Would this deal be structured any different?

[Watson Smith]

-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?