MHP - Off Market Deal - Need help analyzing.

[Jamin Olds]

Hey Everyone- 

I am currently in discussion with the owner of a 30 unit mobile home park and need some advice input.  I have studied MHP investing and this would be my first deal. I currently have 26 residential rental units. 

Here is the breakdown of the offer presented to me by the seller: 

Purchase Price: $400,000

30 unit park - 28 lots currently rented. 

Lot rent: $300

All trailers owned by residents. 

Monthly Income: $8,400. 

Total monthly expenses: $3,966.  This includes sewer, water, taxes, electric, and 30 year note. 

MONTHLY CASH FLOW: $4,434

This seems like a fairly good deal! I also know I can get it lower price than $400,000.  Am I missing something? Would you purchase this park? There are 4 parks in this town and this park is by far the best maintained etc.  Any advice, input, etc would be greatly appreciated. 

Thanks!