We plan to add a 2nd bathroom to boost functional value.

Door knocking, and having honest conversations with sellers can dramatically help the deal flow smoothly.The sellers were a local Real Estate firm (their own office) and are well connected to our community.In the spirit of 'improving our community' I then partnered with our local bank, and worked with a commercial banker that also knew the sellers, and the building very well.

Last year's bills peaked at around $450 so I'm hoping for a dramatic drop.

There is an immediate boost of ~$1000/month in savings plus a future rental. 

The motivation of an owner to use a Co-Host is to boost their occupancy from a mismanaged property, and also to be more hands off which many people find value in.

I would not proceed with the purchase because the after rehab value may be affected by the rent charged for the lot, this is a variable you do not control; +$75 - $100 in lot rent would have a dramatic impact on your value and the amount of money that the bank would give you when you to try to refinance.  

I do this because I am trying to keep a decent relationship with the tenant to make things easier/less dramatic/emotional.

Was looking for something to boost my optimism! 

I'd say once you get past 201/Stagecoach you're really getting outside the city and your tenant pool shrinks dramatically.

However, the landscape has dramatically shifted in 2023, with these five companies now single-handedly driving 78% of the market's growth.