New homes are going to have virtually no repair, maintenance, or capex needs for the first five or so years, so you’ll be able to forecast your operating expenses and cash flow with a bit more certainty from the outset.Older properties, however, are generally more affordable than a new home of comparable size and build quality, so if you’re after a good deal, you’ll likely have more luck here—especially if you’re willing to look beyond the MLS for deals.

These usually slow you down, since these are different contractors, and the weather can be a spoiler for below surface work. 

If I was personally able to weather more, then I would not need as much in reserve.

Since you're in FL, mobiles are prone to severe weather conditions which has happened time and time again in the past. 

Competitors, local events that attract crowd, pricelabs, seasonality, weather events, your unit profile..

But I'd be careful with any long term forecasts (economically, demographically, environmentally, etc.).

The proximity to CA, low taxes, landlord friendly, tech jobs, population growth, and temperate weather make it appealing for investing.

My forecast is that it likely will perform worse than as an LTR after subtracting for a PM.  

@Ray HageI agree as I would stay away from condos as between special assessments and increase of fees, what is the risk vs reward.Many of these buildings are run by people who are not property managers or have development experience and lack the knowledge to properly run the propertyAlso many don’t realize that on older buildings your initial estimate will be 30-50% less once the work starts, especially on older concrete buildings that are susceptible to deterioration due to the weather in these areas (especially the salt)

I've been in the insurance claims business for 20 years and not everyone gets that a modern mobile home tends to weather a hurricane better than most framed homes.