The saving grace is that the university has a bus that runs on the hour to several locations west of campus.  

It's a personal home not a rental property so holding it for the sake of holding and having negative cash flow as well as tenant abuse and damage to the property does not make scenes. 

Quality parks rarely allow rentals so you may have to turn to the lower class parks to invest.MHs do not stand up well to abuse, the repairs on MHs are costly.

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.

If you talk to the tenant, they might stop letting the boyfriend do laundry and instead do 5 loads of laundry a day and take 3 showers a day to abuse it.Did your electric usage go up to match the increased water use?

I'm not a landlord (yet) but have had many in the past...from my experience and others I've spoken with and all the landlording materials I read say the same thing, do not waive late fees - tenants will abuse it in the future and take advantage of you.

Great deals if you can put up with government abuse.

Here in litigious CA, I've heard and witnessed enough stories, both on the sad side as well as the abusive side, to cause me to avoid keeping pool property in my rental portfolio. 

Estate management is not just for the old and dying, you can get hit by a bus any day or someone else can. :)  

The tenant screening should include a full credit check, criminal background check for felony at the state and federal level, homeland security check and sexual predator check.