4 mobile home sale -- deal analysis

[Matthew Anderson]

I found this on Craigslist and was interested to see what more experienced real estate investors (particularly with mobile homes) had to say about this add.  I know this is limited information, but I wanted to see if others got a similar impression of this ad as I did.

Here it is:

Mobile home portfolio 46% CAP RATE. CRAZY CASHFLOW!!!

If you're into mobile homes, you already know the kind of cash flow you can achieve! So buy these 4 mobile homes that are already rented!

Price: $38,000 OBO!
No. Mobile Homes: 4 
Property Sub-type: Mobile Home/RV Community
Property Use Type: Investment
Cap Rate: 46%
Total SQ: 4,000 SF +

Description

Portfolio of four mobile homes with a cap rate of 46%
All homes recently refurbished and rent-ready.

Gross Rent: 30,000
Vacancy Allowance: $825
Total Revenue: $29,175

Lot Rent: $11,124
Maintenance: $500
Total Expenses: 11,624

Annual Net Operating Income (NOI): $17,551

Email if interested in more information or making an offer.