First Time Mobile Home Park Purchase

[Jason Noel]

I am looking at purchasing a mobile home park in the town I live in. The basics of the listing are:

Purchase Price: 2,500,000.00

NOI: 224,000

Cap Rate: 8.96

5.311 acres

18 mobile homes

Renovated in 2020

I have never made an offer, let alone purchased a mobile home park. I am local and would like to handle the management myself. What advice do you have? What mistakes should I avoid?

Like I said, I’ve never done this, so please be brutally honest with me. Thanks in advance!