Both of them are offered as value-add plays based on a light reno which is supposed to result in rent increases of $115 to $150 per unit.I have my own thoughts on where I want to be in terms of property quality but I wanted to see if any investors local to the area or knowledgeable about the area could offer any opinion on what class these two neighborhoods/areas are and which of them would be more resilient in an economic downturn.

I can tell you from experience underwriting deals for a number of institutional and semi-pro investors that they have achieved IRRs greater than 15% and yields greater than 8% in markets like San Francisco, LA, NY, and DC that advertise 4% cap rates.Markets with low cap rates typically share the following characteristics:1) Strong rent growth, driven by2) Strong population growth, driven by3) Strong job growth4) Low vacancy5) High per bed rents (lower operating costs as a percentage of total rent)6) Good property management options7) Higher quality tenants (young professionals like myself will rent in SF until their late 30s to early 40s)To achieve returns in these markets, investors buy buildings with significant value-add or development opportunities on very low to no leverage (debt), and refinancing the deal after stabilization to cash out.

Also the podcasts are excellent.

I also use it as a way to track every receipt, it has an ARV section, I have a cabinet budget tab, scope of work sheets… I love Excel!!

Finding a quality buyer / tenant for your MH is your problem, then will the office approve your prospect in a reasonable amount of time???   

We have excellent credit, other properties with equity, etc., I just would rather not keep all the conversion costs in the property for a year. 

If you score high enough to be deemed a quality recruit, you have some leverage with the recruiter.

What kind of tenant quality live there or would live there?

Figure out the After Repair Value (ARV) - this is the amount the house will typically sell for in excellent condition to an owner occupant.

Its a 2/1 on one side and a 1/1 on the other, which changes the rent profile significantly.Neighborhood is very mixed in quality...Roof had been done by the current ownerAdding just these, with the "asking price," makes this place negatively CF.