Evaluating a Mobile Home Park Investment

[Lance Hummel]

I am looking for some help identifying how to evaluate a mobile home park in duress.  The asking price to high to justify with the current cashflow.  It is a 150 unit park with only around 35 units currently rented.  6 units are POH and the other 29 are TOH.  The town is around 20,000 people and there are 3 primary parks in the town.  One park in town is pretty full 90%+ and is renting lots for 200 ea, while the park I am looking into is at 135 ea.  The upside potential for this park seems like it could be great, but I am unsure how to evaluate if the community is a failing community and there is not much chance of filling the park, or if is a diamond in the rough?  

There is a large college about a half hour from the park.  Is it reasonable to think that is possibility of filling the park? 

If based on your suggestions and the evaluation of the community shows good signs in filling the park what is the best way to secure decent homes to sell and rent out the lot spaces?

Please provide any suggestions and questions I should be looking at and asking to further the likelihood of making this deal happen or walking away.  

Thank you for your Help/