Specific Question on Valuing a Mobile Home Park!

[Simon Cox]

Hey y'all! I'm running #s for a mobile home park just near Flint about 1.5 hrs from Metro-Detroit where I live. There are 26 lots. 

3 are rented by tenants who own their homes at $325/lot.

11 are Park-Owned Homes (POHs) that are rented between $500-900/home.

12 are vacant lots (2 have junk trailers on them to be scrapped). 

I've run my #s using various calculators/videos/etc I've dug up online but I have one question still. When it comes to the POHs that are rented, can I use a portion of the rent as the "lot rent" in the calculations. Most of the calculators/formulas I've found don't consider the rent at all from POHs, but one guy said I should take the average lot rent from that amount and just use that. 

For example, this one would then be $325/month for 14 lots instead of 3. 

Let me know if this makes sense and what you think!

Thanks everyone!

[Simon Cox]

Got it thanks @Dave Rav @Mario Dattilo! Very helpful!