Susie,
I would purchase the Mobile Home Evaluator (Product page). It is a comprehensive questionnaire that will be an invaluable tool when evaluating mobile home parks.
You can also use the 60-1 rule for a ballpark estimate.
60 x lot rent x # of occupied spaces + 30 x lot rent x unoccupied spaces.
Corey
Susie,
You most definitely want to separate the dirt value from the homes that come with a park.
Adding rental income from a mobile home into the value (cap. rate) of a park is one of the most common mistakes I see investors making today. Doing this leads to an inflated price on the park.
Steve
It is just a simple formula to do a quick ball park price determination. Unoccupied lots under this formula are worth half the value of occupied lots. This formula is based upon a 12 cap.
Corey
Vince,
If I had 45% of the occupied lots were L/O with a yearly icome of $55K how should I use this number in determining the park value. The NOI is 110K with out the L/O income. 60 lots out of 100 occupied