Park Density - Should I Stay or Should I Go?

I am considering a park with an extremely high density. There are 35 lots on 1.3 acres which, after subtracting 5,333 SF for roadway (4,000 per acre), leaves me with an average lot size of 1,465. Normally, I would not even give this a second look but this little park could be a little cash cow once squared away. It is currently a 9.4 cap but I would raise the rents out of the gate and bring it up to a 11.7 cap. There is way more room for substantial yearly rent increases in addition to the initial one. The utilities are city, directly billed to the tenants. The roads are paved and it is in a great location with a city population of 83,000 and a large metro in excess of 4 mil. The unemployment rate is 4.8%. The occupancy rate is 71% with 6 vacant homes and a couple of vacant lots. I would appreciate any input, especially as regards the density.

Thank you!

I would be concerned about tenant owned home turnover with density like this, but if it checks out because there is so much demand and youre the cheapest place in town it could be a nice little niche.

Thank you for the input. I do not think tenant owned home turnover is a problem. As a side note, I checked with the fire marshal and he said that if the park was otherwise licensed, then they would not bother me. He also said that there was actually a fire in one of the homes last year and it burned down but they were able to get in and put out the fire and they managed okay in the park. He said nowadays they require a 20 ft access road so the park is apparently grandfathered in. I imagine this is not uncommon for older city parks. Thanks again for your input!