Need help analyzing deal

[Matthew Haban]

Details: 

19 unit park - 18 tenant owned trailers and 1 SFR (manufactured home on horse property). Has city water and has septic.

Currently rent is 325/per lot and hasn't been increased in 10 years. 

Purchase price 800K with 130k downpayment with 30 year amortization at 4.95% seller carry. 

Many code violations need to be fixed about $28,000 worth of work on electric to park to get up to code. Main house needs 35-40K worth of rehab.

Owner not willing to lower purchase price but is willing to not take payments for 15 months and do two years interest only payments and begin regular payments the 4th year.

Park expenses:

Water - 1200

Garbage - 600

Taxes - 250

Insurance - received quote for 600/month but thought that was really high for general liability but i could be wrong. 

Plan:

Increase rents by $100 the first of the year. Get electric up to code ($28,000) and rehab main house to bring in anywhere from 1,500-1,800 increase in income. Install sub-metering for water and have tenants pay their own garbage to decrease park monthly expenses.

Park is zoned for 14 more units for a total of 33 but county isn't letting development happen due to septic or until hooked into city. City sewer is a mile a way. Lots of commercial development happening so maybe in the next 5 years park would be able to hook into city sewer. 

Tell me what you think. Thanks in advance. 
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