If rates go down, you pay the change in the rate x balance x time remaining on the note (it is a very long formula that I can't really explain) but basically if rates drop you will have a penalty, if rates go up then you do not have a penalty. 

The 11 units are the maximum possible on the propertythe tenants have always paid their own utilitiesThe units are all city water and sewerRegular upkeep is that the park occasionally gets new gravels and someone is in place to cut the grass for $75 every 2 weeks and I pay for two street lampsThe property taxes in 2018 were $900The property without the 11 units appraised at $110,000 The trailers themselves aren’t worth a great deal of money I’m sure but the way I’m looking at it I’m buying the whole park is basically buying myself income I expect after taxes and expenses to net at least $2000 a month, does this sound like a winning project?

So the job would be a complete gut and basically a new home for the inside.

You make blanket assertions that basically call every PM a scam artist.

The trick is that you have to actually "get started" after you learn the basics.

Basically the  investor I have partnered with thinks it's not a great deal because it can't be paid off in 15 years for any price even close to the asking price which is 375k.

After asking several callers, I found out the "ad" basically says 'call these people because they don't screen tenants...' 

Here's the thing - adding an additional line to show an appreciation would not make it more accurate since the value of a property fluctuates.My assumption is that you want to see how well this property is doing.You basically need to do a project income statement and get the cap rate. 

I just want to make sure I’m assessing the basics correctly and make sure I’m not overlooking anything.

Basically I have both cash and equity in this house sitting on the sidelines, and what is the best value to use - the bit of cash was keeping to use if there was a downturn / opportunity  / pull back in some market (housing or equity).