We don't want to rely on cap rate seeing as the property only has 3 units, but we also cannot find any solid comps.

I would be worried that putting 20-30% down and then cap X, vacancy, maintenance, etc are higher then estimated or rent lower resulting in the property no longer cash flowing. 

I received initial information about the property ran the numbers meets both 50% rule and 1% rule and has a cap rate of about 6.5%.One of the strategies I heard on the podcast was to inquire about owner financing since.

Also, below are the exact details of the loans and its history.Details --------Initial Purchase Price = $265K1st loan = $177,830.00 @ 4.125%2nd loan = $33,380.00 @ 5%Current comps in area =  $185k - $195kTotal Monthly Costs = $1803.84Current Rent = $1700.00No money saved up to cover Cap Ex nor smaller repairsHistory --------2006Purchased for 265KTwo loans: 1st for 235k @ 6.5%, 2nd for 30k @ 8.5%2013Refinanced the first loan using HARP brought the rate down to 4.125%2014Tried to short sell property due to a hardship (lost a job)Short Sale got denied, but the second loan lowered rate to 5%Credit took a hit2015 Started renting property 

Most MH’s are not built to last and therefore would result in very high maintenance and cap X rates.

I add construction costs to my purchase price in order to come up with the cap rate I am looking for.

Most RE agents commissions are capped (~6% per deal?) 

I keep hearing how the Midwest and south are the best places right now with still some good cap rates.

For an example of this listen to this podcast link below (fyi - 2 parts - podcast 122 and 123).http://www.kevinbupp.com/10-lessons-to-raising-cap...

For apartments we go off of cap rate, and then also check and make sure our price per door, price per sq ft and rent/ ft is all in line with the comps