What is the occupancy of the park? What is the market rents? Where is the upside on this park?
As your first park I would perform an extremely detailed due diligence to ensure that you don’t buy a mobile home park like my first one (I made over $250,000 of mistakes… I think every mistake possible
The expenses are definitely understated. The average expense ratio is 35% - 50%. If utilities are being billed back to the tenant it will be closer to 35%.
I would make sure that you have someone knowledgable walk you through this first mobile home park purchase to make sure that this will be the first park of many instead of never wanting to own a mobile home park again!