Need Opinon on Mobile Home Deal

[Chris C.]

Here is the deal:
1.33 Acre lot very close to large university. Has 1990 3br 2bth double wide mobile home included with purchase that is currently rented for $650 (Have not ran comps for the area). Has additional 2000 3br 2bth mobile home that pays lot rent of $100. (Low for the area and should probably be closer to $150).
Purchase price would be at most 40k (Asking 45k but already said he would take 40k)
Using 50% rule: (If I am using it correctly)

$40,000 - 20% dwn = $32000

$32000 @ 5% for 30 yrs = $171.78 Payment

$750/2=$375

$350 - $171.78 = $203.22 profit

Taxes are $600 a year but I assume those are part of the 50%.
Occupants split water cost from single tap and are responsible for their own lawn maintenance.

The only future concerns I have right now is that the property is very close to 2 town limits. If either town annexes this property then I will not be able to move new mobile homes in to replace one if needed. Both towns do not allow mobile homes to be moved into the city limits. Its location is nice but I do not know what I would do with it if I could not put more mobile homes on it. Build duplexes or other multi-family but really don't want to go there. However I do expect the property to appreciate fairly well due to its proximity to the college and the growth in this area.

Is this a deal most of you would consider or would you wait for a better one? Seems like a good return to me but that leads to another question. I currently purchase vehicle notes at 18% interest. I am also selling mobile homes that generate, after mark up and financing, a considerably better return then that. The car notes are easily replaced but I have to work to keep the mobile home deals coming. The approximately $10k for down payment and closing cost I use for this deal will take away from the car notes and mobile home deals. In a comparison of the returns is the land/home deal worth considering?
I hope this wasn't to lengthy and really appreciate any feedback.

PS...What are banks saying about lending on a deal like this. I have a 750+ credit score.