. :)Except you left out taxable income/(loss), tax-exempt income, and non-deductible expenses. 

@Carlos PenaYes, either buyer or seller can "change mind" after signing contract.However, contracts are legally binding so there are consequences if both parties don't agree to the change, usually financial penalties.Check with your local real estate attorney to know what the consequences are with your particular contract and whether it is worth your time and expense to enforce the contract as signed.

I've been told by some "old-timers" that military towns are fairly insulated from macroeconomic factors, particularly in lower-priced markets like Augusta, GA. 

If you need to do HVAC in particular you will need to hire someone outside regardless. 

We stay away from those states and won't buy non performing notes in them.

I think it'll cost more to renovate these two particular buildings than it's ARV.

Keep it simple.....Find out when is the last time their rent was raised....if it's been over a year.....ask the housing authority in writing about raising it to market rates....then see what they say.....Sect 8 tenants CAN be a source of guaranteed income so don't kick them out arbitrarily .....only to end up with tenants that pay "market rate".....but are constantly late on rent or causing problems....I have Sect 8 tenants and non sect 8 tenants in Ohio and California and my Set. 8 tenants are FAR less "maintenance" than the others.

Here in Florida, attorney's fees are statutorily recoverable in all residential tenancies and even seemingly minor noncompliance by a landlord can produce a dismissal of their eviction and a judgment for fees against them, despite a non-paying tenant residing in a rental.This is not legal advice and does not create an attorney client relationship.

My concern is, can any city where I purchase a mobile home park randomly decide to change the zoning so the mobile home park is non-conforming and no units can be brought in?  

I particularly want to find something I can house hack.