Valuing mobile homes

[Joe Mills]

My portfolio currently consists of single-family stick-built rentals. I have the opportunity to purchase 4 mobile homes on an acre of land for $135,000. The owner reports gross rents of $2750/month (this includes the home plus lot rent). While the cash flow looks attractive, I am concerned about the long-term viability of the investment since the location is not ideal and these are older, albeit partially remodeled, mobile homes. I would like to have a good idea of the value of the mobile homes should I desire at some point to sell them off individually and then sell the land. Do mobile homes have a "book value" based on make/model, size, condition, etc. and if so, where can that information be found? My hope is that I would someday be able to sell the homes+land together as a "business" based on the NOI, but want to protect my downside should I need to liquidate everything on a piecemeal basis. Thanks in advance for some education on this topic!