Looking for a little help as I try to value a community I’m working on. The community has 120 singlewide lots. City Utilities with new sewer and gas lines. There are 105 homes in the community and 72 are currently occupied with lot rent averaging $305. Of the 72, 30 are park owned rentals averaging $200/month rent (42 owner occupied). The empty homes (32) are park owned needing varying amounts of rehab ($1000-4k) to prep for resale/lease. The park is in a mid-size Midwest city which seems to have demand for homes and park is in a good location within the city. Park has a mix of homes from the 70’s through the 2000’s. Average resale value for park owned homes is likely $8000-15,000. The park needs improved management, but is in fair condition overall. Seller has been occupied with another business the past couple of years and has just let things slip. Upside includes the park owned homes, remaining empty lots and the ability to submeter water/sewer as the park currently pays these for the residents.
Would appreciate any input as to a ballpark value you might put on a park such as this. Thanks in advance.