Hello. I am a new investor to the MHP world. I have been doing a LOT of research - anywhere I can find it. (Books on order, but as one of the articles on this sight said - if I sit too long, it might be gone!!) I have looked at (literally) every MHP for sale with the criteria I feel comfortable with and found one that I think fits! Before I mess it up and potentially pay too much, I would TRULY appreciate the help of so many seasoned professionals. Details:

MHP: - 28 sp. (no park owned)

Lot Rent - 370.00 100% occ.

All city water & sewer billed to tenants

Cap rate (as listed before DD) - 9.59

noi (as listed by agent) 95,000

Expenses - 35%

Asking price - 990,000

IF applying the 60/30 rule that I have read about, the asking price seems to be SO far away from most every asking price out there! Are the deals that actually get sold and closed anywhere near the 60/30 valuation price, which can often be several hundred thousand dollars off? When applying the noi/cap rate method, (which I have used in commercial applications), the asking price is right in line. Hmmm…help??? Many thanks.