There are lots of factors that will play into this but we don't know a lot about the property. 

If you were to hold it, it would hit your beloved 1% rule then, but what would it cash flow with all the expenses, financing, and income factored in?

What's the biggest factor in choosing a location?

I am a chemical engineer in the water treatment community and am currently serving in the Army as an officer.  

Furthermore, investors get excellent tax treatment that aren't possible in mutual funds, etc.  

For this reason I would highly recommend looking at multifamily greater than 5 units (that's the commercial lenders threshold; below that your income and job would be a factor).I am constantly looking in the Atlanta area, and although it might be hard to find a multifamily for ~$366k (the $110k / 30% -->typical amount down), you could always partner or participate in a syndication (crowdfunding).  

One would also need to to know the factors that would most influence your purchases.Do you have a business plan?

Keep in mind that your deal rate will be based on several factors 1) Using a quality list, 2) Getting the attention of your prospect (be creative with your mail pieces), 3) Entice them to call (use good copy - short copy will promote a higher response but less qualified leads and a long copy will promote less response but more qualified leads), 4) Be ConsistentIf you fail at any one of those, you're wasting money on direct mail.  

The industry standard formula to evaluate a park is# of lots x caps x 12 months x expense factor x lot rent ($)I understand it is basic and we should consider the market and etc. 

The numbers given by owners and agents may not always be in line with reality.This site is loaded with resources to help you gain knowledge with regards to determining an appropriate offer price as well the NOI (net operating income).Although the raw numbers of the deal are very important most deals have other factors that are worthy of consideration.