Help with Acquisition Value for MHP

[Mark Walker]

Looking at a MHP/SS property. I'm familiar with how to value the SS. Could someone suggest a value for the MMHP? I've searched forums and can't find good answer. 

32 Units 18 POH ave rent $950 14 lots rented at $450 ..... for NOI after expense of 180K.

TIA

[Jordan Moorhead]

Quote from @Mark Walker:

Quote from @Jordan Moorhead:

So all 32 are occupied?

 95% occupied sorry

Personally I don't count the POH rent towards the NOI because my lenders won't either.

30 occupied at $450 = $162,000 gross income
Assuming a 40% expense ration your NOI would be $97,200

If you wanted to buy at a 9 cap you'd be at $1,080,000

Definitely check my math but I'd try to pay around $1 million for this. The problem I run into is they either want to capitalize POH rent or want money for the homes in most cases!