I'd expect for example, all else equal, for more rent growth in Denver, CO, than Memphis, TN, over the next 20 years, compounding from current rates.

Despite paying fees, doing a deal and making some profit is better than sitting on the sidelines. 

@Marc Robinson some may be more adventurous than me but with septic and well I would walk awayI prefer TOH of course but with $300 lot rent and 19 occupied, utilities included in rent I would pay $400-450k for this

I'm not familiar with California but I know living in Florida, the closer you are to the ocean the more expensive it is to live.

A fair entry point seems closer to $225,000-$250,000, but the terms of financing could justify going slightly higher if cash flow can cover the payments.

Why give up a couple percent?

There is definitely more too it than just the money that goes in.

If you find belongings inside, look closer to see if the tenant has been abandoned or is just gone for a long vacation, hospitalized, in jail, etc.

I work 40 hours a week usually from 4pm -12am.

Yea they would keep that in place and you'd get a second position mortgage for the rest at, well, higher than todays rates.