Valuation of a MHP?

[Kate Miller]

I have been Offered the opportunity to buy a MHP. How do I determine if the asking price is too high? The city tax data has the property appraised at $220k. None of the MH's are owned by the seller. They just collect lot rent. There are only 8 units with no opportunity to add anymore. The lot rents are $400. There is also a small SFH that is included in the deal and is part of the $220 k appraisal. The SFH is a rental unit as well and collects $800. Is there a formula to use for this? This is more complicated than just a SFH or just a MHP. Two of the MH owners are currently over 6 months past due on rent. Thanks!