Condemned Mobile Homes in a Park

[Dominick Dahmen]

I'm looking at a park that is a pop owner who's owned it for 20 years and is in his 70's. It's priced at a 15% cap but about a third of the mobile homes are vacant and condemned. I want to see if I can even bring new homes in. If I can't, does the 15% cap justify this situation enough? Also, apparently rents haven't been raised in quite a few years. I have yet to verify.