Valuing Ancillary Structures in Mobile Home Park (SF Rentals)

[David Denzy]

I know that Frank & Dave suggest selling ancillary assets when you are in the mobile home park business. My question is- what if the park contains ancillary structures that are mixed in with the mobile homes and can't easily be parceled off? 

1) Do you need to parcel off these homes in order to sell them?

2) If you absolutely cannot parcel off these homes and are okay with operating them as rentals, how do you value these structures in conjunction with the rest of the mobile home park?

3) Is there a quick and dirty value that i can attach to these rentals? 

My scenario:

- 3 single family rental homes (cabins) renting for $500/month

- hard to account for expenses attached to these homes because seller has not separated expenses in financials 

[Frank Rolfe]

Anything that is "real" property counts (lot rent, apartment rent, stick-built, commercial building, etc.). Anything that is "personal property" does not (mobile homes).