Based on the articles that Frank and Dave have written (thanks for sharing, BTW), they like to find parks going for cap rates @10% or higher. Parks w/10-12% or higher would presumably need some fix - up and perhaps yield an opportunity to gain some sweat equity. However, all the parks in my state (Virginia) seem to be listed for sub 9 and lower. Some are simply ridiculous (7.5% for parks with a ton of POH, for instance).
Is this just indicative of my particular area? Are there any fairly priced parks out there? Or is the “secret” out on MHP?