11 mobile home deal analysis

[Aaron Maynard]

Can someone help me decide if this deal is worth going forward with? I have 7 mobile homes rented and have about 2 years experience as a landlord.

11 older mobile homes ranging from late 70’s to mid 90’s models.

All rented through section 8. 

Grosses just over $4000/month

The owner wants $155000 for the park

The bank will loan me $88000 for 15 years at 5.5%

I will put down $30,000 cash an the other 37,000 will be leans against two of my mobile homes and the land they are on.

Should I do the deal? Thanks!