Help me analyze this deal... please?

[Jonathan Hayek]

Hi folks - 

Long time lurker, but infrequent poster. I'm learning about HMPs, and would love for you to chime in on this deal. 

Price: $795,000
Community Type: All ages
Number of Lots: 22
Current Occupancy: 86% (19 Mobile Homes) 2 vacant lots, one unit in the process of being certified 
Average MH Lot Rent: (Tenant Owned) $325
Average MH Rent: (Rental Units) $768.75
Animal Fees: $25 Per Dog: Current revenue from Dog Fees is $300 a month.
Size: 4.24 Acres
Gross Income: $98,400 + $3,600 (Dog Fees) = $102,000
Current Monthly Rent Roll: $8,200

Market Cap Rate: 7.8%

The seller also says there is an additional undeveloped half acre that could be used for additional homes (8) or RV/ boat storage, etc.. County sewer and water. Tenants are billed back via RUBS and 90% of utility costs are recouped. Electric and gas are billed directly to tenants. 

What do you like? What red flags do you see? Thanks!