I know the Westgreen house is on a major thoroughfare through Katy so it will have a downward adjustment compared to comps that are on less busy streets.  

If the institution rules in favor for the tenant the future and historic rents can be adjusted.

When valuing a property, adjusting for land, when do you adjust the size to the subject?

This is a tax on interest income, dividend income and certain types of taxable gain (capital gains) when the related income/gain exceeds $200,000 in Adjusted Gross Income ("AGI") if you are single or $250,000 if you are married. 

We met with realtors, turnkey companies, property managers for a quick but very intense tour of the city.

Have you adjusted your policy to cover things like that?

Yes it will take more time (building inspector, insurance adjusters, qualified trades for the electrical, plumbing etc, )to get the proper stamps of approval, but it is time and money WELL spent.You will get this investment back with little issue, when you go to sell the place at some future time.

I'll let this develop more as it sounds like you're exploring without a plan.But, like David, been there done that in the lake areas.You do not want daily, weekly rentals, that is a labor intensive business.I agree with David, you need to find what you want first, type and location then to your target market.Month to month, you need to identify the target market.

An excerpt: "It was Day 2 of Mobile Home University, an intensive, three-day course on how to strike it rich in the trailer-park business.

Is it fixed or adjustable?