But yes I am aware of the gradual turn around and that is what in my opinion makes it a great place to invest.

My long-term goal is to gradually acquire enough B&H properties and build up a yearly cash flow (and equity) that will allow me to quit my day job.

@Max McGuirk What's your long term goal, to gradually move into Multi-family Apartment assets, while slowly selling off your 30 cash flowing SFR properties, or maintain the 30 SFR's in addition to acquiring multifamily assets?

Hopefully, I can gradually raise rent as the market (and upgraded property condition) allows.Sorry, I'm kind of thinking out loud while I reply to you.

This area is starting to grow as freeways expand and vacant lots of land prices are starting to gradually increase.

Try gradually raising the rent.   

I have read about increasing the rent gradually over time in order to keep the tenants and not have a mass exodus.

So I have a hypothesis - that the high mobile home park cap rates are an illusion - that in the long run (ie holding periods of 20-40 years) these cash cows are giving you a return OF your capital, not a return ON your capital - i.e. a gradual liquidation.The reasoning is simple - if your customer base is stable because they are so poor they cannot afford to rent an apartment, how in the world can they afford to maintain the mobile home they own in a habitable condition over a very long period of time?

We would prefer to retain the current tenants and gradually increase rents.  

I've seen a similar hole from a broken sewer line, where it eroded out a little cavern gradually, every time someone flushed the toilet or took a shower, etc.