However I was curious what other investors would consider an "Average" CAP rate?

Common real estate statistics like median home price, Average Days on Market, annual change in home value, # sales, # listings, etc.Which statistics can provide clues to how much inventory of distressed (off-market) deals there will be? 

agreed with @Neil Schoepp that this is a very low cap rate for a smaller park like this, and the typical industry norm is a 3 point spread to help when interest rise, all of your other metrics for investing....cap rates, cash on cash return, IRR will still work with the investment if you go to refinance etc.With a smaller park like this and lot rents around $200...your going to want to not pay for too much upside(at least for me)...Smaller parks can be a good opportunity for operators and if bought right, they can be a great options to your portfolio. 

Our average equity needed is $5-7M per deal to leverage 70/30.

Thank you everyone for your replies - it all sounds like solid advice:I understand to the professional real-estate investor this might sound like a nauseatingly safe strategy but I am a novice and admittedly would like to play safe while I learn the ins-and-outs of the industry, being a landlord, maintenance, renovation, regulations etc...

Hello, I am interested in buying a small single family house in a decent neighborhood (average median house price around 450k), but the seller would want to sell the land (50x100) next to it together for an extra 100k to make a deal. hypothetically I can negotiate it a lower price for the land (any suggestion on how to determine the value for the land), what kind of investment can I make to turn the land into something profitable rather than just being wasted?

I also had degrees in Mathematics, Computer Science and Physics (minor) and thought that if he could execute, he would own the industry. 

Is as simple as that.Nothing gives us apartment investors more confidence than a location (market and sub-market) where job growth and population growth are at least above national average.

One note, if you pluck those trades out, it will be a fiasco unless you hire a contract/project manager to overlook your side of things, I would pay 5-10k for the cm/pm instead of the whole 40k, this way you save 30-35k AND have someone on your side to protect you from unauthorized change orders or COs that are of industry standards.

I am a new wholesaler trying to my feet wet in the industry.