Here are the key data points:Park info  Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense. 

If you receive a lot of interest, you could also possibly fill your other vacancy as well by waiting until after Sept. 30 when your agreement expires. 

Waiting on a good tenant is better than rushing to fill the vacancy.

She rehabbed them all and filled it back up.  

A Challenge at that time of year is winter is fast approaching and filling rentals in winter is harder to do.  

Filling in the gaps between contractors will eat you up unless you find someone to take care of that.

I am filling out the warranty deed and was wondering if I can leave the Consideration part blank or do I need to fill it in with "for $10.00 paid and good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged".Thank you! 

Agent claims that current owner is older and simply looking to sell out, thus has not entertained filling the units.

The property will be worth more once it's filled with tenants.  

If its 80 spaces, 40 of which are empty and getting filled on failing septics it will be a different story.