22 lots x $165 lot rent x 12 x .6 = $26,136 of EBITDA. At $295,000, this park is only at a 9% cap rate. Even with the seller financing, you are in a small metro and in a floodplain. To me, the park is overpriced. I would think this is more of a 12% cap rate deal to make it compelling, and that's a purchase price of around $218,000. Obviously, not what the seller wants to hear, but it's the truth.
To buy this deal, you'd have to be able to say "yes" to the following:
1) I am extremely committed to this market and think it has a strong future.
2) I am willing to endure the hardship of a flood and will spend days on end at the park if it occurs, as well as inject significant additional capital into it if necessary.
3) I realize that I may never be able to sell this park for cash, and will carry the paper or keep it for a lifetime.
If you can't say "yes" to these three questions, then don't buy it. I've never seen this deal or the market, but the description would make me drop it in a second.