Existing mobile home parks are in high demand for all investors large and small.

It also has a nice loft with ceiling that's high enough that you don't have to hunch over to walk around.

Even if this is a high income, no delinquency type property, tenants will be much more open about condition of property than seller.As for P&L, I would say it is not as simple as just reviewing a P&L.  

Bay Park / Clairemont / Carlsbad / Oceanside are all top-tier markets that fetch top dollar (see the Yellow & Red).Move your search slightly inland, or further down South and inland, in order to get something done for 1/2 the price, with similar rents (not quite as high, but definitely not 50% less like the purchase price would be)

Note the below bill was proposed, establishing a 5-year moratorium on condo conversions in high population/population density counties (basically Hudson County only).

Just for reference, these are not high-end properties. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Of course, the cost is high. 

Given the high interest and the purchase price isn't low, the cash flow won't be as nice as my other rentals or other options in a different neighborhood. 

Hey @Trevor Scheumann, The biggest thing to look for when visiting a new potential market is going to be to network with boots on the ground, namely property managers, highly recommended realtors and maybe a few contractors if they come from trusted sources.