The reason being: we’d love to live long term in New England but we’re very discouraged by the housing market up here (a lot of expensive run down properties and seems like a lot of red tape) 

The second is a growing desire to manage risk through owning better-quality assets where unexpected capital expenses are less likely.

Currently only 30 people per milePersonal Preferences:Local Metro: Older build , more expensive (at best its 0-100 cash-flow), higher rents, larger tenant pool Nearby Rural: New build , cheaper (Will cash flow +500), rents a little softer but demand for new products and neighborhoods is real, tighter tenant pool.

I would start by building out a basic P&L for what the property generates today vs. what it will generate in the future, and factor in any capital expenses required to get there.

In respective, I would say create the value (increase revenue, decrease expenses) and then after you do that call a bunch of lenders to see how they would value the property.

Do you anticipate a major expense like new HVAC or roof soon? 

Makes tax prep and financing more expensive, for almost zero benefit?

Short answer: Dont pay pmi its a wasted expense.

Having it demo'd to make room for another trailer will be expensive (particularly depending on it's level of asbestos).Bringing in another used mobile home can also be expensive. 

I put in my lease that the property is being delivered free and clear of all vermin and rodents, and if the property needs to be treated for such it will be done at the tenants expense.