land. 

The main reason I am interested in a mobile home park are the reduced maintenance responsibility if units are tenant owned (does not apply here). I would like to rent to own the trailers to the current tenants, it could be a win win for both of us, they a cheaper rent and I get less maintenance.  I am not sure how feasible this is. 

What would be a fair price for this park? Asking price is 275k negotiable. That seems like a high price to me. What are your thoughts?

Thanks in advance for any feedback.