Calculating the true value of a park

In this year, I have reviewed several deals and spoke to a couple different park investors about each deal. They all have their own way of calculating the value of a park. Thus, I’d like to hear how you would value a park with a mix of rvs, mobiles, and a rental home. To help all the park investor newbies, I’d like to know how you seasoned investors would calculate the worth of the mobile home park below.

This park is in Durham, NC. It has 35 mobile home spaces, 5 RV spaces, and 1 rental home (3 bed/2 bath 1,200 sq ft). 32 mobile home spaces are occupied (tenant-owned) and they are paying $100 a month (includes water, trash, and sewer). The other 3 mobile home spaces are empty. The park is on city water/sewer. All 5 RV spaces are rented on a weekly basis for $30. The rental home is occupied and rents for $400 a month. What would you pay for this park? What if the rental home was empty, what would you pay? What’s your formula for evaluating the price of the park? Be specific please!

I think it’s important for people to understand how to evaluate these sort of deals because they do come up…not every deal is so cut n dry.