Looking at a park where the seller wants to much.
However park is under market by a lot. If I raise rents on day 1 I can get it to a 10 cap and then still be about $50 under market.
Park is immaculate.
Mobiles are all ages, but very well taken care of and 100% full.
95% owner occupied with only a few rentals.
All utilities direct billed to customer except 10% have submetered water.
Owner will carry 40% of the loan at a good interest rate to get his high price.
I know there area and demand is very high.
Is this safe at a 8.5 cap?