first deal/mobile home park?

[John Bucknum]

HI all, 

just getting started, looking for first deal. I found a MHP locally FSBO, it is 34 units over 7 acres, city water, with septic tanks which owner claims to empty yearly. asking $800k, brings in $91k/year, according to owner. water and gas, electric and cable individual metered to each pad. Mom and Pop owner, approx 80 yo, looking to retire. he does maintenance himself of roads, lawn care. I am meeting with the owner this sat. to discuss further. the property is on a main road that is growing with senior living and commercial properties between 2 larger towns. Vacant 7 acre lot down the road approx 1/2 mile just sold for $1,000,000 for a car dealership, which is under construction.

what questions should I be asking to further evaluate this deal? 

thanks for your input!  

[Paul Bowers]

@John Bucknum $2,979 in expenses????  That might be missing a zero or is monthly not yearly.  The taxes alone should be more than that not to mention management, advertising, property care, cap ex, legal fees, accounting fees, etc.....

You better take a MUCH deeper look at the expenses