How much should I pay for a mobile home park?
Hi everyone,
Im looking at a mobile home park for sale with 11 lots and a small house. Rents for each lot is $170/ month and house is $575. Owner said they'd sell it at $250k.
The price seems pretty high when I compare to the rental properties I've bought. I usually try to buy something based on 100x rent.
But I'm wondering since this would have much less expenses does that mean I should expect to pay more?
What formula is usually used in pricing a mobile home park? What is considered a great deal?