The market is so bloated right now, with interest rates already pushing 5% on rental property purchases, I can very reasonably see values soon leveling off or starting to drop as appetite dwindles.

Even though you say you weren't impressed by the data on our website, the information is very true and why most in the PM industry do not use Yelp when deciding on a PM - since you referenced the information, but did not share it, here it is for everyone educating themselves on this forum - "Even though Yelp.com is a popular place for online reviews, Yelp’s ineffective algorithm has been the source of multiple lawsuits due to the suppression of authentic positive reviews, and the website is under increasing scrutiny from the business community as well as consumers"My experience tells me people want all opinions, not just the ones a platform wants them to see.

Lenders may lose their appetite for lending on that asset type (had that happen with my commercial multis during the GRC) or you could have a job losss / tranfer or health issue.

You will want to confirm they have lent on mobile home parks in the past and have a continued appetite for them.

Hope the lender still has an appetite for your loan type at call time.  

What is your appetite for rehab? 

As I said they really don't have an appetite for cash-out refinances.Or are you planning to do the refi w another lender? 

There are building codes you must meet, you must meet snow loads, wind loads, egress, potential fire suppression, site drainage, parking, there are minimum and maximum height allowances, anything above 3 stories must have fire suppression, anything over 12,000 sq/ft must have fire suppression, if the units touch each other they must be fire blocked, you need 3hr firewalls between each x amount of sq/ft.

Or have any of you had success with smaller local banks that have an appetite for self storage?

Beyond that, I would recommend reaching out to local banks in the area where the facility resides and start asking their lending department what their appetite for lending on self-storage.