When should a park cap rate be higher than 10 cap?

I’m looking at a park on the outskirts of a major metro market.  It was recently stabilized and still has some houses to be torn down and some removed.  All homes are metal/metal and older.The park is about a 30 minute drive to the next town that has any major amenities including Walmart.  Would this still qualify as 10 cap or should it be valued higher?  Rents were recently increased to market so there is no upside on that front.

Any good deal has to have more positives than negatives. Those positives include the price & return, as well as seller financing. If a park is outside of a decent population metro, that one item alone might push it to a higher cap rate just to make it compelling (unless the test ad pulls so weak that the park is of no value at all). When you add in all the parts of the deal, it has to be exciting or I’d walk it.

This sounds like a ‘more-than-10-cap’ deal to me.  We are closing on a 10-cap deal Monday in the Tulsa metro, close to big-box retailers like Walmart, has no POHs, has paved roads, city utilities, etc.  Good deals are out there.  Your deal sounds more like a 12% - 15% cap deal.My 2 cents worth,-jl-