Help analyzing Mobile home park deal / Want to wholesale the deal

[Justin Schmidt]

Looking for some input on quality of deal i have. Deal points are as follows:

2 separate properties both in N California

61 unit park with 11 park owned homes

large club house, common areas and homes really good condition

40 unit park good condition but very small town 7 park owned homes.

90% occupancy currently

Currently both gross income 504k annually 

I have in contract at 3.5 million owner is willing to carry a 1st at 5.5% over 30 years if I put down 30%. What should i be looking out for and is this a good deal. I am most likely going to try wholesaling it since this is a new asset class to me. 

[Bill F.]

@Justin Schmidt Without knowing more info it is very hard to tell. 

What is the utility set up of the parks?

Who pays for what utilities? 

What is the lot rent per pad? You want to value the park and the POH income separately.

Is it $3.5M for both park or each? 

The Gross on the 61 space park seems normal, but is high for the second park. 

Going off of conservative industry standards, the price seems low. This combined with the very favorable seller carry terms make my spidey senses tingle. 

Seems like he wants these parks gone. The question is why?

Feel free to PM if you want.