Am I crazy - Need help analyzing a deal

[Jon Dorsey]

After much research I am narrowing in on a few Mobile Home Parks and have started to make offers but the feedback I'm getting from the seller(s) makes me feel like I'm way off in my valuation.

Basics:
Lots: 60 (100% occupancy)

Lot rents: $375 (in-line with market)

POHs: 10 which I don't CAP but pay for separately

Exp ratio: 40%

All in offer: $1.85M

Crickets, crickets, crickets. I think they wanted to hear $2M but I'm not in this to break even and I don't think its prudent to put my formula in front of them to show them the analysis.

Would appreciate a realty check and any guidance going forward from the group.