All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

If the proforma has the rent roll at $1400 a month, there is a discrepancy that could lead you into a bad assumption on your business plan.Also one caveat, be aware of physical delineations around the area like bridges or railroad tracks or a canal. 

They were selling on pro forma, but the market and the debt market have shifted, and it's aa lot harder to achieve higher pricing with lower rents.We've purchased over 2,000 units, and the simple answer to the question is that they are either mom and pops and run their businesses with ZERO KPIs, they do not want to risk losing tenants if they raise rents, and they don't treat their asset as a business.When you take over, it can be difficult to get rents to market if they are very suppressed.

You don't always have to incentivize a tenant with a discount to get the tenant to stay, nor keep rents stagnant, but it is good to be aware of the business impact with respect to cost too.

To survive, you have to know that is a business however, not a job. 

As a family-run business we’re curious—what factors do lenders prioritize most when evaluating projects like ours?

Most of the time a newer or unsuccessful agents will host open houses as they build their book of business.

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I dont know your business model exactly but I assume you collect some referral fee from the supplier?