Bad/better/good small RV site deal?

Hello all,
Newbie here seeking your wisdom…
Found a small RV park (3 slots) on 1/2 acre; owner is asking 285k with 100k down and will owner finance the rest over 5 years at 6% with balloon payment. Current 100%occupied leases bring in 1800/mo. The 285 asking is too high I believe. If I’m calculating remotely right, south of 150k would be breakeven, but likely to be dismissed by seller. Potentially counter at 200k. Monthly expenses set at 2k/mo.

Now, if I borrow more and convert a couple slits into RV park model tiny home, I could see positive NOI. Yet asking at 285 is still too high. Market value of land and park is under 150k.

Your help, please - what additional considerations I should look at? Is this a bad asking deal but with potential with a counter? What offer would be palatable you think?

Adding a few details I forgot:
5 min from large lake
market includes a couple nearby parks with cabins
Does have expansion potential for +2 spots (so 5 total, tightly though)


Too small to be of any value, don’t tye up 100K in this property.

1800 x 12 months - 40% expense ratio 9% Cap Rate = $144K Value

Not that this guy is doing this, but I have seen deals over the years where the Seller was willing to CarryBack a note and had full intention of foreclosing on the property at the end of the Balloon period.

I saw one seller do it twice over ten years. He would sell the property at a very high valuation and take a small downpayment. Then when the balloon hit, the buyer couldn’t find a lender to take out the original Seller’s note. He would foreclose, keeping the downpayment and having someone else run the park for free for five years.

I highly recommend skipping this deal on as you may find greater opportunities for your 100K.