Good Deal or Bad Deal?

Greetings

Being a mobile home park investment novice, I was hoping to get some advice on whether or not the following would be a worthwhile investment. Thanks in advance for any suggestions, opinions or ideas.

33 lots
Lot rent $275 - close to market value; POH rent $450
17 occupied; 1 no charge to onsite manager
10 POH; 7 Tenant owned
16 X 275 X 12 X 10 X .6 = $316,800
Asking price about $300,000
7 units empty and probably need rehab
8 vacant lots
P&L states this park has positive cash flow of about $1,000/month which includes some rents

City water and sewer paid by tenants
Expenses approximately $40,000/year

Population about 60,000, metro ¾ million
Population increase 25% last 10 years
3.9% unemployment
Vacancy rate 5.88%
Rental market percentage 27%

Average cost of house in metro area $95,900
Average house cost in local area - $127,000
Average rent $800
Walmart within a couple miles
Not on a busy street but in a pretty nice area of town

No sign in front of park
There is no way to contact the manager of this park other than to knock on the door but Manager’s name and unit number not found on internet.

Turn around park and price would probably need to be reduced to make this workable. I am assuming $5,000 per unit to rehab and at 7 units - $35,000 price reduction (7 X $5,000 = $35,000). This would bring the park to within three units of 80% occupancy and I am assuming $20,000 per unit to fill an empty lot therefore an additional $60,000 price reduction (3 X $20,000 = $60,000).

Potential offer - $221,800 ($316,800 - $35,000 (Rehab) = $281,800;
$281,800 - $60,000 (Lot fill) = $221,800);
Potential NOI if all lots are full and rented could be $65,000 (32 X $275 X 12 = $105,600; $105,600 - $40,000 = $65,000)