Looking to buy mobile home park as first real estate deal

[Casey Doggett]

I am a new real estate investor and have been looking into single and multi-family units to get going with my investing but have come across a mobile home park for sale near me in Spokane, WA.  Certainly much more than I was looking to spend on my first deal but I guess when I'm all in I like to go big.  Looking for some help/info from people that have some experience or knowledge in the area or even maybe that would be interested in partnering on a deal.

Is a 55 Unit mobile home park built around 1971

Currently has 27 tenant owned homes renting for $250 each

17 park owned rentals renting between $475-650 (dont have specifics on this yet)

My rough calculation is about $15,250 NOI monthly currently at this vacancy

Looks like 11 spots unfilled 

Uses on-site septic and well 

Looks like good size piece of land, 22 acres

Located on the outskirts of bigger city (Spokane) so not too populated, maybe not most desirable location, possibly look into having some RV sites added if not already there as this area is highly traveled??

Asking price: $1,150,000

Las tax valuation in 2017 was $938,930

Annual taxes $10,200

Cap rate (as given by seller): 9.19%

Would be looking to put down 20-25% with my own cash and probably help from a partner and talk to bank about financing options to buy although haven't talked with bank yet

Have not yet been out to look at it so not sure of condition of park/homes.

Looks like an interesting deal as it is a decent sized park that could generate some cash flow but I am concerned about the vacancies and location???  Any good advice from anyone on if this sounds like a good/bad deal would be greatly appreciated.

Casey Doggett D.O.