The park has 58 lots rented and 10 POHs for a total of 68 home sites, all currently occupied. Lots are $150 with utilities billed directly by the utility provider. The expenses we can cut are trash and electricity. In working through the seller’s tax returns and in talking to the city, we know trash is at least $8541 a year. The trash is done with individual trash cans and the norm in this area is for the tenant to pay for their own trash. Our thought is that we could follow suit and have the tenants be responsible for this or at least try to negotiate with the city through the refuse service listed in the resources here. The other major expense item we could potentially cut is electricity. The security lights are not required by the city and they cost about $1260 per year to keep on. We are a little more wary about cutting this, but it can be done. As Dean said before, the city maintains the three major roads in the park. Capitalizing the reduction in both major expenses over 10 years adds nearly $100,000 to our park value. The major maintenance item over the last three years has been root intrusion to the sewer line. There are some trees in the park and this has caused a few problems. The current owner has a licensed plumber as his maintenance man/manager and this plumber has replaced about a third of the sewer with pvc as problems have arisen. He has also put a ton of clean outs all over the park to make his life easier.The market rents around town are $195 on lots, $475 for two bedroom mobiles, and $550 for 3 bedroom mobiles. These are the numbers we used in our test ad and we were able to pull 40 calls in 4 days with them. Dean and I have been reluctant to count the rental portion in our numbers, but the spread over the lot rent almost makes it possible to do so conservatively. We also followed Frank’s business model and had adjacent, vacant land included in the sale for future development. We can squeeze another 28 spaces on this land and it is already zoned for MHP and has water and sewer at the edge of the property line. It seems like a pretty solid park. Dean and I are getting this thing at roughly a 10% CAP when land and POHs are removed from the price:68x$150x84 = $856,80010POHs x $4,000 = $40,0007acres x $5,000 = $35,000Price = $900,000Our financing options look good too and most of the local banks are receptive to doing this deal at 75LTV to 80LTV. We still have some work to do on the numbers, but we are likely going to be sending the details of this deal in for a quick deal review in the next week or so.