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Updated over 9 years ago,
Would this deal be structured any different?
-15 Mobile homes all on individual lots and fully rented
- Sewer/Water by the city and metered to the tenant
- Rent for $450 each
- Average lots in the area rent for $175 and homes this size $475
- All 15 homes are located on the same road next to one another
- 2.3 miles to walmart and city population of 61k
Question: Since these aren't in a "park" would you still value them the same way?
15 x $450 x 12 x .5 / .1 = 405K <-- Seems way to high
or
15 x $175 x 12 x .5 / .1 + the blow away value of the home (2k each) = 187k & 157k w/o homes
Suggestions?