Fair Valuation of MHP

[Michael Willis]

I have come across a 60 spot MHP off market of interest to me.  I could use feedback on true value.  I have come across several ways to valuate and not sure where this lies or which way is best to valuate.  Of note is that this park is near a new town shopping center, in an area of 200k plus and near a new hospital too. Owner is holding firm at 2.6m. Thanks in advance!

The facts are:

* 60 pads total. 28 POHs. (Avg age of POHs is 20-25 years)

       54 occupied pads

         4 vacant pads 

         1 vacant POH.

Avg. lot rent: 450/mo

Avg. home rent: 850/mo

Total claimed income:  399k 

Total claimed expenses: 110k

Water treatment plant and well water