Let’s start with the assumption that as a property owner, the higher NOI the more valuable the property will be.i.e. $50,000 NOI at 6% cap rate is $833,333;$60,000 NOI at a 6% cap rate is $1,000,000Now that we have establish our goal of a high NOI, let’s figure out what makes it go up and what makes it go down.

Moreover, it is important for ALL OF US as investors and entrepreneurs to question the status quo...lets not make assumptions on things just because they are continually repeated in forums like this. 

I run the numbers with that assumption and a few other things, and with enough SF the numbers make sense.

Again, just an assumption.

Probably cheapest to bull doze it, says I who looks at a couple of photos and can safely make decisions and assumptions from the safety of my keyboard.

But I think that is more of a general assumption, not really a San Diego mindset.Thank you for your advice, I see myself potentially following a similar strategy to yours when I get my start.

Answer this question first. 2nd run the numbers, what will be your cash on cash returns and total return with an appreciation assumption.  

Depending on park size, an expense ratio might run 35-50%, with 50% being a conservative assumption for underwriting.

I'd say 10% at least, but talk to a local property manager about what's realistic, given the turnover in your area.Find out whether your local county has an online Property Tax portal, and whether you can plug in the property's address to get historical tax data to use for your assumptions. 

.----- Here is my assumptions:1.