Best of all, given the low loan-to-appraised-value, you might be able to avoid giving a personal guarantee to a private lender.The real question here is how much this deal actually makes you, in relation to the amount of time and effort involved.

Price is $275K, he won't carry anything back45 spaces12 lot rent28 park owned (would sell those to tenants on owner financing/rent to own to get to lot rent)5 Vacantpark homes rent currently $400-425lot rent currently $125- I think market is 175-200, but not many parks around so has been hard to get numbers3 bed houses rent in nearest large(ish) city of Florence SC (30 mins away) rent for $800-900city water and sewersmall park footprint wise, just 2 roads- 1 paved 1 dirt- and all houses in the middle of it, very small footprint, tight parkArea:Marion SC, super small town, but is 10 min from super walmart, 30 min from Florence, that is the nearest MSA (technically Marion is not in one)Marion small, slowly dying town; Florence growing, solid city/townFlorence metro good growth since 2000, like 17%, low unemployment, everything looks solid there.Numbers:I am pro forma-ing it at $150/space lot rent, 40 spaces, $6K/mo, after 45% to expenses is $3,300/mo net/mo... which is $39,600 net/year14.4 cap on property pro forma12 cap on property based on 125/mo lot rent at 40 spaces.

There seems to be opportunities in the low to mid price range, Not sure what your reference to Seattle is, do you plan to invest there or are you using it as a comparison to the Stockton. 

Central ac and heat.

As I write this, I am having a radiant gas-powered 150ft heated driveway installed (it's a steep driveway that faces north) and I will be relisting this property in a week as soon as the new concrete is poured.I'm wondering if I have it listed way too low, and if this could be a reason it hasn't sold yet. 

The lower quality communities will often/usually allow renters as they have very low standards.

Understanding market conditions is key, and getting to know the little things that have huge value influences, now if you have a cookie cutter home with plenty of sales it pretty easy, but if its an oddball with little market activity, it can be kind of a crap shoot, go with your gut and be conservative on the numbers, its way better to be off on the low side than way over valuing. good luck!

I've seen PM companies charge as low as 4% management fee but it jumps to over 10% when you consider all the add-on fees they collect.

I have seen units in there for sale as low as $15k, and I still won't buy.  

If you want to be a RE investor, you can't be successful by doing such low cash flow investments.