Help Analyze Mobile Home Park! -rough numbers attached

[Kyle Grimm]

• 22 Spaces
• 4 vacant lots (1 of those is too small to put trailer on)
• 1 park owned home needing renovated but will bring in 450$ additional income once 5k dumped into renovations.
• Park manager gets free lot rent 
• 16 lots currently collecting lot rent for gross annual income of 42,168
• City Water/City Sewer 
• Tenants pay all utilities besides water (water paid by owner)

I feel that my expenses as listed in my rough numbers are very low.  These are numbers I got from the owner which I know is not always a trusted source.  Tenants currently pay all utilities besides water which is on one master meter paid by owner.  I have already been looking into sub-meter the park which would knock down my annual expenses down to around 9k (I asked for water bills from seller and they are around 9,659 per year). 

I have talked to owner down from 355k to 280k.  Rents are right around market rent but I could probably bump them up 15$.  After submetering the park and filling the vacant lots, the numbers would look a lot different.  I am curious what some of you experienced investors would think about this park.  Something to move forward on or keep looking?  Love to get some feedback! Thanks!