please check this out

[Frank Gossman]

Hello Everyone: Please let me know what your thoughts are.
118 unit 55+ mobile home park suncoast of florida spaces occupied 109+ all amenities (no pool).
Made no offer yet
Asking $ 4,500,000
DN $ 1,850,000 to mortgage holder
assume $ 2,650,000 note at 5.95% / 30 term ballon due 2012
GOI $ 498,432.00
NOE $ 200,373.00 = 41.5% +/- GOI
NOI of $291,843.00 less sellers dept service of $ 162,108 $ 13,509 pr/mon
Cash flow $ 129,735.00 or $10,811.25
There is on site laundry, rents are below market, rec.hall,shuffleboard and more.
cap is 6.49 in this area not unusal
There are a few things that can be done to increase the NOI right away to approx. to $ 65/$ 100,000
I personnally feel it is over priced but I would like all your thoughts.

I would appreciate any input you all have to offer and Thanks in advance !!