My favorite example is how many groceries you purchased at walmart 30 years ago for $100 and how much can you buy now for the same $100 (give you a hint that it is less than half) so the same ide is applied to note sales. 

So I live near a small town that has a small community college, a Walmart, a Sheetz, and a couple other little places in it.

Walmart, Smoothie King, Subway, Banks, AT&T are all 2-3 blocks from this property.

If it is in Cabot I would consider the effect that the new complex west of Walmart on 89 is going to have.

You get a subscription card at your local Wal-mart/Bestbuy etc.

Wal Mart does not go to Coke and tell them that they want a 50% discount to retail price on 1 can of Coke ... know what I mean? 

Walmart, Kroger, Rite Aid to just name a few.

Not being smart enough to realize there's toilet paper at every gas station not to mention the 24 hour Walmart and the 5 grocery stores right down the street.

Here are the key data points:Park info  Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense. 

Then there is other vendors like Rent Manger i think they use Pay lease which is Walmart and not sure what else.