Divide those costs up over the remaining number of years of life for those major systems, and then add a bit more because while you may want the heating system to fail at the end of its life, Murphy's Law says it will fail years before then, so you better start saving.If you do go through the purchase, I would treat those capex dollars as spent dollars and put them aside in a separate account.  

Would there be any major benefits to looking at this market instead of MN?

The rental market is on fire and if it's priced accordingly you shouldn't have any problems renting it.One MAJOR potential issue might be with the condo association.

But it is a major pain in the ***.http://i2e.uslandrecords.com/NJ/Gloucester/D/Default.aspx

Have you spoken, with the current Management Company, to ascertain if there is any existing maintenance that have been deferred such as roof replacement, window replacement, major electrical and plumbing systems, etc.?

When you enter mobile home park land, your major concern is with the barriers of entry to SFHs and apartments.  

But there is a places and types of real estate which majority believe is going south already... 

earthquakes are a non issue here really as far as major property damage.  

Keep in mind the majority of my projects are $30K or less.

It would only require about $35k of my money, but that's the majority of my investment fund.