I won't dive into that evaluation here, since this thread is about due diligence, but just keep in mind every park is unique and without understanding all the variables, it's pretty common to misinterpret the value the park.

Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income

Leveraging Antonio's local market knowledge, we quickly evaluated the property's potential.

You need to understand how to evaluate a property and the kind of return it will produce, then evaluate properties until you find one that works.2.

I would recommend if you're not too deep into this that you re-evaluate the title company you're using to someone who understands subject to transactions.

You could potentially sign up for a free trial and re-evaluate at the end of the year to see if it’s something you’re still into.

It's not unusual to see 3/1 and 4/1 Section 8 properties but that single bathroom would not do well as an MTR.Overall, I'd say location and the shape of the property is going to be your key driver and the factors that will make or break you in the MTR space so very carefully evaluate both before you make your decision. 

Now, different properties meet different peoples needs best; some want lowest price, some want closest proximately to work, some want largest accommodations, everyone has different evaluation to arrive at what will work and what rental they’re willing to pay.

For example, I know of a deal in Reno, NV where all the records were still on paper, and the owners didn’t even know the rents people were paying.When I’m evaluating multifamily properties for clients around the Reno area, I calculate current, market, and proforma rents.

@Jaekwan LeeThe rent-to-price ratio and expense ratio are critical factors in property evaluation.