The look at the property taxes and insurance rates in your chosen market.

If you remove the appraisal contingency, you are gambling - no other way to put it. 

Could very well be worth it in the long run but not a gamble I have the skills or knowledge to take with confidence at this point.

Michael, thanks for the comment and I Agree.....When purchasing a mobile home it is always a gamble if you don't know what to look/lookout for.

Much of the complexity and billing in your situation would be dependent on how good your record keeping is - perhaps touch base with your chosen accountant on a good system to maintain everything.

A lot of the material chosen was low quality, such as the paint.

I can only guess the previous owner had chosen it because it was the absolute cheapest floor, probably on clearance, that they could find. 

If, however, you purchased the property for $100k under market value, and you believe that its value will go up another $100k in 5 years, you're a gambling man, but at least you know what you did and the risk involved with gambling.

But when it comes to renting out a property, if you aren't sure what the market is (in which case you maybe should not have chosen that property) and can't figure out a good rent point, a good strategy would be - figure out your costs that have to be met, add what you would consider a bottom-line monthly profit you'd be willing to do this for, and see what that equals.Example: Monthly costs of $700, you don't want to do this for less than $200/month = $900.

The truth is I need this cash flow now and the Refinancingt cannot happen now so might need to gamble I suppose.