The standard of living there for tenants has a bit of sticker shock to a new investor to the market - think, tons of slum lord properties.

bumper stickers will be on sale shortly with the "what a fool I am" logo.

As far as expense ratio, I haven’t encountered this as a regular metric others use for single family but have seen it in multifamily analysis.

A little bit of maintenance is to be expected which is why I set aside a monthly reserve for that but I have not encountered any significant costs buying Turnkey.

According to our MLS, a "manufactured dwelling unit" is defined by this criteria which ours meets none of: 1-steel undercarriage/chassis that is the “skeleton” of the house(not wood frame) (ours will be on a crawl space)2-required by law to have HUD tags on each side and a HUD sticker (not required for ours)3-single “mobile home style” or double-wide (more like a modular style)4-generally (not always) identified on the tax card5-auditor history should show the first transfer was the “dealer/manufacturer”Lots of demand in this area for rentals, all comparables are going into contract at $207 a foot.

The bread-and-butter 2-6 unit multifamilies are still NOT appealing to the people you're envisioning in the areas you mentioned.The Elm to Maple corridor tends to brighten up a bit as you move north from Bridge Street--say, from Prospect Street north.If you live in the building you have a degree of control over who you're renting to, so that can insulate you from some problems you might encounter as an absentee landlord.  

What terms are you encountering in your market?

You don't want sticker shock.

After seeing my sticker shock they kindly reduced my fee to $250 and suggested i convert to a single member llc whereby eliminating the need to file a return for llc and would just need to file personal taxes.

If this is true, you will likely encounter other problems with financing the purchase.Here in Canada, you are not permitted to borrow the down payment on a property - it has to be your own monies or gifted to you (with no expectation of repayment).