I have been approached with an offer for my mhp. It is lower than the asking price. I have been reading and learning a lot on here. Years ago when I developed my park I didn’t think of it’s value in the terms that investors think today. So here is my situation. I’m sorry to repeat some of the same things I have posted before but please be patient with me…
I have 14.99 acres of Land. Half of it (approximately 5 acres,) contains 17 singlewides. I own all of the homes, I have them rented on 1 year leases. 70% of them are 1992 to 1995 model homes and all of my homes are in very good repair.
I have 2 double-wides which sat on individual lots of .689 acres a peice. These two homes were set up like a stick built house each on their individual lots. One is a 1993, and the other a 1994 which I have completely remodeled.
I have another 7.99 acres which I have not developed. You could expand the park with up to 15 more lots. I also have a storage building which is approx. 28x38 cinderblock, asphat shingles etc. I use it for my mowers, tractors, workshop.
My monthly income from the rents is $6,800.00 to $7,.200.00.
In my county we do not have to have concrete pads. It has to be graded to county standards and the homes are placed on block peirs.
How would my park be appraised? Should I sell only the land on which the homes are on, and sell the other undeveloped 7.99 seperately, or sell the park as a whole, all 14.99 acres, both developed and undeveloped land?
In other words how should I go about pricing and selling this property with all of these different things considered? I have a 95% occupancy rate.
I do not pay any utilities, like water bills or electic bills for my tenants. I make them put all utilities in their names.
All homes are on private septic systems, which I have never had any trouble out of, and plus I have room for large reseve lines if ever I did have problems. In 15 years I have not had the first problem with any of them.
I guess what I am asking is if you were a lender how would you calculate the values based upon these different variables.