Input on a difficult valuation

[Adam R.]

I am looking at a park that is only 35% occupied. The seller is proposing a sale price based on what they believe the replacement value to be, which is very far off from a valuation based on cap rate. I believe there is a lot of upside to the park after significant capital is invested to bring in new homes and make the other needed repairs. Does anyone have a view on how to value this park?