Deal number crunching assistance

[Account Closed]

Ok so I made an offer on a mobile home park and it was turned down, they said they wouldn't let it go for any less then a 10 CAP. So help me out so I can make a reasonable counter offer. On city water/sewer and it is billed directly to the tenant. Tenant Pays for the trash service as well.

Monthly Gross: 2,775.00 (All lot rent, no Park Owned Units)

Expenses Monthly

Tax/Insurance: 225.00

Property Management: (Free lot rent already accounted for) and 100.00

CapEx: 300.00

Permit: 100 (Annually) 

There isn't any private roads to maintain, just a fence around part of the property and then a sign.  There's trees on the property and I giving it a buffer for any hidden expenses not accounted for.

If I can get a commerical loan it would be 6-6.5% rate with 20% down.  Owner was willing to finance with 40% down and at 6%.

So with these numbers, I think I covered them all, what would be a starting offer, and where would you cap your offer at.  

Thanks can't wait for some feeback.