Mobile home park purchase?

[Andrew Roberts]

I am looking at a potential mobile home park purchase and would love some input on the deal. It has 17 lots sitting on about 2 acres. Lot rent is $200-$300/month, currently 9 are filled. The sale would come with 5-8 vacant 60’s 70’s mobile homes. The asking price is $150,000.

I'm thinking we could provide proper management for the park and possibly renovate the existing vacant homes , it is a fairly decent area. There's also the possibility to add a few units. Currently on a septic.Owner is saying expenses are about $7000 per year +/-. Not sure about owner financing yet, but I think we could make something work. It's definitely not pretty, mostly older single wides and stuff everywhere! I would definitely be adding a boatload of value bringing this park back to glory.