I haven't been looking at MLS so I'm a bit naive to this area, but it bit unpredictable at times.

I wouldn't cap the MH rental income to determine value as the park owned home maintenance is too unpredictable.

HOAs are too unpredictable.

I DO want to say that I don't factor in appreciation potential or equity gains from mortgage paydown-- I do a very simple COC calculation and if THAT'S good--so is all the rest (except the ever-unpredictable appreciation factor).

A Heloc will go up in rate unpredictably, why do that ?

HI Uday,I see a stucco crack by the door on the exterior (possible foundation issue) and possible rotted wood in one of the exposed walls, plus the shingles on the eaves looks wavy (rotted wood) and possible large ceiling leaks (more possible rotting of the roof), plus a lot more.Also electrical code might require you to update to modern code.It looks like a lot of unpredictable labor (possible cost over runs) and possible extended unpredictable hold time.You could get bids for everything that's wrong with it, if you understand what's wrong with it.The first step would be to get a home inspection and take it from there.Roof, foundation, electrical, etc....

I really appreciate everyones feedback.. at this moment seller and I are renegotiating terms, I am looking to get more principal paid out of this deal, that way it offsets the unpredictable appreciation I assumed with that balloon payment term I mentioned.

With life's unpredictability I am now venturing into the buy-and-hold strategy I was planning on for my future THIS MONTH!

That's an additional level of unpredictability/time drain to factor.All of that said, have you looked into out-of-state turnkeys?

The more you accept unpredictable variables into your risk equations, the more careless your risks become.I'm not dissuading any of the creative methods of financing.