34 Space MH Park
No park owned homes
Lot rents close to market
14 Mobile Homes $300 lot rent
14 RVs that park on MH pads $300 lot rent, min 3 mo stay
90k gross income 2016
City water (we will bill back to tenants), city sewer (billed to tenants)
The RV part has a mix of a few of mostly year round, seasonal, and 3 month min stays. Of the 90k 40% of that is from RV gross income - 36k
Mobile Home gross income is 54k
How do you all value this? Clearly upside if we fill up vacant pads, but if we convert RV to MH then we may not gain as much because we have paid up for the RV income, right?
This is considered a small park and we are not local so we are estimating 50% rule to get to net income ~45k. Question is valuation...