It's a hot market, but I don't think people are too irrational.

We recently sold a house that had sever water damage.

Nice boardwalk with a water and theme park.

And this is a hot market. 

This will fund 100% of all closing costs, including the purchase price, title fees, HOA, sewer, water, past due taxes, etc etc.

what is lot rent, what is the utilities....private or city water/sewer. 

My first spreadsheet is condensed information form my mortgage broker and lists on the Y axis (vertical): mortgage terms, rate, APR, fixed term, years, credit score, loan amount, sales price, percent down, down payment, FHA funding fee, Total Loan Amount, Estimated Monthly Payment, Principle & Interest, Homeowners Insurance (Flood + Home), Property Taxes (1.23% home price in my county), Mortgage Insurance, HOA Dues, origination fee, appraisal fee, tax service, flood certification, credit report, attorney's fee, title insurance-lenders, title insurance-owners, recording fee, verification of employment, survey, home inspection, water/septic if well, pest, 1st year homeowner's insurance premium, homeowner's insurance escrow, property tax escrow, per diem interest, down payment, closing costs, prepaid expensesOn the X axis (horizontal) I have the numbers for 200k, 250k, 300k, 350k, 400k broken down into whether it's single family or multifamily, then FHA or conventional2.)

I know manufactured housing and self-storage are the hot places to invest these days but they, too, are suffering from the same issues - massive spike in prices (over the past few years) and everyone stampeding to get into these assets. 

Assuming they are water tight and no termites, mold, or rot.

Another coverage to consider is Water Backup.I would maximize the Liability coverage and consider an umbrella above it