Mobile Home - Deal Analysis: High Lot Rent? Good deal?

[Swat Khan]

Hello BP!

Just wanted say I love this forum and I wouldn't be where I am now without it!

I got a lead on a motivated seller for a MFD home in a B- to C+ area. This is going to be a Lonnie Deal.

Specs:
- 1970s 18x56
- 3 bed/2bath
- New heater (2011), New A/C
- has wood flooring in living and kitchen. Carpet in the rest of the house.
- Repairs: needs new carpet and fresh paint.
- Lot rent: $1073
- With utilities bills come out to: $1225 (this is in the middle of the summer)
- Lot rent has been paid until the end of the month. So I can try to sell the home by Aug 31st without paying any lot rent.

Other info:
- Motivated seller, just bought a home and needs to move by the end of the month
- Owner lived in unit for 22 years, bought in 1990
- Park has a pool, a rec room, and playground for kids. Park owner expects you to sign a 5 year lease.
- Market rent for 3 bd/2 ba is $1400-$1800 in the area.

- Buying: He was asking $4000 and I offered $2500
- Selling strategy: owner financing to a buyer, $2000 down, $250/mo mortgage for 72 months.

Questions:
1. Does the lot rent seem high? It's $1073. Will this hurt me in the long run?
2. Is my offer too high?
4. Anything else I should consider before jumping in?

Thank you in advance for all the help.