So that is a fairly limited market....as you go up the price range it gets thinner, and as you move down to $2100/month or so it gets stronger.   

I would gain less equity over two due to the increased cost, however, I can afford to purchase in this range using a zero down loan with no PMI.

Homes that old are subject to all sorts of issues ranging from knob & tube / fuses to shrunken cedar posts supports to ancient plumbing, so the inspection is not only key, it will also be a way to negotiate pricing down post-inspection. 

Most lenders were at 9% to 15%, somewhere in that range, so they have to taper down.Not all lenders were/are >7%, and some are still below, with capacity to do more.

.#3....Get a realtor and go shopping.Texas is a giant place....for example Dallas to El Paso is 1/2 way to LA.....so 1/2 the trip is within Texas...so you'll probably want to buy in a combination of close to where you will work, then in the price range that fits your income or borrowing power.

Things have changed this past year, caps are sitting MUCH closer in the 4-5 range as shown in the t-12... 

If the park is in a major MSA with cap rates in that range, the deal may not be that far off.   

I remember being able to download a range of docs that were very helpful. 

A diversity of answers is welcome as I decide where to point my investing after I start my first house hack.

(Assuming the high end of our range of $450k)