Do the numbers work if the occupancy stays at 30%, the POHs are sold off to tenants for their book values, and you make your entire living off today’s lot rent? If not, you are overpaying.
Price the homes based on their book value, corrected for actual condition. Put them in a separate LLC and sell them to tenants at fair rates of interest and a payment they can afford. You’ll have years of happy tenants without the headache of running rentals…
Filling it up will consume lots of cash…20-25% down for each home. So it will be a long, slow process. So don’t pay for future growth.
Walk away from this one, son.