MH deal

[Tim White]

There is an opportunity to obtain a mobile home park but not sure it is a good deal. Have $200,000 for the deal and will need to borrow $60,000. The park has 11 mobile homes on it with 10 of those occupied by long term tenants. Rents are $400 for 10 of the 11 with the 11th being a lot rental of $150. There are pads to add 9 mobile homes at a future date. Taxes and insurance is right at $3000 and $1200 annually. Property management is $200 per month and typical expenses tend to average $400 per month. Checked septic and electric and they checked out fine. Should this deal be a pass or a take? I know you don't have all the info but just looking at the cursory numbers what do you think?