as low as 5% down on 2-4 unit, lower mortgage insurance premium and no upfront insurance payment at closing, and it's a conventional loan so stronger offer and less red tape than the FHA. 

It is much easier to get a loan for a property you are going to live in, especially with low money down.

If you refi out of FHA, it allows you to use the low down payment option again for another purchase.If there is a college student market there, you can generally make more than normal leases by renting rooms individually.

I would say your cost estimate is way off, I haven't heard of anyone doing a project like that for $100k (granted I don't know the details) because construction on small projects is running $325 (at the EXTREME low end) and up - some other commenters have mentioned this as well. 

Low risk and potential to make a sizeable return without using credit or very much cash makes this a very attractive way to invest in real estate .

I believe that’s the best way to get in the RE game because of the low down payment.

I'm obviously trying to stay low cost here as it's a flip and use a more lean contractor.

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.