Price out repairs and painting (with an enamel paint). 

At your resale price point of $1.3, you'll likely need medium-to-higher end finishes, at least in some areas of the home (appliances, flooring, countertops, etc).

Main reason was the building age.

Hard to beat that price.

Looking at a portfolio purchase.  180k purchase price, 20k down, balloon after 5 years. 

Also, in a mainstream asset class like value-added multifamily, I see no reason to take a risk on a sponsor that doesn't have full real estate cycle experience or that lost anything more than a small amount of money (and prefer no money lost).

Hi Michael,A reason why the square footage may not have been included is if was not "finished". unfinished areas or attics, or areas only accessible through unfinished areas will not typically be included in the square footage.

While I am not super well versed in the RV park syndication world (although Axia does own a couple within their first fund), in general more and/or higher fees = WORSE for LP.I would love to see more about this deal, but based on a quick scan here: https://www.parksandplaces.com/campgrounds-for-sale/ looks like average pricing is in $5mm range.$5mm PP = $250,000 acquisition fee, let's assume they are raising $2,000,000 in equity for purchase and upgrades, this means acq fee is really 12.5% of equity.Loan Guarantor Fee: $5mm purchase, let's assume $3.5mm loan.  

I'd search for a quality PM focusing on STR's in your area, make sure they have good reviews and transparent pricing, and go with them.

If my verbal offer is entertained, then I would contact my agent to have her set up a showing and make a formal offer.Is this reasonable?