Pricing small mobile home parks

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Any rules of thumb on pricing small rural parks? Rents from landlord are 250-550 per month with him owning 7 houses and 2.5 acres land. How would I arrive at a reasonable price? Average is about 2800/month in rent but I'm not sure how to estimate expenses on old mobile homes. 50% rule gives 1400/month.. 16,800 per year. 10 cap would price it at 168k. Asking price is 175k. Seems close?

[Charles Kennedy]

Don't cap rents on home owned. Mobile home valuations are based on lot rent - expenses capped. You can then add back in the value of the mobile homes he owns. If you cap the value of the mobile home itself you are drastically overpaying. 

The latest podcast touches on this briefly. I'd go give that a listen as well as listen to the guests podcast on mobile home park investing.