Analyzing MHP Deal in Midwest

[Kendra Levy]

Hello! 

I was contacted by a wholesaler with a MHP for sale in the Midwest.

It has 6 homes, fully occupied, all take up less than one acre.

The mobile homes and the lots are owned by the park.

Gross monthly income is $2,070/month

Owner pays:

-Trash is $64/ month

-Water is $200/month

-Tax is $25/month

Tenants pay their own utilities, electricity and gas

Selling because it has a lot of equity in it

$84,000 with option of seller financing

Rent ranges from $275 through $575/month

Owner charges a lady who has lived on the park for 7 years the lowest rent of $275/month

City sewage and city water

Any and all advice on this deal would be greatly appreciated. I feel it would be a good way to get my feet wet since it is a very small park. However, since the homes aren't owned by the tenants, I am hesitant.