She claims that it was due to identity theft issues.

disclosure laws vary by state and if a private sale or thru Realtors The buyer is generally supposed to verify information

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. 

One of the properties has been on the market for 5 months and the other 2 months, both are identical specs.  

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

It was difficult to verify income because of cash paid construction jobs, but previous landlord confirmed they never missed a payment.

I am currently renting and verified that we'd be covered if there was any damage during the hurricanes prior to.

Never give out financial information or identity metrics at one of these events. 

@John Lewis Your numbers are almost identical to a purchase + rehab I once did.  

Have you done your own due diligence to verify this property is indeed worth $220K?