To buy or not - what's wrong with this park - Comment today?

Want to make offer today 11/16/2022; Can anyone chime in? Good deal or not.
Probably can get for $150k
Location - 3 hrs from us (easy drive).
7 acres with 38 lots, 12 occupied, current avg rent $320.
All homes tenant owned; home over 15 yrs old.
City sewer, city water. Individually metered for electricity.
Landlord pays water & trash. Tenant Electricity.
No park improvements other than fencing around 3 sides.

I have many years of real estate investment experience, rentals, etc. but no MHP other than course material from MHU.
Current owner is out of state & has 20 MHP - anxious to sell but no real reason why.
Thanks for your comments.
PS - We could run this a while, sell with owner financing, just flip.

I want to add - there is no mgmt on site

Why only 12 occupied
Will the municipality allow you to fill the other 26 lots
What improvements are required to place homes on the 26 lots
What are rent comps
What is the msa like

Good questions I’m checking.
They have 11 leases - half are on month to month.
Yes city will allow filling vacant lots.
1-1/2 hrs from major city with 650k pop.
The lots are ready for MH - base rock drive, utilities.
Google pics show the park with 30+ homes just 4-5 yrs ago.
Police report no serious crime at park or in area - good blue collar area.

Make the offer. The initial numbers look good. You can dig more into everything else once it’s tied up. It’s $12,500 an occupied pad in a market where lot rents are $320+, which is a steal at first glance.

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If somebody told me 38 units for $150,000, I would make an offer without hearing another word. if somebody told me 12 units for $150,000, it also can be a good deal. Of course, you have to be sure that the place is not falling apart, and has some kind of a fatal flaw.

I have seen other properties north of $40,000 per lot and this is only 12,500 per lot.

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Thanks everyone for the comments.
This was an auction situation. It went up to about $300k. Probably still worth it but at that price more than we could take on at the moment. My highest bid was $180k.

Out of curiosity, who ran this auction? Ive never looked into this.

Oh gosh I don’t remember. I get lots of auction emails - everything from cars, antiques, to sometimes real estate. Since I didn’t get the bid I tossed the little info I had & deleted email.

Never hurts to get it under contract and then do a little DD.