Mobile home park analyze deal set to close in December

[Mike B.]

Hey Everyone , we are currently in contract on a property on the coast in NC . 23 unit mobile home park . All park owned homes , acquisition price of 1,300,000 . I am attaching performa based on axtual expenses and income . The income is projected 21k but we wanted to be conservative and bring it down to 18k with 12% vacancy. It’s a good small market area near the beach ( 15 mins away ) steady market , and people are moving towards this area in NC . We just wanted your opinion on this deal , please be as critical as possible ! Homes are fairly renovated , most of them are 96-2000’s age , 18 2 bed 2 bath , 3 bed 2 bath . The deal cash flows roughly $2700 a month on a 20 year note , not the best by any mean but it will save us on taxes quite a bit !