How much of a concern would this be? In contract on a very nice, large park in a small town with no zoning. Wasn't overly worried because of how expensive it would be to develop new pads, zoning aside, but figured I'd throw it out there. Thanks!
Usually the economics aren't quite as attractive but they can still be good. The hard part is that anyone can put a mobile home anywhere so there is more competition inherently for affordable housing.
There can be long term opportunity if there is rapidly growing greater metro.