High cap rate, but declining population.

[Wilson Lee]

I have a MHP deal floating around. But the area has declined in population here are the local stats

population 16,000 down from 22,000 in 2000

Poverty rate 36%  

number of  jobs is 5.65K

The deals numbers are the best i have seen.  750k for 51 units. of which 19 are POH and 31 are TOH.   There are also 20 more pads with utilities that the current owner never purchased homes for.  The utilities and roads are maintained by the city.   That is less than 10 K per pad!  The next best deal I have seen is 28K per pad.

I am not sure if the population decline and the poor school system should kill the deal.   I don't know how i feel about it.