47-unit Mobile home park

[Dave Rav]

I am eyeing a 47-unit MHP here in SC. I'm seeking feedback on this deal, primarily is this a good deal and price? Details below:

$700k

**(I'm aiming for $625k)

Seller Fi, with 20% down.

Will finance for 25 years at 6%

47 lots

11 park-owned homes. 5 are vacant and in disrepair.

36 remaining lots rent for $125-150 per pad. Only 55% of pads are rented (so, 45% vacancy on these).

Potential RV lot in the rear (10 pads), but needs clearing and possibly utility repair. (I'm not factoring this into income at present)

Septic sewer.

Tenants pay all utilities.

Pad rents could be raised to market $175-200. Conservatively, in this area, 3 BR mobiles rent for $500-575. 2 BR $425-500. If I get more, great, but this is my basis for now.

Please give any feedback! Thx!