Analysis: Mobile Home Park in Western Illinois

[Eric Gabriel]

This is the first deal that seemed to make sense to spend the time to analyze.
Deal OR No Deal?  That is the question.

What should I be looking at? 

I'm actually interested in cashflow, but would consider a value add, wholesale, or flip.

SUGGESTIONS and WISDOM are highly sought. 

PRICE
Asking Price: $287,000 (owner financing available)
Number of Spaces: 50 (27 rented, 22 vacant according to spreadsheet $225 average monthly space rent)
Current Gross: $82,620 (not verified yet - how to best do this? bank statements?)
Current Net: $56,520 (expenses not verified - how to best do this? ?)
Year Built: 1960's (units seem to be on the older side but not owned by the park)
Parcel Size: About 11 Acres
Cap Rate: 19.69

INFRASTRUCTURE
Vacant Spaces: 22
Number of Park Owned Homes: None
Road Type: Concrete/Asphalt/Gravel
Flood Plane: No

UTILITIES (It seems that most park buyers like utilities to be connected to city water and sewer. Is this possible and at what expense?)

Water: 2 Private Wells (EPA Compliant)
Sewer: Private Sewer System (EPA 5 year Permit renewed in Jan, 2015) 
Electric: Billed Directly to Tenants
Gas: Billed Directly to Tenants
Cable TV: Billed Directly to Tenant

Trash: Billed Directly to Owner

LOCATION

I don't know much about the area since I'm out of state.  I see that the population is stable.  It's not falling, not increasing.