Thoughts on an interesting lake front MHP?

We have located a very small park in Central Florida that seems to meet some of our targets for our first MHP investment.
19 units total
10 MHP park spaces- All resident owned with long term tennets. With very large lots.  All have porches and car port.
6 RV lots- All resident owned.
1 duplex
1  3 bedroom 2 bath block home.
100% occupied, located in what I would consider a rural area but only 45 minutes to Orlando and 30 minutes to Disney etc.
500’ of Lake frontage on huge lake with boat ramp and dock.
Asking $440K which is high but I know he has room to come down based on what broker told me.
Owned by an 80 year old man who hasn’t raised rents in a long time and are about $75-$100 dollar below the local market.
At current rent and asking price its a 9% cap rate but with negotiation I think we can get to 11% before any rent increases.
Big negative is it’s on well and septic.  He’s willing to owner finance at 6% with $200K down.
Any thoughts or questions I should look into?
As always thank you for input.

First, how many Mobile home lots (not rv lots) is the park licensed for? Then use Franks formula to figure the base price. Other things have value if you will boat ramps, offer boat storage, and how much rent you can get for the duplex and house. With only 10 Mobile Homes it sounds tricky for your first deal and then the “well”. You should read up on the wells and what is required to treat and test them as well as action plan if there is a problem. For the septic, good thing is that it is cheap to run but you have to have it inspected. And ask residents in the park if they have a problem with backups. I am not sure what the lot rent is but at 200 the 10 lots are worth about 120,000 (maybe more near Orlando) So you have to decide if the balance of the extras is worth a total 440k.

I think the first thing I would do with this is make sure it’s not in the flood plain.  Lake front stuff tends to have this distinction.

Thank you for the input.  The property has never flood.  Not saying it’s impossible but in last 50 years it has not.  The MHP lots rent for about 250 per month.  RV lots rent for about 225 per month.  Home is currently rented for $500 per month but that is because he is close friends with the current owner and its worth on the low end $800 per month.  Each unit in the duplex is rented for $500 per month. Very appealing location with the lake accesss. Rents are very low for the area.  Exactly how low is hard to tell.  The borker says $100 per month low for both MH and RV lots.  I’m guessing more like $50.  Everything is rented.  NOI is currently $41K per year without rent increases. Wouldn’t that make it worth at least $350k since rent is on the low side?  It’s a 100% rented park so no more lots to rent out.Thanks again, Ed.