Want to buy a MHP but its old... any idea on the expenses and DIY potential?

[Curtiss Adam]

A couple months ago I am looking for real estate (I am 100% new to real estate as I own nothing FYI). I come across a listing for a mobile home park with an exceptional cap rate. Someone who isn't me has been communicating with the seller and has found out that the cap rate isn't a cap rate at all. It includes some expenses like taxes, electricity trash etc but NONE of the maintainance which is where most of the costs likely are.

Still interested a road trip was taken to view the property and the seller is going to meet us there... We get there and he tells us that his boss asked him to work longer and he told him he would!!! So it will then be another 3 hour wait but I was all for waiting. He calls back and cancels on that to saying he has to setup some home schooling thing for his kids. Ok well @#$%! He did tell us 3 trailers we could go inside and take a look around in and the "best" one of those is susposeto represent a typical of what the occupied trailers are like with the other 2 being fixer uppers.

The best trailer was not good but not terrible. The other 2 were being held together by rotton wood (at least at the entrance where I could see the wood). In fact the door nearly fell off when I opened it. If the repairs were doable by me with little instruction I might be willing to tackle this job and save money on a contractor. BUT I have no practical experience with repairs. I have watched a few youtube videos of some things that are well within my experience level even as a inexperienced repair man and I have some tools. So repairs like floors, shingling a roof or putting on metal roofs that sort of thing is doable by me, the walls and ceilings scare me a bit especially with the potential for cost (just my opinion tho).

Any ideas on the costs I could be looking at? I like the area mostly because it has a decent sized lake and plenty of fish to catch. The town itself it not big and recently lost some jobs so its not exactly booming.

Like I said its been 2 months and only getting little bits of information with each phone call.