Reviewing Mobile Home Park Financials

[Ryan Weimer]

I am pursuing a MHP deal and just received the financials of the past year.  It is a 10 unit with only 2/120 months vacant in the past year (2 evictions shown in the expenses). Lot rents are $450, and only one of the units is owned by the park owner.  Rental income looks something like:

Jul 2018 - 5.8k

Aug - 6.9k

Sept - 2.7k

Oct - 6.3k

Nov - 5.1k

Dec - 6.9k

Jan 2019 - 11.1k

Feb - 7k

Mar - 3.3k

Apr - 5.8k

May - 3.5k

Jun - 3.4k

TOTAL: ~58k (or $580/per)

The expense line items are all accounted for... My question is more in the broad sense for a 10 unit, how can the rents vary from 2.7k to 11k?  Could this indicate the payment collection is really unorganized, there are properties on "young" lease to own contracts with balloon payments in January, and/or are the financials bologna?

Is this common with MHP's due to higher turnover and one-off contracts for each tenant?  I didn't expect the numbers to vary this greatly but maybe this is par for the course.

Any comments are greatly appreciated!