My bet is he's referring to the fact that he can't qualify for a mortgage on a new house for some time.

When this changes hands it will be reassessed and you can bet it will be much closer to market price, around $150k or more based on zillow picture you posted.

If the size of the project increases in size and the time to get the full expected return on the project is really long then at least for me the returns have to go WAY,WAY up to compensate for the risk factors.These days I look at retail properties.

Counties fought back against owners doing this buy setting large sized lots some counties >1acre some even >2acre.   

Give them specifics like zip codes, size, target ARV range, etc.

As if making sure I have all the custom window sizes correct wasn't enough, ha!  

With the parks size on top of that (18 trailers) it would increase the problems you face with such a vacancy.

For a mid-size market like Louisville, the amount of experienced, knowledgeable, and openly HELPFUL investors within this organization is astounding.

Portland is gearing up to crack down on STRs, so I wouldn't bet on that plan for the long term.

I bet you could easily get $750/mo.