If you just care about the summary see Takeaway at the end.Here is what I did: Looked at which cities had the best Cumulative Returns [(Appreciation + Cash Flow) / 2010 Purchase Price] from 2010 to 2018 and tried to see what factors had a positive or negative impact on Cumulative Return (CRet)How did I figure out CRets?

If you and your family can afford to still live as comfortably as you need to in the worst case scenario, then factor that into your decision and move on to the next point.

In my area we have LOTS of cases of respiratory illness but we are only testing people that are hospitalized, are healthcare workers, pregnant, or have some other type of risk factor.

Knowing your math is the Number One important factor to finding a good to great deal.With that being said:How to Locate a Profitable Deal!

The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…

IMHO how you differentiate your vacancies from others out there will be the determining factor. 

Did I factor in a big enough cushion at this price? 

“These factors will likely result in a surge in defaults, with a default rate on nonfinancial corporates in the U.S that may rise above 10% and into the high single digits in Europe over the next 12 months.”https://www.spglobal.com/ratings/en/research/articles/200317-economic-research-covid-19-macroeconomic-update-the-global-recession-is-here-and-now-11392265

Have they have been updated and are up to code. otherwise you should consider all these factors in your offer and plan to address them. 

Unless you're looking in a more recently developed subdivision, the homes in a given area will differ slightly or greatly.When doing comps, you'll need to take into account major factors such as location, bedroom/bathroom count, square footage, lot size, and interior finishes to name a few.If a 4/2 is going for 170k, odds are the 3/1 at 180k is overpriced unless it is vastly superior from an aesthetic or acreage standpoint.