Everyone talks about underwriting like it's math.

It's not. It's geography.

The biggest mistake I see investors make in mobile home parks is using the same assumptions everywhere — same expense ratio, same rent growth, same exit cap, same infill timeline.

That works great… until it doesn't.

Because a park in rural Ohio, a suburb of Atlanta, and a Midwest factory town may all have the same lot rent — but they are completely different businesses.

In this episode I break down how market selection changes underwriting:

• Why collections in blue-collar stable towns outperform "higher income" metros
• How population growth doesn't always equal rent growth
• Which markets support infill vs destroy cash flow
• The hidden risk behind aggressive pro formas
• Adjusting expense ratios, vacancy, and cap rates based on local realities
• Why some parks are cash flow plays and others are appreciation plays

Underwriting isn't about spreadsheets. It's about understanding people, jobs, and migration patterns — and modeling the property around that reality.

If you're evaluating mobile home parks the same way nationwide… your projections are probably lying to you.

Visit treesidecapital.com to learn more.