Considering Purchase - Opinions?

[Jennifer Huba]

25 Lots are fully occupied and bring in $6650/m. Most mobile homes are owned by tenants with a few rent to owns. ( Monthly income for RTO is $1k).

Over the next 2 years, I would increase lots rent to bring in another $600 the first year and an additional $600 the second year. So... by the end of the 2nd year, I'd be collecting $7,850/m + the RTOs.  Even with the increases, my lot rents would be over $100/m less than other lots in the area.

MH are older 70s. Park well kept with Public Water and Sewer.  Tenants pay for ALL their utilities.

Expenses of $1,300/m include common electric, garbage, insurance, property taxes, land maintenance. 

I would have no maintenance fees on MH since they are owned by tenants. RTO agreements also state that tenant is responsible for all maintenance, etc.

Owner wants $750k which seems high...but expenses are very low (and would obviously be fully verified prior to closing). 

This property would be used for my eventual retirement income (over 15 years away).  No monthly profits would be withdrawn for personal use.  All would stay with property.  If used for extra mortgage payments, it could be paid off in less than 9 years.

Thoughts?