I am far from Ok but thought I would take a shot at figuring the price. So using the 60/30 rule the park percieved value would be $866,250 40+16=56 (rented lots)X175=9,800X60=588,000+(34+8+11=53 unrented lots)X175X30=278,250 total land value $866,250-80%=$173,250 is this the contract price? Also you have 58 homes of questionable condition so add $1,000 per for those and I come up with $231,250? Am I close?
Trying to come up with a value on a MHP.The state of Ohio allows 49units on land,1990 all new water- sewer lines gas meters,property tax 9000.00,Ins.6000.00 tenants pay for all utilities and billed 70.00 a month for water-sewer-trash.32units*$240.00lot rent60 and 11vacantunits$240.00*30=$540000.00.+8 home sites=4000.00a month and 4 new 08 models with dealers liecense=60/30 rule or reveue -expense is showing a cash flow of$132,300.00.Owner wants me to make offer, but 60/30 rule and 10cap rate seems far apart.Need help to come up with fair price!!!
I for 1 am confused. List the income and expenses on seperate lines and try again. +8 homesites? 4 new 08 models? dealers license? cash flow of 132,000? need more info. and try to explain more.