So I’m about to make my first offer on a park that seems pretty good. Off market mom and pop. Rents not raised in about 10 years. Water master metered and huge % of expenses. asking price is just below 9 cap. but easy upside. Great metro close by… 78% occupied by TOH, or so I thought. After a lenghty conversation with the seller who is selling after his father passed, turns out that 17 of the homes are owned by him and will continue to be. I asked if he’d move his homes if I raised rents and submetered. He said “NO” too much money (he owns a park nearby). I ran the numbers and with the rent increase and submeter, the number still work even if his homes go away. He proposed selling me the homes with seller carry but, I think I prefer the idea of him having the headache of maintaining the homes and filling them, as well as him shouldering the lot rent went they go vacant. Currently all are rented. Any opinions on this and how do I adjust my offer to accomodate this new info?
Thanks in advance,