Valuing park owned homes etc

[William Simmons]

Yo folks. So LOTS of MHPs have park owned homes and tenant owned homes. Purely TO parks are great because of less maintenance... I get it. And.... typical valuation on parks is -> lot rent x number  of lots x 12 x expense ratio divided be cap rate to come up with rough value.

What about valuing park owned homes and the rent the bring in..... there is some value in that, what's fair? I realize the home itself needs an assigned value, but is there a value given to the renter and their income?

Also... what about rv income? How does that affect value? Alot of parks have some rvs on them that have some income.

I don't think it's as easy as noi/desired cap.

Just curious what others think.

W