Hi- Looking for input: Keeping details high-level for privacy. 3–4 bed SFH, ~2,000–2,600 sf, 2000s build, water/preserve outlook, NO private pool, standard HOA (not a resort community).

The photos were below industry standards, even though I had installed a refrigerator, washer, dryer, and large mirrors to make the home more appealing. 

Hi everyone,I own a 12-unit apartment building in Euclid, Ohio (fully master-metered for water/sewer).

Replacing aging water heaters is also smart—it improves reliability and can be a selling point later.

Thus, no waterholes to trap water. 

I’m considering a 1031 exchange and would like feedback from investors who have experience with mobile home parks, particularly smaller, park-owned operations.Current Property (Selling):Duplex purchased in 2021 for approximately $145,000; estimated current value around $210,000\Loan balance: about $90,000Gross rent: $2,400 per monthNOI: approximately $16,000–$18,000 annuallyCash flow after mortgage: around $750–800 per monthLow management requirements and stable tenantsReplacement Property (Under Consideration):Seven-unit mobile home parkAsking price: $395,000Rent: $750 per unit plus $40 for water (total $5,530 per month; $66,360 annually)100% occupied with long-term tenants, several in place four to five yearsAll homes are park-owned, purchased between 2016–2018 with metal roofs and Hardie sidingOwner pays water and sewer (aerobic septic); tenants pay electric and trashMaintenance handled by one individual for $400 per month using personal equipmentGravel road, well maintained; potential to add one or two additional homesMy Pro Forma:Vacancy: 5%Expenses: approximately 40% of effective gross income (includes water, insurance, taxes, maintenance, mowing, etc.)Estimated NOI: $37,800Financing assumption: $255,000 loan at 8% interest, 25-year termAnnual debt service: approximately $23,574Projected cash flow: about $14,250 annually ($1,188 per month)Cap rate: approximately 9.6%Cash-on-cash return: around 10% on $140,000 downDSCR: 1.6 (strong coverage)If the price can be negotiated to the $360,000–$370,000 range, the cash-on-cash return improves to roughly 11–12%.Pros:Consistent, well-maintained units with matching exteriors.

Confirm local cold-climate specs and size correctly; add dedicated electric hot water per unit.

taxes are estimated to be 412 Monthly Insurance 133 monthly Property management fee 125 a month Quarterly Water 125 a month Vacancy 5% 2900x0.05 145 per month Repairs 7% is 203 a month Capx 5% 145All combined puts me at 1288.

Even if bought below market value, one major capital expense—like a roof or water service line—can erase all perceived equity.

"likely to go under water": Why?