Looking at a trailer park deal, Looking for advice

[Scott S.]

I'm looking at a Trailer Park that looks to to be a good investment, first time looking at a commercial deal and I think it might be priced to high....but I'm not sure. 

Property Facts:

$870,000 price

Currently ~$8700/month income (don't own trailers)

Their is room to increase plot fees and bring in $10,000/month

2015 income$111000 Expenses 47,000

$64000 annual gross,

(111000)* (.6 *40% expense load on income*)/(.12 cap rate) = MOST I SHOULD PAY is $590,000 which is based on a 12% cap rate....but the property is cash positive and doesn't have applicable comps in the right area's. 

64000/870,000 = 7.4 Cap Rate currently

73000/870,000 = 8.4 Cap Rate potential in 1-2 years

Taxes once readjustment for the price will increase as well

I cover water sewer trash. No septic!!

Good acreage in a good area, I think the land will appreciate well.

I'm looking at financing options now, but want to see if any experienced investors could shed some light on my price concern.