Expenses as listed per MLS
Other 3600 may be lawn/road
Total is 15244
Once under contract all numbers will be confirmed.
I can see from tax records that taxes are 15% higher 2880, so all numbers could be off.
there is no scheduled maintenance on the homes, maybe wash once a year. There no doubt will be unforeseen repairs and vacancies, but you don’t put that in cap rate, do you? If so, doubling expenses to 31k including vacancies, repairs, 2x utilities would put it at a 11 cap rate.
I would estimate lot rent as $350x 60m 189k
And each home at 29k x9 261k
Cap rate at 450k and most aggressive expenses including 10% vacancies and 10% repairs is 14.7
Was appraised a few years ago at 550k before 20k homes flooded in our parish, and these were not one of them. They are pulling value from that.