I’m looking at a property right now where the MSA checks the boxes. But I went on to Zillow to see what is going on in the immediate area and park is adjacent to a SFH neighborhood that has a lot of homes which appear to be foreclosed or in pre-foreclosure status listed between $65K-85K. How would you consider this into your analysis? I guess my initial reaction would be, why would someone buy a MBH and come live at my park if they can go right next door to buy a foreclosed home with a cheap mortgage payment? The subject park is about 20% vacant between lots and homes.
I don’t know your specific market, but your homes should be priced more affordably than these foreclosures and I would not give this much weight. Your test ad will tell the real demand story for housing.
I would never want to buy a 60K trashed foreclosure needing 40K of repairs when I can get a brand new home for 40K in your Park. What are the new or remodeled homes going for in the area? I think that’s a better comparison, and it typically separates the competition even further.
You could do hangtags on the doors in that neighborhood advertising your available spaces. But I’m kind of feeling a little evil today.