As I understand it, your lot rent can go as high as half of what a 2-bedroom apartment rents for (and that a 3/2 POH in good shape could go to 100% of the cost of a 2 bedroom apartment.) But I have been looking in two Texas cities (Denison and Abilene) and the lot rents at the MHPs in those areas are way, way below that.
In Denison for example, an average 2 bedroom rents for $750 but lot rents in the area are at $250. Furthermore there is considerable vacancy in many of the parks. I did look at houses for sale in the area and in both places older 2/1 houses can be bought for under 50k. I am assuming that in some markets, you must not only make sure the median home price is over $100,000 but that the lowest priced homes are not less than around $75,000.
Any clarification would be greatly appreciated!
Thanks in advance!!