Park Valuation Help

mobile home university
1

Hello group first time poster here. I am looking at my 2nd MHP. I paid to much for the first one and trying to avoid that again. Here is the deal. Old 36 spot MHP on 15 acres, 8 POH in various condition, 5 TOH lot rent $150, Lot rents are about $50 - $75 low. The electric meter loops to about 1/3 of (the unused spots) will have to be replaced. Total park income $5450. It is on public water, each home pays all there own water and electric. The sewer gathering system is fine, the rest of the sewer system will have to be replaced. The ballpark number I’m getting for system replacement is $200k - $250k. They are asking $400k and are open to terms. I feel like with the overall condition of the property and needed improvements I value it closer to half of the asking price.

Please help!

2

With that small of a park and hardly any tenants, with the work it needs they should pay you to take it off their hands.

3

As a park I would say it is not worth perusing in light of the fact that the sellers have way over valued the property. Half their ask would be too generous.
POHs are a major detriment to the value.