First Mobile Home Park deal

[Tom Kirchner]

I'm new to mobile home investing.I've done some homework and have an idea on how to value parks.This seems like a good deal to me but would like to get opinions from you who have more experience.I was hoping to get feedback on what this is worth and if I'm missing any important factors that would affect the price.

It's not a pretty park,older homes and low income area.

The park is listed for $260,000 and has been appraised at $365,000.It was previously listed for $450,000.

24 lots occupied by park owned homes free and clear.35k value
19 currently rented at $9,400 monthly.
5 need some work to put on pads,estimated $11,000 expense
When full $11,000-$12,000 monthly income.

Owner low balled expenses so I'll estimate 40%=$3,760.

I asked about maintenance issues and he says it could use some landscaping,painting and may have to buy two new septic tanks soon.I'll use $10,000 as an estimate.

If the DD works out I'd like to flip this for quick cash so I can build reserves for future deals.

Let me know if this a deal.

Thanks