The buyer pool for a 38-lot park is local and regional operators who already own two to six parks, individual buyers moving up from single family or small multifamily, and 1031 buyers who need a specific number and a closing date. Funds and institutions generally don't transact at that size except as a bolt-on to something they already own nearby, which is worth knowing because a neighbor's park changing hands can create your best bid.
The thin pool shows up as financing, not as price directly. Small parks are hard to finance for the same reasons yours is attractive: below the size where the agency programs are practical, so buyers are relying on local banks and credit unions, which means recourse, shorter terms and real down payments. Anything that shrinks the set of buyers who can get a loan shows up in your exit price. City water and sewer with tenant-owned homes puts you in the better half of that market, and it's worth keeping those three park-owned homes from becoming eight.
On the exit cap, I'd underwrite it wider than entry regardless, because you don't get paid for guessing right about future cap rates. Widening 50 to 100 basis points and seeing whether the deal still works tells you more than any argument about where the market goes.
One mechanic that surprises people at this size: a meaningful share of sub-50-lot parks trade with seller financing, because the seller can bridge what the bank won't do. If your exit is a note you carry, you're the lender for the following years, with the collection and default work that implies. Decide now whether you'd accept that, since it may be the difference between a sale and no sale.
Also, an aging private lateral or a 40-year-old asphalt loop gets priced by the next buyer's inspector. Deferred capex is a discount you take at exit.
