You will have basically no cap ex or maintenance expense and will be able to raise rents by the time any of these expenses start.

I'm wondering what cap rate, COC return, IRR, etc I should try to get.Thanks.

does HOA have adequate funding for this and other cap ex items.  

Many Multi-family properties now in debt service trouble as the GPs took out very risky 2-3 yr floating rate or adjustable loans so they could cash flow after buying very expensive 3Cap apartments, which loans have gone from 1.5% to 5% or higher, and knowing that obvious and predictable risk since every primate could see mega-inflation coming in early 2021 due to more money printed in 2 yrs than first 200 yrs of country, They "smartly" took out Rate Cap insurance, (cost 50k for a 12 month policy on 10mil loan to cap variable insurance rise about 1-1.5% above the origination level) but now that US 10yr up 10x from 0.31 in 3/2020 to 4.2%, that same insurance policy is 1.5-2.0 million not 50K, so They can't cover the much higher debt service nor buy new cap insurance without shutting down distributions or capital calls.

In the long run because of rent caps, I was able to rent it for more and that essentially made back the money I 'lost' due to damage and unpaid rent. 

If it was a primary it would be different but HELOC's on investment properties have crazy terms and typically you're still capped at 75LTV. 

You can obtain a 12 cap or better. on this type of situation.4.

My numbers don’t include cap ex, maintenance or vacancies.

Do you have any thoughts on using land comps as a way to value purchase price of mobile homes vs other methods like direct cap etc?

If you put it out there asking for a 3-5 year lease with a small business or startup in your mind, but H&R Block or Supercuts comes along asking for a 10 year NNN (& it's corporate) and agrees to the rent amount you requested, there's no reason not to entertain that, you got better than what you were expecting (there's a reason NNN properties, or ones with a few NNN tenants sprinkled in that are national chains, often sell for lower cap rates), it's not like taxes or hair cuts are going obsolete any time soon.