High cap rate, but declining population.
I have a MHP deal floating around. But the area has declined in population here are the local stats
population 16,000 down from 22,000 in 2000
Poverty rate 36%
number of jobs is 5.65K
The deals numbers are the best i have seen. 750k for 51 units. of which 19 are POH and 31 are TOH. There are also 20 more pads with utilities that the current owner never purchased homes for. The utilities and roads are maintained by the city. That is less than 10 K per pad! The next best deal I have seen is 28K per pad.
I am not sure if the population decline and the poor school system should kill the deal. I don't know how i feel about it.