Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.

I just bought it in the fall and am trying to complete a bunch of modifications during off-season (e.g. metal roof, certain safety features, treating the deck, possibly updating the fire pit area, etc). 

They must be very low odds because insurance companies are in the business of making money, not paying out maximums.

Rents are generally low there as well, but definitely stable.

I don't know how that business could survive long-term with such low rates.If those numbers are accurate and you can net $38,000 a year, then it's worth holding onto.

Your estimate seems low, but even at that cost, it will not add that value.  

This week supposed to be 15 highs and 0 lows. 

I would assume the % of man made fires caused by Arson is pretty darn low though.

There are also several funds out there that provide high single digit yields that are low risk. 

Low vacancy rates, rising rents, and high tenant demand for more space/good school districts.