Evaluating location for MHP deal

[Justin C.]

When looking at the location of a potential MHP deal, would you be comfortable with a small town of ~1000 people located 10-15 miles (~15 minute drive) outside of a larger city of ~50k+ people?  Especially if this could entail some infill.   

Do you typically look at population for the entire metro area or just within a 5 mile radius from the park? 

Any tips for how to be thinking about the location and what stats to research before making a decision whether to move forward on this deal?  Thank you.

[Will Stewart]

We own a few parks in small towns that aren’t close to a large population center. I really look at income and home prices — one of our small towns is pop 881 but has a median income of $52k and average home price of $350k. Just make sure there’s a strong local economy and the population is general stable over the last 10 years (ie the sole employer didn’t just shut its doors)