10 unit mobile home park

[Nick Jansen]

I'm looking at a 10 unit mobile home park. All lots are currently full and paying $250 lot rent. All mobiles are old single wides.

Owner pays water bill of $200-250 monthly. City water and sewer not sub-metered

Garbage is $120

Lawn care is free lot rent for one renter...$250

Taxes are $11 per month

Insurance... What is reasonable??

Asking price is 225,000 but she is motivated. 

I figured 250 x 10 x 60 = $150,000

or 250 x 10 x 12 x .6 ÷ .10 = $180,000

This would be my first investment real estate so please help me. I like the lot rent only aspect and I can manage myself due to location. Negatives include the age of the homes and that I called another park and they are charging $175, the mow, pay water, and have an open lot . 

I plan to offer 150,000 but am curious how high to be willing to go. Any other issues it questions please fire them at me.