The sponsor team should have used nearby properties as comparables to know what rent premiums they can achieve at the subject property.

Start eliminating markets - again be ruthlessYou should be down to 15-20 places now (3) Determine your "Nice to haves" and then rank your list Does the market have coffee shops, shopping, other city folks , is it to "hick" or not "hick" enough, do you want to swim in the lake or ocean or just be nearby?

I have property in Cleveland and am looking there, but also curious if other investors recommend nearby-ish cities?

Is it the comps of the properties sold nearby, the arv, or the list price?

Our park is 55 pads and has 12 active pads. 11 mobile homes and 1 commercial building (Church).There are 3 nearby parks within a 5 mile radius and all are near capacity.

What if you buy a 4-plex in a nice suburban area with a Hilton Garden Inn or Marriott nearby...but not a vacation market. 

The state varies too much, north to south, rural to populated so like @Mario Dattilo said check nearby.

You may also want to expand your search to nearby Ypsilanti and other cities near Ann Arbor as AA is VERY expensive.

I am in the Temecula area so any recommendations nearby would be great or even in the San Diego area. 

They wanted to sell the house and had it on the market for years while renting it to faculty from the nearby university.