Testing Demand for First MHP

[Mel Adams]

Hi everyone - in the middle of analyzing what would be my first MHP. In terms of testing demand, I've looked at rental comps and SFH median pricing versus average lot rent/home rent and sale price of a new mobile home in the market. All seems to check out and there's a healthy spread.

I called around to the other MHPs in the area as a "prospective tenant" and found there's very limited or no availability across the board. 

The park I'm looking at isn't large by any means, it's a little over 30 lots, and is essentially vacant with only 3 residents, all in older TOHs (owner has had this park a long time, doesn't want to manage it or add residents). Our goal would be to fill it with TOHs by buying a few new homes at a time, placing them in the park, and selling them to new residents. Our thought with this is to use the proceeds to continue filling the park and maintain the quality. 

I'd like to put out a test ad as well, but do we use a stock photo as opposed to a picture of a home in the park? Is a test ad more applicable to POHs? 

Looking for any feedback as this would be my first one. Thank you!