Help! Just got my 1st Mobile Home Park Under Contract!

[Karla Yudy]

Any experienced mobile home investors out there? 

I'm looking on some feedback about what steps to take when buying a mobile home park as I have no experience with mobile homes! This is a small park (only 6 homes) so I think it is manageable but I am kind of unsure about what steps to take next. 

I'm in the due diligence process now what things should I be looking to investigate over the next few weeks to make sure this is a solid investment?

A little about the park:

-Small park -only 6 homes on 4 lots of roughly .5 acres each. 

- sits on a residential street, so not a park in the traditional sense; other properties around it are rental/owner occupied mod homes or SFHs (average price of these homes are roughly $100-110K

-total rental roll is $3,500 on a $252,000 purchase price (this is what attracted to me to park in 1st place - extremely hard to buy this type of income stream at this price where I live)

-on well and septic (don't have much experience here, what should I be researching/verifying? 

Overall, I was really attracted to the deal because of the income the property produces but what other things in general should I be looking into/verifying?