The world record worst appraisal was in Denton, Texas, in which the appraiser valued the park at the value of farmland plus depreciated pipes and streets. He literally calculated how much the water and sewer pipes cost at the Home Depot, then how many feet there were in the park, and then did the same on the asphalt. He then determined how old they were vs. their useful life, and depreciated them down. The final value for a 50 space park with $380 per month lot rent (seeking a note of $1 million) came out as under $100,000 using this method (farmland is only worth around $5,000 per acre in Denton, with 7 acres in the park). Fortunately, the banker thought it was hilarious, and sent me a copy just for laughs, prior to firing that appraiser and hiring a second one, that came in at a value of $1.2 million. But had I not had such a smart banker, can you imagine the damage that the appraiser could have done by not being competent?