Banks do not lend on rough around the edges deals like this.FWIW my valuation based on the same formula park appraisers use is:10 lots x $300 home rent x 12 x 0.3 (70% expense ratio given the intermitant payers) = $10800/yrSmall PIA parks like this need to trade at least 12% cap rate, which means:   10800/0.12 = $90kMe I would need 15% cap to take what amounts to a junker deal or 10800/0.15 = $72kBottom line this deal throws off only $10.8k per year after expenses.  

The loan program is a PIA, with all the hoops and rules, and I wouldn't do it again, but it was perfect for my needs when I did use it.  

You can screen away and thier credit could be great but if they are a PIA you will want them out.

There is definitely a balance, I would be more inclined on construction quality/non-AC central system/non-insulation (due to humidity), and the typical Caribbean pi~a colada! 

Sharing my flood experience from another post..i had to rehab a relatives home after the flood in louisiana, what a pia!

These are all PIAs waiting to happen.

HOAs are PIAs.

All adding to my work and PIA!!!   

I guess I could borrow on paid off properties or even sell some of the ones that are PIA. 

It may not be that much more expensive (labor for the re-route is probably pretty high since it can be a PIA), and at least then you'd have it to list as another "new" item when you sell.