Buying a Mobile Home Park for the first time

[Shawn C Steider]

I have a chance to buy this trailer park with owner financing for 185k with a 17.3% down payment (32k) at a 6% interest rate amortized over 15 year term with a 5 year balloon payment. Right now it is at 40% occupancy(19 out of 50 filled paying rent, plus free lot to the manager). Including the debt service, management costs, sewer plant/well tests, trash, electric, and taxes, I am about breaking even. I feel like this could be a great deal but the present owner is warning me that I might be running at a loss and he doesn't want the park back because its his fathers' who is 93 years old and just recently put into a Home. Am I forgetting any expenses? Does anyone have any experience with trailer parks That I could talk to? I own 5 rental units right now (a 4 unit apartment building + 1 sfh) and this trailer park is 50 pads with 19 of them filled. Lot rent is $245 per month just raised this year from $225. There is also one trailer that the park owns and rents out at $465 per month. The managers mow all the lawns, maintenance and do the daily water testing.