As a category, historically there ARE higher default rates on manufactured housing, so they have their own loan programs that aren't quite as sweet as 'vanilla' stick built loans, but hey, it's still a big universe.  

The propertythe property i'm looking at is 16 stories, its on the national historical registry, the current owner is tax delinquent and out of state.

That being said, how did you come up with that number, is it based on historically in the past 6 months homes normally go for 15% off MLS price, or did your contractor specify the amount of work needed?   

With MHP's becoming so popular right now, if the market doesn't drop out, they will be even more popular, and the ever consolidation of the industry, cap rates are compressing because more people are getting into the space that have lower return objectives and are fine with lower returns because they are placing their capital that has historically earned them lower returns than what they are used to based on never investing in this asset class.  

I've got two deals I'm looking at but am only going to do one or the other and wanted to get everybody's thoughtsHouse 1 has1) Has three units2) Cash flows about 300 a month3) In a city with a real estate market that is starting rise and with it being a block over from the historic district stands to be in a good position to have good tenants and some good appreciations4) probably will need a new roof in 3 yearsHouse 2 has1) Has 3 units2) Cash flows about 600 a month3) in a declining neighborhood4) Brand new roof and central AC UnitsWhich one would you all buy?

That would mean convincing everyone that a change is needed for safety issues to avoid fire hazards and to also allow for solar panels, which would be good for the environment.Sometimes HOA's forget that they are their to support the home owners and not the other way around.Do you know if the wood shake roofs are part of a historic look?

I believe both paths can lead you to the financial freedom you seek.So for historically high appreciation markets, San Diego is tough to beat (you live in San Diego) and I suspect your current Virginia RE may be better in appreciation than the high cash flow locations of the Midwest. 

Be sure to understand whether or not your home is under the Historic Society as they limit the types of materials you can use for rehabs.

It's a small historic town along the river about 15 miles northeast of downtown Pittsburgh. 

Zach The group that is selling the property is the towns historical society.