Mobil Home Park Evaluation

[Roy Green]

I am looking at a Mobil Home Park and could use some help evaluating it as well as understanding what I am getting into.  

Basics: 34 acres, 52 lots. 27 lots are owned by tenants who pay a site rental fee. 10 units are rent to own and 1 unit is a rental.  The other 14 sites are vacant lots. 

Sale price 700k, NOI of 82k which puts the CAP rate at 11.5 percent.

Annual income is currently 167k and annual expense (mainly taxes, insurance and maintenance) is 85k. 

Questions:

1. What questions specific to Mobil / Manufacturing Home parks should I ask?

2. For anyone who has run one before...what recourse do you have if someone did not pay their monthly pad rental?  

3. Is this Cap Rate in line with similar investments.

4. Do Mobil home parks appreciate like apartment buildings or SFHs?

5. This is in a rural area and I am guessing it may be a little harder to find tenants but are there strategies around that concern?

6. What maintenance concerns are typical?

Any help would be greatly appreciated.