Valuation of a park with stick-built home?


#1

How does the presence of a stick-built-home (presumably for the manager or owner)change the valuation of a park? I am currently evaluating a small park with a cap rate of 12, where the ballpark formula of 60 x lot rent x number of occupied spaces plus 30 x lot rent x number of empty spaces, comes out a little over $97,000 if the house is excluded from consideration. The owners are asking $119,000. In this area, 2/1 homes of this caliber run about $30K to $40K. All other things being equal, Is this home in the park enough to justify the additional $23,000 the owners are asking?


#2

What would the home rent for? Is the home less valuable by being in a MHP?