RV Parks are businesses, not real estate. They require much more daily management, at odd hours. Therefore, the cap rate for an RV Park should be far higher than an MHP.
Remember, you are buying a cash flow stream, not real estate. How much do you value that stream? It depends if it’s a hands-off investment, or one that requires a lot of daily work on your part. A turn-key, smoothly-running business is worth around 3 times net cash flow before amortization, interest and depreciation. One where the owner is directly involved in daily management should be priced around 2 times cash flow. Cap rate wise, when you do the math, the cap rates can be as high as 33%.
Separate it out: Value the business (cash flow stream) at x times cash flow, then add in the value of the land and improvements (depreciated, of course).
For more guidance on valuing businesses, take a look at listings on www.BizBuySell.com and you’ll get a feeling for what a cash flow stream is worth. Good luck.