Running the numbers on paper is one thing, but actually securing bookings at your target rate is another.Sounds like you’ve got a good handle on your market and what your guests are looking for, which is key.

But it has been irrelevant for 40 years because rates just dropped.

And the interest rate is absurdly low in today's environment.

While I know Brandon and his team has experience, the going in cap rate is very low for MHP (I was told mid single digit).

THat we have seen (but you pay a hefty price to borrow for that type of thing) which is basically borrowing at credit card rates so you need to have a locked in buyer on the back end.Other option is an equity partner as you mention but lets say its worth $750k (not sure value) - maybe get someone to put in 25-50% max. but they will want a considerable portion of the upside and want to see a definitive exit strategy. 

The key is to analyze occupancy rates, seasonal fluctuations, and what type of properties perform best.

If their interest rate is 4% on those, then they are “making” the equivalent rate of return (4%) as the DST scenario you outlined above.

No issues and tenants are renewing.That indicates tenants were paying below market rates.If the market rate for a 2-bed/1-bath apartment is $1,000 without utilities included, then he should adjust his rate to $1,100 because it includes $100 in utility cost.

My big question is around the occupancy rate.

The greater the differential in interest rates between the interest rate of the loan on the subject property and the prevailing current interest rates between the greater the probability that the lender will accelerate the note.