My mother, who is very wise, said you should expect to rebuild your house every 30 years or over the term of the mortgage.
30 years is a really, really long time. Rebuilding a MHP is pretty minimal as far as building, but codes and government suppression of MHP drives up the value. But how much is the permission worth and how much will it cost to rebuild? If parks are trading at values in excess of the depreciated cost of reconstruction, that’s pretty steep. Better to buy something below its replacement cost. But the cost to replace and real maintain is not included in the standard cap rate discussion.
Of course you don’t ordinarily rebuild your house from scratch but you redo the roof, upgrade the kitchen, fix the leaks, etc. You can see where the analogy takes you.