Is this a good deal? Mobile Home Park

[Burt K.]

Found a Mobile home park for sale Asking Price: $800K includes 19 lots with 3 rented @ $175, park owned homes are fairly old & dated with 1 newer home. 15 Rents ranging from $400-675 per month. 2-3 homes will be vacant in the next month. Total monthly rent roll is around $8,000 - 8,500 today, which I believe they are over estimating and underestimating expenses of course! Two additional lots vacant (1 home fire damaged, 1 camper spot) significant value add opportunity with 1 single family home that might be able to be duplexed work was done on the house with no permits. A separate garage that can be renovated into a second single family home. Roads are not paved which worries me to get a loan, theres a long electrical wire that I think needs a pole. My point is with all said and done I think a rough estimate is looking at $150-200K to get the park updated and infrastructure up to par. Through my analysis I believe and would feel more comfortable at a valuation of $450-550K maybe $650K but would like to be all in around there considering the current condition its in, but want to get the communities thoughts, as this would be my first Park deal.