Mobile Home Park Deal Analysis

[Eben Rohling]

Hi everyone - first time poster here

I am looking at a mobile home park that had been listed through a realtor for several months with no bite. To me it looks like a cash flowing cow, but would love to hear what things I may be missing. The details are as follows...

14 park owned trailers. All older and in verifying conditions and currently renting for $7,050/mo

1 tenant owned trailer. Lot rent is $200

1 4 bedroom house on the property. Current rent is $700

Total monthly income is $7,950

Previous years expenses were

~$15,000 utilities (has city sewer and water)

~$20,000 Maintenance and upgrades

~$10,000 depreciation

~$15,000 operating expenses

With vacancies, the previous year total income was ~$75,000

Asking price is $225,000

On the surface does this look like a good deal?

What questions do I need to be asking to ensure I am not missing something major?

Any other input is greatly appreciated!!

Thanks in advance!