@Matt Smith generally speaking it’s a combination of rising interest rates which have caused cap rates to increase (thus wiping out equity), debt is resetting at higher rates, rising opex costs due to inflation and stagnant or softening of rents due to an increase of supply.

The population is growing faster than the supply of housing in the area.

If you're considering mobile homes, the first step is checking zoning laws and utility access since some areas have restrictions.For resources, Mobile Home University is a well-known starting point, and local mobile home dealers can offer insights on placement and financing.If mobile homes are allowed, you could either rent them yourself for higher returns but more management or rent out the lots for steady cash flow with less work.

Valuation depends on your market = i.e. volume of STR supply and regulations. 

They are your typical slow and steady midwest markets. 

This chart illustrates the significant shift in housing supply over the past two decades.

Some have high fees and little flexibility, but others are structured more conservatively with steady cash flow and long-term tenants.

Numbers look enticing (coming from Hagerstown, too)Distance, not having a team out there, and the population had been on a steady decline with very little chance for a turnaround anytime soon.

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

Anywhere in between, I think it's deflationary because consumer won't continue to eat it & supply side is still long enough to not warrant new supply at tariff related prices.We really need to see how long this lasts.