Analyze this park with me

[Matt Kauffman]

I'm evaluating a 45 lot park with an additional 7 RV sites, a 3200 SFH, a 3800 sf warehouse, and a 3 bay 40x44 garage.

Asking price is $800K. Lot rents are $309 with 33 TOH paying. All 9 POH are vacant and there are 3 vacant lots. only two of them are usable, other is too narrow - maybe rv potential. Manager lives in SFH for $500/mo.

Gross rents with a 3% credit loss is $128K/yr. - no numbers for 7 rv pads, warehouse, or 3 bay garage

Park is city sewer, water, & trash - all included in rent. 

Local 2bd rent is $800/mo. Local median home income is $58K, median home price is $179K. City vacancy is 8.9%. City population is 22K that has grown 39% since 2000, and is part of a larger metro area with >100K people less than 30 min away. 

Expense ratio is around 57%, nearly all because of utilities being included in rent. Without Utilities it would be 30%.

At NOI around $55K it takes a 7% Cap to get a $800K valuation.

Park is clean, but older, mostly 70's trailers, but mostly all well taken care of. Even POH look decent from the outside. 

Cash flow at this price and info says basically zero on day one, but with billing utilities back within 2-3 months says that we finish the year closer to $20K in cash flow. 

Thoughts on what you'd offer given upside, selling off the house, renting other places out, rv rent, etc...???