MHP Deal or No Deal?

[Greg McClain]

I am contemplating putting an offer on an MHP. I am hoping to get some expert opinions here on Bigger Pockets.

The asking price is $600,000. 24 pads. 17 – POH, 6 – TOH and 1 vacancy.

Lot rent is $200. The rent from the POHs is between $300 and $800.

The park is on city water and city sewer. It is individually metered for electricity.

The expenses listed annually are $28,773. This includes taxes, insurance, lawn care and maintenance.

The asking price seems high to me. Does anybody think this deal could work?