The downpayment is good but the interest is to low.

•If your real estate broker’s license allows you to handle evictions, advertising low-cost eviction services can be one of the best lead generators.

Mom and pop keeping the MHP forever and passing it onto their heirs who keep rents artificially low forever.

You could also list low and if the demand is really there, could get bid up.

This vary heavily town to town. 20% down is great if buying strictly as investment but if you have a way of owner occupying I would explore that route and apply the 20% down to increasing value of property and instead using low money down loan. 

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.

- very low remaining mortgage balance!!

I think the current zoning and your proposed use as it is zoned should help. 

You can have an increase in population and still have a low demand for rentals or a low enough demand that rental rates do not outpace T&I for awhile.

Additionally, we have equity of approximately $145,000.Now, we are faced with a dilemma: should we sell our current property and purchase in a more favorable neighborhood, or should we rent the house and let it pay for itself.We would greatly appreciate any advice you may have.